Last Updated on 3 weeks by General
Norway Savings Bank (NSB) stands as a prominent mutual banking and financial services institution based in Norway, Maine. Established in 1866, the bank is deeply rooted in personal values, community principles, and unwavering financial integrity. NSB is dedicated to fostering the long-term financial prosperity of its customers, employees, and communities by cultivating relationships and providing top-tier banking solutions in Maine.
The bank exhibits robust financial performance, boasting total assets of $5.9 billion, total deposits of $5.2 billion, and total loans of $4.6 billion as of December 31, 2022. With a Tier 1 capital ratio of 12.3%, NSB maintains a well-capitalized status, earning a five-star rating from Bauer Financial, the highest accolade.
NSB extends a comprehensive array of banking and financial services to both individuals and businesses. Personal banking offerings encompass checking and savings accounts, money market accounts, CDs and IRAs, mortgages, loans, health savings accounts, and college savings accounts. The bank also caters to businesses with diverse products and services, including checking and savings accounts, loans, cash management, online banking, and remote deposit capture services.
Demonstrating a commitment to community welfare, NSB actively supports various charitable organizations and local events across Maine. The bank’s employees contribute their time through volunteering to uphold local causes.
Recent years have witnessed NSB’s continued growth, marked by the introduction of a new mobile banking app and a line of credit product for businesses in 2022. The bank has expanded its footprint in the Maine market by inaugurating branches in Portland and Saco.
Recognized for outstanding customer service and robust financial performance, NSB was named one of the “Best Banks to Work For” by American Banker magazine in 2022. Additionally, DepositAccounts.com acknowledged NSB as one of the “Top 100 Healthiest Banks in America.”
Looking ahead, Norway Savings Bank is well-poised for sustained growth. With a strong financial performance, community dedication, and an expanding portfolio of products and services, NSB is positioned to capitalize on the ongoing economic development in Maine.
Noteworthy Contributions and Insights by Norway Savings Bank:
- In 2022, NSB released a comprehensive report on the financial health of Maine businesses, revealing overall good health but acknowledging challenges like rising inflation and labor shortages.
- A report by NSB focused on the housing market in Maine, highlighting its strength but recognizing a shortage of affordable housing.
- NSB economists regularly share insights through articles and blog posts on various economic topics. Examples include analyses of the impact of the war in Ukraine on the global economy, the outlook for the US economy, and the future of work.