It is not every day (or even every year) that a new financial institution is formed in Maine, but this month, the Bureau of Financial Institutions approved the establishment of a new nondepository trust company called Portland Trust Company.

Portland Trust Company is a subsidiary of Androscoggin Savings Bank in Lewiston, Maine, who will own 51% of the company, and the remaining 49% will be owned equally by James MacLeod and Amelia Kurtz.  The company was formed as a non-depository trust company, and the organizers plan to transfer their trust assets to the company.  Androscoggin plans to rebrand the trust and wealth management services to "create greater visibility and expand the availability of services into the Southern Maine market."  The initial board will be made up of 3 officers from the bank, and the 2 minority shareholders.

After two months of review and an opportunity for public comment, the Bureau's approval became effective on July 15, 2015.  A copy of the final order can be found here.