President & CEO

S&W has been retained by Aroostook Savings & Loan (“AFSL,” yourhometownbank.com) to manage the search for the bank’s next President & CEO.

As the only bank headquartered in Aroostook County, Maine, Aroostook Savings & Loan has been serving the communities of the state’s northern most county for 87 years. Founded during the Great Depression, the bank’s mission was 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 mutual ownership structure. Through conservative and prudent balance sheet management the bank has grown to approximately $180MM in total assets, operates 2 branches in Caribou and Presque Isle, and is a leader in mortgage lending. AFSL is a portfolio lender, meaning that it holds all loans in its portfolio, never selling to the secondary market. The bank’s consumer suite of products includes mortgage, home equity, auto, and personal loans and checking, savings, money market, CD, HSA, and IRA products supported by both online and mobile banking capabilities. Similarly, the bank serves area small businesses through a suite of business, equipment, and commercial real estate loans and business deposit accounts. AFSL is in sound financial condition, with good earnings, efficiency ratio, and capital. For the most recent reporting period the bank had 10% core capital, and ROA of 0.78%, and a 65% efficiency ratio. The bank is regulated by the Office of the Comptroller of the Currency (OCC).

The President & CEO will be responsible for the overall leadership and stewardship of this essential community financial institution. We are seeking a well-rounded banking leader who understands, values, and embraces the important role that a bank such as Aroostook Savings & Loan plays in the communities it serves. For additional information about this unique community banking leadership role, please contact a member of the S&W search team: Cameron Boyd, Managing Partner, Financial Services (cboyd@smithandwilkinson.com) or Moriah Maron, Senior Associate, Financial Services (mmaron@smithandwilkinson.com).

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