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Our Woodbridge Road branch in York is closed today, Friday, April 19th, for maintenance. Please visit our branch on Hannaford Drive in York or you may call our Customer Care team at 800-339-6573. We apologize for any inconvenience this may create for you.

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152 years and still going strong.

Stable.
Strong.
Local.

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Your money is safe with us

We understand the banking news of the past few days, with the failure of Silicon Valley Bank (SVB) can be unsettling. It’s understandable that you want do everything you can to make sure your money is safe.

Our deposit accounts are FDIC insured

That means the money you have in a checking, savings, money market and/or CD is covered by this insurance up to $250,000. Rest assured, since the start of the FDIC in 1933, no depositor has lost a penny of their insured deposits.

In addition to the standard insurance amount of $250,000 per depositor, per insured bank, for each account ownership category, there are ways we can help customers understand their options and account ownership categories to enhance their deposit insurance coverage at one FDIC insured bank. Plus, federal law provides separate insurance coverage up to $250,000 for the combined balances of certain retirement accounts, such as IRAs and SEPs.

We also offer special programs to manage a customer’s funds above the FDIC limits using multiple insured institutions. If you have questions about these programs, please call us at 800.339.6573 and we can talk you through those options.

A good reference about FDIC coverage is the FDIC brochure “Your Insured Deposits” which is available in all of our branches or online.  If you have deposits over $250,000 you can calculate your insurance coverage using the FDIC online “Electronic Deposit Insurance Estimator” (EDIE).

Not all banks are the same

So what’s the difference between SVB and Kennebunk Savings?  Aside from size, the defining difference is that we have a much lower risk tolerance and more conservative risk profile than SVB.  We do not have exposure to high risk start-up technology/financial technology firms, cryptocurrency or the cryptocurrency markets (the latter of which was reported to be the primary factor in Signature Bank’s failure).  As a result, we don’t have the volatility in our deposit base that SVB experienced and, importantly, we enjoy incredibly well performing lending portfolios.

Further, be assured that Kennebunk Savings has a strong liquidity position and a well-capitalized balance sheet.  Our depositors and our loan customers are local; they are representative of the businesses and citizens who have grown and been a part of our communities since we were founded in 1871.  Better yet, our leadership is local: our Board of Directors consists of individuals living and working in our southern Maine and seacoast New Hampshire market territory.  Best yet?  Our employees are local; they are your neighbors, friends and community leaders.

As a mutual bank, without stockholders and formed for the benefit of the communities we serve, we consider it an honor, a privilege and the highest responsibility to provide you with a safe, secure, stable and dependable partner for all of your banking needs.