Cannabis businesses boom in Maine, but access to banking’s a bust

The state's industry is maturing and could bring in revenue of nearly $200 million this year. But even now, many companies are forced to operate on a cash-only basis.

Bank offers first Islamic mortgages based in Maine

The program is viewed as a watershed initiative for Maine's immigrant community.

Federal Reserve raises key rate by a quarter-point despite bank turmoil

The Fed says the U.S. banking system is 'sound and resilient,' but warns that the financial upheaval stemming from the collapse of 2 major banks is 'likely to result in tighter credit conditions' and 'weigh on economic activity, hiring and inflation.'

Treasury Secretary Yellen tells Congress U.S. banking system ‘remains sound’

In less than a week, Silicon Valley Bank, based in Santa Clara, California, failed after depositors rushed to withdraw money amid anxiety over the bank’s health.

Is my money safe? What you need to know about bank failures

Nearly all banks are FDIC insured. Credit unions are insured by the National Credit Union Administration.

Bank stocks tumble while others rise on hopes for easier interest rates

The most pressure is on the regional banks a couple steps below in size of the massive, 'too-big-to-fail' banks that helped take down the economy in 2007 and 2008.

Fed unleashes another big interest rate hike but hints at a pullback

It is the central bank’s 6th rate hike this year – a streak that has made mortgages and other consumer and business loans increasingly expensive and heightened the risk of a recession.

Record number of Americans now have bank accounts, government reports

The FDIC attributed most of the improvement to the stronger economy in 2021, as the coronavirus pandemic restrictions largely expired and there were low levels of unemployment.

OTIS Federal Credit Union appoints Chris Bouchard new chief executive officer

Brian King named Bank of America Maine president

King will oversee the bank's operations and philanthropic giving in the state.