Mr. Ward: First National Lincoln Corporation is a one-bank holding company for The First National Bank of Damariscotta, a community bank that serves Mid-Coast Maine, primarily in Lincoln and Knox counties. The bank was founded in 1864, when it received its national charter, and operated only out of Damariscotta, Maine, a small town in Mid-Coast Maine, until 1975. From that time, we've grown to seven banking offices in both Lincoln and Knox counties, and today we also have investment management offices in Damariscotta and Portland, Maine, which is the largest city in the state.
TWST: What is going on in the markets that you serve at this point from
an economic point of view?
Mr. Ward: Unlike many other parts of the country, our local economy has
not suffered during the past two to three years. One reason for this is
the composition of our local economic base, and tourism, our leading
industry, has not been adversely affected by the economic downturn.
More important, though, is the second major component of our local
economy: retirement. We're a very attractive area that people retire to
and fortunately many of these people have brought significant assets
along with them. While their investment portfolios may have been down
recently, this certainly has not affected the service businesses that
make up a large component of our local economy.
Tickers included in this excerpt: FNLC
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