There are a total of 29 banks currently operating in the state of Maine that are also insured by the federal deposit insurance corporation. Of this amount, 23 of these banks are headquartered in the state and therefore can be considered Maine-based banks. Banks operating within the state had in total $37 billion of assets, $31 billion of deposits and $25 billion of loans outstanding as of this writing. Banks in Maine state currently employ a total of 5,187 people within the state. This amounts to 0.4% of the overall population of the state. In addition, residential mortgages made up 29% of the assets managed by banks operating within the state.

Density of Banks in Maine

Banks in Maine currently have a total of 443 branches located within the state. This equates to 3.3 branches per 10,000 people in Maine.  Comparing the banks in Maine to banks operating in other states on this measure, Maine ranks 13rd out of 52 states and territories in terms of branches per capita.  Taking a different approach, let’s look at the physical density of branches within this state. When the total square mileage of a state is factored in, banks in Maine had on average 1.4 branches per 100 square miles. Therefore, Maine ranks 39th out of 52 states and territories in terms of the most branches per square mile.

Performance of Banks in Maine

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  • Net Interest Margin – banks in the state of Maine are on average above the average bank’s net interest margin in the United States. This is for FDIC-insured banks only. Overall, the net interest margin for banks in Maine is ranked 19th out of the 52 states and main territories in the United States.
  • Return on Assets – in terms of this important return metric, banks in this state are on average higher than the national average. Altogether the Return on Assets for the banks in Maine is ranked 29th out of the 52 states and main territories in the country.
  • Return on Equity – banks in the state of Maine are on average generating a lower return on equity than the average bank in the United States. In total, the return on equity for banks in Maine is ranked 31st out of the 52 states and main territories in the United States.
  • Loan to Deposit – Banks in this state are on average below the national average when it comes to loan to deposit. Loan to deposit ratio is a good way to assess the liquidity of a bank. Lower is better as it means that a bank is funding more of its lending activities with its deposit base. Banks in Maine are ranked 8th out of the 52 states and main territories in the country when it comes to loan to deposits.
  • Nonperforming Assets – this metric is a good way to compare the quality of the assets of a bank as well as the performance of the assets. Banks operating in the state of Maine are on average better than the national average when it comes to nonperforming assets. The level of nonperformance is what is important as a higher figure indicates a lower quality or a lower performing asset base. In total, banks in Maine are ranked 13rd out of the 52 states and main territories in the country on this metric.

5 Largest Banks in the state of Maine

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Based on the latest available data, TD Bank is the largest bank operating in Maine based on its deposit share. TD Bank currently has a 14% share of deposits within the state. Below is summary information on the top 5 largest banks in Maine.

TD Bank

TD Bank currently has the largest share of deposits within the state and has $5.7 billion of deposits. In addition to this the bank also has 39 offices within the state, which represents 3% of its total domestic offices.

Main Office Address: 2035 Limestone Rd. Wilmington, DE 19808

Website: www.td.com/us/en/personal-banking/

Bangor Savings Bank

Bangor Savings Bank currently has the second largest share of deposits within the state and has $4.9 billion of deposits. The bank also has 60 offices within the state, which represents 90% of its total domestic offices.

Main Office Address: 24 Hamlin Way Bangor, ME 4401

Website: www.bangor.com

The Camden National Bank

The Camden National Bank currently has the third largest share of deposits within the state and has $4.3 billion of deposits. The bank also has 57 offices within the state, which represents 97% of its total domestic offices.

Main Office Address: 2 Elm St Camden, ME 4843

Website: www.camdennational.com

Keybank 

Keybank  currently has the fourth largest share of deposits within the state and has $3.8 billion of deposits. Further, the bank also has 36 offices within the state, which represents 3% of its total domestic offices.

Main Office Address: 127 Public Sq Cleveland, OH 44114

Website: www.key.com

Bank of America

Bank of America currently has the fifth largest share of deposits within the state and has $2.8 billion of deposits. In addition, the bank also has 12 offices within the state, which represents 0% of its total domestic offices.

Main Office Address: 100 N Tryon St Charlotte, NC 28202

Website: www.bankofamerica.com