The bank, which operates 21 branches across Androscoggin, Cumberland, and York counties, transitioned its wealth management program from LPL Financial to the Cetera ecosystem. Kim Donnelly, Chief Client Development Officer at Maine Community Bank, noted that the institution required a more structured, hands-on framework to support its growing client base. The wealth management team, led by Matthew Cyr and Corey Woodhead, will now leverage Cetera’s infrastructure to manage nearly $3 billion in total bank deposits.
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Maine Community Bank Shifts Wealth Management to Cetera Platform
With approximately $120 million in assets under administration, Maine Community Bank is transitioning its wealth management division to Cetera Financial Institutions. The move marks a strategic pivot for the Portland-based mutual savings bank, which sought a partner capable of scaling its advisory services while maintaining a personalized client experience.
LeAnn Rummel, President and CEO of Cetera Investment Services, stated that the partnership combines the regional trust established by the 150-year-old bank with Cetera's national resources. This shift aims to consolidate the bank's position as the largest mutual savings institution operating exclusively within Maine. The transition concludes a period of internal growth for the bank, which unified operations following the 2025 combination of Biddeford Savings, Mechanics Savings, and Gorham Savings Bank.
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