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LEBANON, NH and LEWISTON, ME — May 11, 2026
Mascoma Bank and Androscoggin Bank today announced their plan to combine their parent companies into a single mutual holding company, bringing together two strong, mutually owned community banks that share deep roots across Northern New England. The combination reflects a long‑term commitment to preserving and strengthening mutual banking in the region while ensuring both institutions can continue to invest, innovate, and serve their communities for generations to come.
“For more than a century, both of our organizations have been guided by community, service, and local decision‑making,” said Clay Adams, President and CEO of Mascoma Bank. “This partnership allows us to build additional capacity and resilience, while maintaining the local identity and leadership that our customers and communities rely on.”
Under the proposed structure, both Mascoma Bank and Androscoggin Bank will continue to operate with their own names, brands, charters, and Boards of Directors. Customers will continue to bank with the institution they know, with the same local focus and commitment to community impact. The single mutual holding company will provide shared strength and scale without compromising the local autonomy or character of either bank.
This partnership is not an acquisition. Instead, it reflects a forward‑looking collaboration between two Benefit Corporations that share a belief that banks should serve as engines of positive community impact. The new Mutual Holding Company Board will be comprised of equal representation from both institutions. Operating the banks under a single mutual holding company expands regional reach, creates operational efficiencies, and positions both organizations to invest more deeply in technology, customer experience, and long‑term innovation.
Clay Adams, CEO of Mascoma Bank, will serve as Chief Executive Officer of the new holding company, to be called ClearNorth Financial Mutual Holding Company, and Neil Kiely, CEO of Androscoggin Bank, will serve as President. Both leaders will continue in their current roles at their respective banks.
“This is about building a stronger future for mutual banking in Northern New England,” said Neil Kiely, President and CEO of Androscoggin Bank. “It positions us to potentially welcome additional bank partners over time, providing a path for likeminded institutions to gain strength, efficiency and stability while maintaining local autonomy.”
Performance Trust Capital Partners, LLC served as financial advisor to Androscoggin Bank and Hogan Lovells US LLP served as its legal counsel. Wolf & Company, P.C served as financial advisors to Mascoma Bank and Covington & Burling, LLP served as its legal counsel.
This transaction is subject to standard regulatory approvals.
About Mascoma Bank
Mascoma Bank is a $2.99 billion mutual bank and Benefit Corporation with 28 branches and 2 loan offices throughout Northern New England. Mascoma Bank was founded in 1899 by community members seeking ways to establish a healthy local economy. For over 127 years, Mascoma Bank’s foundation of mutuality has helped strengthen local economies and support the long-term vitality of the communities it serves. Mascoma Bank has made a strong commitment of utilizing technology to help support its mission and values of putting the customer at the center of its work. For more information visit Mascoma Bank Serving the Financial Needs of Northern New England
About Androscoggin Bank
Androscoggin Bank is a $1.8 billion community bank and Certified B Corporation™ with 10 branches across the state of Maine. Androscoggin Bank was founded in 1870 and has been independent for more than 150 years, with a mission to enrich the lives of its clients, colleagues, and local communities through trusted relationships. For over 150 years, Androscoggin Bank has focused on empowering Maine’s consumers, small businesses, and municipalities to improve their financial lives and fuel economic growth across the state. Androscoggin Bank has made a strong commitment to using business as a force for good—through innovation, philanthropy, and community partnerships—as one of the few Certified B Corp™ banks in the United States. For more information visit Maine Bank | Certified B Corporation | Androscoggin Bank