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  • Comment Detail

  • Date: 03/14/23
    First Name: Stephen
    Last Name: deCastro
    Email: sdecastro@gorhamsavings.bank
    Organization Type: other
    Organization: Gorham Savings Bank

  • Comment

    Our organization, Gorham Savings Bank, has had a successful partnership with the Federal Home Loan Bank of Boston for many years. We work with FHLBB in a number of different ways. 1) We access FHLBB for wholesale funding and FHLBB is typically our largest source of wholesale funding. As a bank located in a rural state like Maine, we depend on the wholesale market to support the borrowing needs of our community since the State and our industry in Maine have a deficit of deposits. 2) We use the FHLBB for our saleable mortgage business. Having this partnership has helped us to manage our bank’s balance sheet over the years. Additionally, the FHLBB has provided subsidy programs to assist our LMI borrowers to buy homes. 3) Gorham Savings has worked with the FHLBB to access funding for low income housing projects on behalf of our developer customers. FHLBB has been a critical source to help make these deals work and create much needed housing. The team we work with at the FHLBB are responsive and consultative. The organization is very important to our effectiveness as a community bank in Maine.