On February 9, 1871 a group of Kennebunk citizens chartered a Maine mutual savings bank to create Kennebunk Savings Bank. A meeting was held at the home of Joseph Titcomb on April 4, 1871, to elect the new mutual savings bank’s officers. Joseph Dane was chosen as President of the Board of Trustees, which included Edward E. Bourne Jr., Samuel Clark, Mr. Titcomb, Mr. Dane and Morton Littlefield was chosen as the first Treasurer and Secretary.
On May 1, 1871 Kennebunk Savings opened for business, setting forth to serve the needs of local patrons in a small building known as “Old Brick” that they shared with the Ocean National Bank. On its first day of business nine accounts were opened and by the end of the week, there were nineteen accounts totaling $1,272 ($30,890.42 in 2022 dollars). The original building was large enough for only a table and three chairs and by 1929 managers from both banks decided to build a new facility to accommodate the rapid growth. And, in 1965 Kennebunk Savings purchased the building from Ocean National Bank and began an extensive program of expansion.
As the assets of the Bank grew, Kennebunk Savings became an active partner in the growth of York County by opening branches in the towns of York (1969), North Berwick (1971), Wells (1975), Kennebunkport (1983, now Lower Village), Ogunquit (1983) and Eliot (1987). In the 1990’s, we continued our expansion by acquiring Morris Insurance, now Kennebunk Savings Insurance, which added yet another range of services that our customers could benefit from. We were welcomed into New Hampshire in 2011, opening our first branch in the state in Portsmouth. And in 2016 we built a new Operations Center in Kennebunk to better accommodate our growing technology and operational needs. Currently we have 17 locations in Maine and New Hampshire and over 300 employees who are committed to meeting the banking, lending and insurance needs of its customers and charitable needs of the communities it serves.
A true mutual bank, focused on helping others
At Kennebunk Savings, we are guided by our core values of Trust, Integrity, Proactive, and Empathy. As such, we are committed to our “mutuality” and our role in the communities that we serve in Maine and New Hampshire. Because it is owned by a mutual holding company, Kennebunk Savings Bank is not publicly traded. As a result, Kennebunk Savings’ earnings and net worth are for the ultimate benefit of its depositors. Its depositors are represented by customers (corporators of the mutual holding company) who elect a board of directors to govern the institution for their mutual benefit. Our status as a mutual financial institution allows Kennebunk Savings to truly serve its customers, the community and its employees – something we’ve been proud to do for over 150 years.
Giving back to the community
Our Community Promise program was launched in 1994 when the Bank pledged to donate 10% of its annual earnings to local nonprofit organizations that help our communities thrive. And our employees embrace this spirit of giving, dedicating their time and talent as community volunteers, sitting on nonprofit boards and committees and ultimately donating over 155,000 hours of volunteer time since 2001.
In 2019 our annual giving surpassed the $1 million mark. To date, we have invested more than $15 million in grants and sponsorships for over 935 local nonprofit partners. We also have two dedicated funds that we use to direct our support in the community. Our Spotlight Fund was created in 2016 and has evolved to focus on three core causes: early childhood development, substance use disorder prevention and recovery, and food insecurity. We meet with leaders in these fields to really understand how a long-term investment will create resources and opportunities that lead to positive change and direct our resources accordingly. Our Huntington Common Charitable Fund (HCCF) helps older adults in York County lead complete and fulfilled lives by funding programs that support nutrition, wellness, and access to the arts.
At Kennebunk Savings we are committed to our employees’ professional growth and providing them with a supportive and accepting workplace. Through our Diversity, Equity and Inclusion (DEI) Council, we have created specific training courses and plans of action to educate our employees to be more acknowledging, embracing, supporting, and accepting towards a more equitable future of work. The council has expanded since its inception to include the Women’s Collective and PRIDE employee resource groups with the plan to create many more! Employees are encouraged to apply to join committees like the Diversity, Equity and Inclusion Council, Values and Engagement Committee, or the Wellness Committee that give them avenues to directly impact the Bank’s goals in those three areas.
Kennebunk Savings is also proud to be a designated Recovery Friendly Workplace. Recovery Friendly Workplaces encourage a safe and healthy environment where employees, employers and communities foster a supportive culture that recognizes recovery from substance use disorder as a strength.
Still innovating after all these years
Simply put, you don’t stay in business for over a century by being behind the curve. Technology has increasingly influenced how we do business and our product offerings. The first on-line automated teller machine (ATM) was installed at the Main Office in 1995. Not long after, the Bank introduced the new “cash/check” debit cards. Not only could a customer access the funds at an ATM machine, they could now use their card at thousands of merchants, eliminating the need for writing checks. In 2019, we were one of the first banks in the country to adopt VoiceID software, which decreases potential for fraud and improves your experience by focusing on the reason you called, rather than spending time verifying your identity with lengthy security questions. With technology advances allowing us to connect with customers on their devices, we now offer Online and Mobile Banking, eStatements, Bill Pay and a great variety of security measures to keep your information safe and make banking more accessible.
Join us today
With a proud past and a bright future we can’t wait to show you where we go next!