Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1916-12-08
The Savings Banks and
Trust Companies in Maine

| The annual report of State Bank Com
missioner Irving E. Vernon, which has
been filed with the Governor and Coun-
Gil, states that As savings banks are do
| ing business in Maine, with assets of
$1O7,7S4, 1874 with 46 trust companies,
10 trust company branches and two
trust company agencies, with assets of
$S9,462, 322.O3, 3S loan and building asso-
Citations, with assets of $6,437,378.46,
and three loan companies with assets of
| S677,67O A material increase has
been noted in the resources Of the banks
in the State for the past year.
Commissioner Vernon speaks as fol-
| lows in his report:
Trust Companies
ION May 18th, 1916, the Kenduskeag
Trust Company, located at Bangor vol
UNFAIRLY liquidated, and thereafter the
business was taken over by the First
National Bank of Bangor.
! AT the time of the liquidation of the
Kenduskeag Trust Company a branch
existed at Newport. Application was
made for the establishment Of a trust
company in that town, and after notice
and hearing, charter was granted to the
Newport Trust Company to take over
the business, assets and good will of
the existing branch. Business was COM
menced on April 16. 1916, with capital
stock Of $4,000, and paid-in surplus of
$4,000.
ION December 80, 1915, the Mercan-
tile Trust Company Of Portland made
application to change it's name to the
Casco Mercantile Trust Company Per-
mission to do this was granted and
thereafter the Casco National Bank
liquidated and became a part of the
Casco Mercantile Trust Company, hay-
ing a capital stock Of 100000, paid-in
surplus of 100000, with total resources
Of $7,36s,7O9.
"Under date of February Sd, 1916, the
Augusta Trust Company made applica-
ton for the right to establish a branch
in the town of Richmond. Permission
being given, this bank took over the
business, assets and good will Of the
Richmond National Bank, which was
then conducted as branch of the Au-
gusta Trust Company.
AT the present time applications are
pending to charter trust companies in
the cities Of Auburn and Lewiston.
Loan and Building Associations
On the 10th day of April, 1916 appIi-
cation having previously been made,
permission was given to establish loan
and building association in the town of
Orono. viz: The Orono Loan and Build
ing Association.
Savings Banks
There have been no changes in the
number Of savings banks in the State
during the last year.
Recommendation
"As result of nearly two years ex-
perience In Office. I am firmly impressed
with the idea that the necessities Of
the banking department should receive
attention by the passage Of much needed
legislation at the coming session.
THE department has direct SUPER
vision over 1855 institutions with COM
oined resources of $204,361,52O.43 and
with depositors or shareholders. includ-
Ing loan and building associations. az.
gregating 436,51s
These institutions paid into the
treasury of the State in the way Of
taxes during the past year ss21,677.53.
and when 1t is considered that the an
preparation for this department. includ- |
ing special appropriation for verificatfon
OF savings deposits aggregates on1v
$1,000. 1t Is the opinion Of well-in-
formed bankers and business men
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