Aroostook Savings & Loan Selects Curt Paterson as President & CEO

In January of 2023 Aroostook Savings & Loan (“AFSL”) retained S&W to manage the search and selection process for its next President & CEO.

As the only bank headquartered in Aroostook County, Maine, AFSL has been serving the communities of the state’s northern most county for almost 90 years. Founded during the Great Depression, the bank’s mission was then and remains today to provide area residents with the credit to buy or build a home. The bank was formed as a mutual savings association, meaning that it is owned and governed by its depositors, and today remains committed to both its roots as a source of financial stability for area consumers and small businesses as well as to its independence and mutual ownership structure. Through conservative and prudent balance sheet management the bank has grown to approximately $185MM in total assets, operates 2 retail branches in Caribou and Presque Isle, and is a leader in mortgage lending in its service area. As a pillar in the economy of Aroostook County, the selection of the right President & CEO was critical to the bank, its dedicated employees, and its loyal customer base.

Following an exhaustive executive search focused both within financial services as well as out of industry, AFSL’s nominated Selection Committee chose Curt Paterson as the bank’s next President & CEO. A native of Aroostook County and current resident of Mapleton, Maine, Mr. Paterson’s diverse career has included roles both as a small business owner and as an executive for an area financial institution. For 12 years he served consumer and small business customers as the owner of Paterson Payroll, an accounting and tax preparation business that became part of the service offerings of Farm Credit East. For the past 6 years he has served as Chief Financial Officer and a member of the senior leadership team of a Presque Isle based credit union. The bank’s Selection Committee ultimately decided that Mr. Paterson demonstrated the perfect mixture of technical banking acumen, market expertise, and cultural fit to lead the organization into its next chapter. Said one of his confidential professional references: “I just think he’s a great, all-around guy. He was wonderful to work with. His clients really liked him. He was an ideal colleague.” The AFSL President & CEO search was managed by Cameron Boyd, Managing Partner, and Moriah Maron, Consultant. “It was an honor to partner with Aroostook Savings & Loan on their CEO search. The role that this bank plays in the communities it serves and in the lives of its customer is really very special. Curt’s passion for The County-the people and the businesses that call it home-as well as his appreciation for both the legacy of the bank and its potential make this an exciting hire,” said Boyd.

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