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It finally happened. The light bulb in your head has gone off: “I have a business idea that will change the world!”.

While many of us have been in this situation before, it’s important to not get carried away in the moment. To be a successful entrepreneur and business owner, it is vital to think ahead, develop a business plan, consider a launch strategy, and think about your business trajectory. It’s also important to have a plan for the less glamorous tasks of securing funding, registering with the government, and buying insurance.

This sounds like a lot, and it’s definitely not something to brush over. Here are a few recommended steps to take to ensure that your business venture is set up correctly and can become successful in all stages of the business lifecycle.

Business Plan

1- Solidify your Business Idea and Plan

You have an idea for a business. Now what? In order to make it as successful as possible, you will need to outline the purpose, main goals, and mission of your business. This stage is extremely important, as it will inform a lot of the decisions you make as a business owner.

There are a few key components of every business plan:

Once you feel comfortable with your business plan, you’re ready to move forward in financing your business.

2- Securing Business Financing and Funding

You now have a set plan for how to bring your business to life. However, most new business ventures need money up-front to cover things like renting a location, purchasing relevant supplies or equipment, payroll, and more. Being able to estimate your costs at the beginning, especially factoring in additional funds for any unforeseen expenses and challenges, will help you avoid running out of money.

New business owners need to be aware of multiple types of costs in order to optimize their cash flow:

Knowing how to navigate these costs will greatly benefit you and your business as you move forward in the business lifecycle.

3- Choosing the Right Bank

If you need to borrow money to help start your business, there are many options available to you. Sifting through business loans and trying to entice investors can be stressful, which is why choosing the right bank is so important. Marcus Anwar, co-founder of OhMy Canada, recommends smaller community banks because they are in tune with the local market conditions and will work with you based on your overall business profile and character.

Whether your company requires funds for day-to-day operations, seasonal cash flow, expansion, or other business needs, you can count on your local community bank such as Katahdin Trust for specialized help getting your business off of the ground.

4- Determining your Legal Business Structure

This step will determine what kind of income tax return your business will file every year. There are a few common business structures that are used today. This can be a sole proprietorship, where you own the business by yourself; a partnership, where two or more people share responsibilities; a corporation, where multiple shareholders contribute towards the capital stock; or a Limited Liability Company (LLC).

For help determining what structure would be best for your business, reach out to us at Katahdin Trust today at 1-800-221-2542. We’re happy to help.

5- Register with the Government and IRS

To ensure that your business pays taxes and is officially recognized in your state of operation, you will need to register your business. This will include gathering licenses and permits from your city or county government, as well as other legal documents. For more information on this process, resources from the U.S. Small Business Administration (SBA) are available.

6- Purchase an Insurance Policy

Insurance policies are designed to ensure your financial security should something go wrong during the course of your business operation. These policies fall into a few different categories:

Take the time to research the best and most relevant policy for your business based on your perceived risks and business structure.

Preparing for you Business Start-Up

 

7- Build your Team and Choose your Vendors

You’re getting there! After you have taken care of your insurance policy, have some funding secured, and are officially recognized by your local government, it’s time to start hiring and building internally!

Job sites like LinkedIn, Indeed, and Glassdoor are easy ways to reach job-seekers in your community. Otherwise, consider targeted advertisements in places that ideal employees are likely to visit– including digital avenues like social media. Make sure to include a brief description of the roles you are hiring for, estimated salary, hours, and any other expectations you have of your prospective employees. Once you have applicants, start looking through and make the right hires!

Choosing the right vendors is also very important for many small businesses. Sarah O’Neill, the VP of HR & Administration for logistics provider humano, believes that this process can be simplified based on four key factors: Cost, Capability, Communication, and Character. If you find a vendor that meets your needs in these four C’s, they’re likely going to be a great fit for your business.

8- Brand, Advertise, and Watch Your Business Grow

To establish and grow your business, branding, and advertising can take your presence to the next level. Coming up with a sleek and easy-to-recognize logo will be helpful in positioning your business against your competitors. Having a strong, consistent presence across your social media and website will do wonders for your business, allowing you to reach potential customers outside of your typical demographic.

Popular apps like TikTok and Instagram have helped many small businesses grow over the last few years by offering an easy way to promote services and share behind-the-scenes content. Many businesses that do not have an internal marketing team opt to hire an outside vendor that specializes in those services. Picking the right advertising agency/partner should come down to the same four C’s listed above: Cost, Capability, Communication, and Character. Make sure to ask for monthly reporting to be able to smartly monitor your digital presence and make any needed changes.

9- Diversifying Your Management

Managing an entire business by yourself is not an easy task, and as your business continues to grow, it might make sense to bring in other trusted professionals for management roles. Depending on the industry and size of your business, this could include hiring a marketing/sales director, operations director, accountants, and other important positions to take responsibilities off of your shoulders.

In order to make the right hiring decisions, you will need to ensure that these people understand the mission and vision of your business. Someone who doesn’t get the “why” of your business and is just looking for a paycheck won’t be a good fit. Chemistry is another factor you will need to consider. Could you see yourself working alongside these new managers effectively, even in times when there are disagreements? Additionally, in the scenario where you decide to step away completely from the business in the future, would you trust them to take over control of your business?

Even though these seem like straightforward questions, they will help you surround yourself with the right people.

We are open

 

10- It’s Time to Get Started

Now that you have a better understanding of the business creation process, it’s important to get started by connecting with your local bank. Banks like Katahdin Trust can help you get financially ready to reach out to investors, select the right business loan, and offer guidance and clarification. When you bank locally, you'll always have a team of professionals ready to assist you with your personal and business banking needs.

We have locations all over Maine, from Scarborough to Fort Kent, so that Maine entrepreneurs can feel supported and educated when it comes time to launch their business.

Reach out to us today and get started on launching your Maine business with the help of our dedicated team.

Katahdin Trust Company. All loans are subject to credit approval. Member FDIC. Equal Housing Lender.

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The concept of the “American Dream” has been glorified over the last century in pop culture, usually referring to building a family in a safe, suburban environment while living comfortably. Unfortunately, one of the key aspects of this idea has become increasingly more difficult to achieve: homeownership.

Simple Statistics

Looking at statistics from 2019 provided by the American Bankers Association, it is clear to see why so many Americans have struggled to be able to purchase homes:

In general, Americans are spending a lot of money on simply maintaining their current housing situation, with not many clear opportunities to be able to save for a home. In the state of Maine, prospective homebuyers have been faced with additional challenges, including low inventory, strong demand, limited savings, and zoning and land use regulations, to name a few. However, if you’ve experienced one or more of these challenges, you should know that you are not alone, and there are resources available to help you navigate these situations. Here is some information you should be aware of in the home search process, along with resources on how to make the process easier.

Homebuyer Support Programs

It is easy to feel overwhelmed during the home-buying process, which is why banks and other organizations have support programs in place to help. Banks work with consumer groups, nonprofits, and government agencies to foster community development and support homebuyers through down-payment assistance, securing lower interest rates, and closing cost assistance, among other resources. Below is a list of a few of the many organizations and agencies that help families find homes:

These programs, among others, are important because they allow people who previously might not have ever expected to own a home, to work towards achieving their own “American Dream.”

Finding Help Locally

Katahdin Trust takes great pride in providing financial contributions to local organizations that focus on safe and affordable housing in Maine. We partner with nonprofits like the Bangor Area Homeless Shelter, Hope & Justice Project, The Opportunity Alliance, Homeless Services of Aroostook, Preble Street, United Veterans of Maine, Habitat for Humanity, and many others. 

In addition to partnering with local organizations, Katahdin Trust also offers direct assistance to homebuyers with Mortgage Loans and Down Payment Assistance in order to help as many Maine families as possible, from Fort Kent to Scarborough. With the Equity Builder Program, eligible borrowers can receive up to $22,000 in grant funds to put towards down payments, mortgage insurance, and closing costs. Katahdin Trust’s Housing Our Workforce program is another option, which provides up to $20,000 towards a down payment for qualified homebuyers with a 2:1 match. Katahdin Trust also offers first-time homebuyer, rural development, fixed/adjustable rate, and construction mortgage loans as well. Always reach out with any questions about this process, as local mortgage specialists are only a call away and happy to help, at 1-855-331-3221.

All loans are subject to credit approval. Property insurance is required. Programs may be offered for a limited time and funds are awarded on a first-come, first-served basis — not guaranteed or reserved in advance. Eligibility and income level requirements vary by program. May not be combined with any other type of down payment program. Ask your local bank for details. Member FDIC. Equal Housing Lender.

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Banking has come a long way from waiting in a long line at the end of a work day just to cash a check. With today’s technology, digital banking is the most convenient way to access all your accounts and manage your finances on one device–wherever you are.

Simply put, digital banking means managing your accounts on your computer or laptop (online banking) or on your cell phone or tablet (mobile banking).

There is no need to take valuable time out of your day to visit your bank in person just to do a money transfer, check your account balance, deposit a check, or even apply for a loan. Mobile banking apps make it easy to manage all this and more, even when you can’t make it into the bank.

Brick-and-Mortar vs. Digital Banking

Typically, younger consumers are more comfortable with managing their finances digitally, while older generations who’ve grown up with traditional brick-and-mortar bank transactions are more used to in-person visits. However, over the past few years, digital banking has become increasingly popular among customers of all ages.

There are some advantages to visiting a bank in person. For many, the interpersonal connections outweigh conveniences like chatbots and automated phone lines. Speaking face to face with a banker at a branch who can walk you through your questions is more helpful for some people, and often, the personal relationships people build with bank employees can work in their favor when dealing with potential problems or big transactions in the future.

However, for people who don’t have the time or ability to make a stop at the bank, digital banking has many convenient advantages. Whether you use online banking or mobile banking, digital banking can put the power in your hands to:

Of course, there’s no need to pick one or the other– you can do both. And once you try a couple of tasks in digital banking, you’ll be amazed at how convenient it is.

Staying Safe with Katahdin Trust

At Katahdin Trust, we put our customers first and prioritize giving them a safe and secure platform to be able to manage their finances worry-free. Using our Online Banking and Mobile Banking App, customers can sign on securely, knowing that their information is just as secure as if they were banking in person at one of our 16 branches.

When not using the app, members should navigate directly to www.katahdintrust.com, and never access the website from a link provided within an email.

Know that Katahdin Trust will never call, text, or send emails asking you to provide sensitive banking or personal information. Here are some additional safety tips as well as the most common scams and how to avoid becoming a victim of a scam.

At Katahdin Trust, our team is dedicated to helping you learn how to use digital banking for almost any task. Check out our Online Education Center for more resources about how to use our Mobile Banking app and we are only a call away at 1-855-331-3221.

Katahdin Trust Company. Community Banking at its Best! Since 1918. Member FDIC. Equal Housing Lender. Our mobile banking service is free but message and data rates from your wireless carrier may apply.

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Cybercrime is an ongoing threat in our digital world, and it continues to evolve with new threats all the time. The FBI reported that $6.9 billion was lost through internet crimes in 2021, with 847,376 separate complaints, a 7% increase from 2020.

Scammers will pretend to be other people or reputable organizations, sometimes in very convincing ways. It is a good idea to know how to recognize cybercrime to protect yourself and your personal information. Here is what you should know about the major types of scams.

Person-to-Person Scams

Person-to-person scams are online versions of scams that have existed for a long time, all with the same goal of trying to get money or information from innocent people. Examples of these can include suspicious emails from people claiming to be royalty from another country, phone calls trying to convince you a loved one is in jail, or fake companies trying to extort money from you. These types of scams can be extremely dangerous, because our immediate human instinct is to want to help, especially if it seems someone we are close with is involved or in danger. However, trying to get your money back will be extremely difficult if you willingly transfer it over, as scammers are quick to convert the funds to other forms that are untraceable like gift cards.

Phishing Scams

Phishing scams consist of an email that targets consumers in an attempt to make them provide their personal information in response. This allows the scammer to gain access to bank accounts, social media profiles, etc. The reason phishing scams are so dangerous is because they impersonate well-known and trusted sources for many people, such as internet service providers, banks, mortgage companies, healthcare providers, and more, making the decision to send information more convincing.

Phishing scams can be identified in a few key ways. Oftentimes, even though the email may look like it is coming from a genuine source, there may be obvious spelling mistakes in the body of the email. Additionally, the request in the email will sound odd or suspicious, for example, “There has been a mysterious charge on your account. Please provide your social security number and account number for our team to investigate.” If you are ever in doubt about whether you are being phished, ask yourself, “Why would this organization or person need my information?” Banks, mortgage companies, and other organizations will already have all the relevant information they need from you, so asking for these details through email is often a big red flag. Luckily, major email services like Gmail and Outlook are designed to warn users against potential phishing scams with pop-up messages appearing when the email is opened.

What To Do When You Think You Are Being Scammed

Here are some things to think about or ask yourself when faced with one of these potential scams:

How To Protect Yourself From Scams

Here are some things to consider and watch out for to help avoid phishing scams:

If you are concerned about a charge on your account or a bill payment, call your bank directly using the phone number provided at the time of account opening or from the contact information on the bank’s website. Explain the situation to them and they will be able to help you determine the best steps to move forward.

If you feel like you have been a victim of a scam or phishing attack, your bank is your best resource and your first line of defense, and you should call them immediately.

How Banks Can Help Protect You

Banks care about their customers and take cybersecurity very seriously. Every bank has extensive measures set up to ensure customer safety. Tools like:

At Katahdin Trust, we will NEVER call, text, or send emails asking you to provide sensitive banking information. Do not respond to any emails, texts or phone calls requesting identifying personal information like your social security number, bank account information, one-time passcode, or credit card numbers unless you initiated the call.

Learn more about the cybersecurity features we offer and see how we can help you control and stay on top of your financial security. You can also check out our Online Banking Security and Safety Tips. And, of course, if you have any questions about your account security, we’re always happy to help. We are only a call away, at 1-855-331-3221.

Katahdin Trust Company. Community Banking at its Best! Since 1918. Member FDIC.

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April is Financial Literacy Month – a time to review your finances and learn more about important topics like budgeting, taxes, managing student loans, and more. It's also a great time to start reviewing and learning important skills that will help you for the rest of your life– no matter how young or old you are.

The Basics of Financial Literacy

Every personal finance plan starts with budgeting, a concept that can be taught from an early age. More than just balancing out your income with your expenses, budgeting can help you understand what you spend and where, reducing anxiety and helping you to invest in what's most important to you. Budgeting can be extremely useful for managing expenses related to:

The easiest way to get into budgeting is to first start with your total monthly income. Write out the most important expenses first, such as rent, utilities, groceries, etc. Then, write out your other expenses that you typically have in a month (nights out, travel, luxuries). After estimating how much you spend on each item in a month, it can be helpful to visualize how you use your money by categorizing them into needs and wants. One common budgeting strategy is the 50/30/20 rule, where you spend 50% of your after-tax income on needs, 30% on wants, and allocate the remaining 20% to savings. We often don’t like to think about how we spend money until we have to, so budgeting is a great solution for reducing the fear and anxiety surrounding personal finance.

Set Goals

When looking to improve your personal finances, it is important to set a goal or goals for yourself to work towards. However, in order to see true progress and avoid getting overwhelmed, these goals must be realistic and specific. Setting lofty goals can be great for motivation, but the disappointment of not being able to reach them can have negative effects on your finances. Instead, focus on making goals like increasing your monthly savings by 10% by cutting down on non-essential spending. This goal is measurable, specific, and realistic. Another goal that many parents could think about is setting aside a certain amount of money each month into a college fund for their children. Due to the cost of many colleges, this goal requires parents to evaluate their spending habits. Having a clear goal in mind can help with motivation towards achieving your objectives.

Plan for Retirement Early

Another strategy is to start planning for retirement as early as possible. Setting up an Individual Retirement Account (IRA) is a popular option, as it is a tax-friendly way to build your retirement savings during your peak income-earning years. IRAs help people build their assets in many ways, with key benefits including a rollover of 401(k) retirement plans, automatic renewal, and the ability for tax-deferred earnings. Even though many working professionals don’t retire until their mid-late 60s, building up a retirement savings plan is crucial for being able to enjoy your retirement, and not have to work longer than you intended. 

The Benefits of Early Financial Literacy

Early financial literacy has become an important part of education in many schools. By teaching children the value of money and instilling proper money management skills early on in life, they are more likely to enter adulthood equipped with the knowledge and tools to lead financially stable lives.

In addition to school programs, you can start money conversations at home, too. A great way to do this is by instituting an allowance. After outlining expectations and deciding on what they will earn and how, you can use situations as teaching moments to talk about the importance of saving, the cost of things they may want, and help them make decisions about spending.

Katahdin Trust is Here to Help

Banks like our bank welcome the opportunity to participate in financial literacy education for schools and organizations. We offer both online and in-person presentations, and have partnered with several local organizations to provide financial education including Junior Achievement, Jobs for Maine’s Graduates (JMG), Aroostook Aspirations, and schools grades K-12 across the state. For more information about Katahdin’s financial literacy lessons, and access to free lessons and videos for grades K-8, visit our Financial Literacy page.

We know that you need comprehensive and competitive services to help meet your financial goals in today’s market. At Katahdin Trust, we will make personalized recommendations designed to help exceed your objectives and increase your financial literacy.

Our team is dedicated to helping the members of our local communities create plans and goals to help them become more financially literate at any age. At Katahdin Trust, we believe that there’s a solution for everyone. Let’s find a way, together. Request a customized presentation for your school or organization today!

Member FDIC. Equal Housing Lender

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Whether you're a first-time homebuyer, looking to refinance, or planning to renovate your summer camp, there are different loan options available that can help you see your project come to life. The best place to get started is with your local lender, who can help you determine the best options for you depending on a number of factors including what the loan will be used for.

What can loans be used for?

You might be surprised to learn that people use loans to finance many different types of projects and purchases. Loans can provide funds for:

Loans can also be used for special life events such as taking that bucket-list dream vacation, paying for college tuition, paying for wedding expenses, purchasing new kitchen appliances, and so much more!

What are the different types of loans?

There are lots of different types of loans. Here are a few to help you start thinking about which loans you might be interested in learning more about.

Mortgage

A mortgage loan is an agreement between you and a lender to finance the purchase or refinance of a home. There are several types of mortgage loans to meet specific needs.

Home Equity Loan or Line of Credit

In contrast to a mortgage, a home equity loan is used when you already have equity in your property. Home equity is the value of your home minus the amount of your mortgage debt. You can borrow from your home equity in two different ways, as a line of credit or as a loan. A home equity loan is a one-time lump payment based on how much equity you have in your home. With this option, you can lock in your monthly payment and interest rate amounts. A home equity line of credit is when you get pre-approved for a specific amount of money that you can use when you need it, similar to how a credit card works. The line of credit is reusable, so as long as you make the payments, you can reuse your line of credit as often as you need. Many people use a home equity loan or line of credit to cover major life expenses from vacations to wedding expenses and even upgrading appliances and furniture.

Construction Loan

A construction loan is a short-term loan that funds the building of a new home, camp, or other real estate projects such as an investment property, manufactured home, or condominium. During the construction phase, you can typically expect to make low-interest payments. After the construction project, the loan converts to a fixed-rate loan with a variety of terms available.

Personal Loan

A personal loan is exactly what it sounds like...personal. Many people who take out a personal loan use the funds to pay off credit card debt, help manage unexpected expenses, take a vacation, or even make a special purchase. These loans have flexible terms that your local lender can walk you through.

Auto Loan

Auto loans are a popular option for anyone looking to purchase a vehicle such as a new or used car, truck, van, or SUV. You can also opt for a recreational vehicle loan, which is used to purchase a boat, camper, motorcycle, snowmobile, or ATV. 

Which loan option is right for me?

Choosing a loan can be a big process, which is why it’s a smart choice to choose a local lending expert. At Katahdin Trust, you can meet with experts who help you determine the best loan option for you and can help you through the application process. You will also benefit from local service, competitive interest rates, and a quick approval decision and closing. In most instances, you will have a check in hand within 30 days of submitting your completed application to Katahdin Trust.

You can easily apply online for home and camp purchases, refinancing an existing mortgage, home equity loan, home equity line of credit, and construction loans and a local lender will follow up with you regarding your application. You can also pre-qualify online to help determine how much you can afford when shopping for a home.

To get started, check out Katahdin Trust’s loan and construction application checklists to give you a jump start on the documents and other information you will need to gather. Once you're ready to apply, the online application process takes about 20 minutes. If you’d like to speak with someone to go over your loan options, contact Katahdin Trust at 1-855-331-3221 and get connected with a loan specialist in your area. Katahdin Trust is a locally-owned and managed community bank with 16 full-service branches throughout the state of Maine.

All loans are subject to credit approval. Member FDIC. Equal Housing Lender. Property insurance is required.

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Ready to Build?

If you have been dreaming of building a new house or maybe even a camp that will give you a relaxing escape in the warmer months, you might have spent lots of time thinking about what it will look like and where it will be. But how much time have you spent thinking about financing your project? With a little bit of planning and a partnership with the right lender, you can get approved for a construction loan that will take you from daydreaming to breaking ground.

What is a construction loan?

A construction loan is a short-term loan that funds the building of a new home, camp, or other real estate projects such as an investment property, manufactured home, or condominium. You can even use a construction loan for certain types of energy upgrades. During the construction phase, you can typically expect to make low-interest payments only to help you keep costs low. After the construction project, the loan converts to a fixed-rate loan with a variety of terms available.

How do I know what my financing options are?

Firstly, it is important to work with an experienced local lender who can help you determine the best options for you. But before you look for different kinds of loans, you can start your journey toward building your dream home by using an online calculator to help determine what you can afford.

The online calculator can help you take a step back and see how financially fit your project is. It will ask you for the highest monthly payment you can afford and break down what is included in that payment such as local property tax, insurance costs, down payment, interest rate, and other details.

From there, your lender can help you consider different options for financing a construction project, including combining a construction project budget into your home loan. You can also refinance your home loan based on the appraised value after updates to pay for renovations.

How can I boost my chances of getting approved for a construction loan?

The two most important factors for any loan are 1) the ability to repay the loan and 2) your payment history. This means that your lender will look closely at your credit history and debt-to-income ratio. If needed, they can often help you create a plan for repairing and building credit to be strong enough to get approved for a construction loan.

What does the application process include?

At Katahdin Trust, customers only need to fill out one application with one closing. The application will gather lots of detailed information about your finances to best determine loan approval, including complete plans for the project and a list of contractors and subcontractors.

The application process at Katahdin Trust is made easy when you work with experienced local lenders who understand how important your project is. That's why the time from submitting your application to learning if you are approved typically takes less than a week.

All loans are subject to credit approval. Member FDIC. Equal Housing Lender. Property insurance is required.

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Even with the best planning, life will sometimes throw you a curveball. And if you happen to get sick or injured, you may find that medical bills have a sneaky way of piling up. That's why opening a Health Savings Account (HSA) is one of the smartest things you can do to protect yourself and your family.

What is a Health Savings Account?

Unlike a traditional savings account, an HSA is designed to help you save for future medical expenses if you have a qualified High Deductible Health Plan (HDHP). When those medical bills start rolling in, instead of depleting your hard-earned money from your personal savings account, you can tap into your HSA, which is there to make sure your health expenses are taken care of. One helpful feature of an HSA is that you can contribute pre-tax income from your paycheck through direct deposit, and employers can make contributions as well.

Who is eligible to apply for a Health Savings Account?

Individuals can apply for an HSA if they check off these eligibility requirements:

Employers may choose to offer a Health Savings Account to employees to help supplement their health insurance plans. As long as the employee’s plan is HSA-compatible, the HSA can apply to either health plans that are available through the employer or purchased individually.

What are the benefits of a Health Savings Account?

There are many attractive benefits to opening an HSA. Not only can you earn interest tax-free, but you have flexibility with how much you contribute and how you spend your savings. Here are a few of the popular benefits offered:

Employers offering an HSA to employees can enjoy the following benefits:

Where can I open a Health Savings Account?

A Health Savings Account (HSA) from Katahdin Trust is available for individuals and employers alike. Katahdin Trust is a locally-owned and managed community bank with 16 full-service branches throughout Northern Maine, greater Bangor and Portland regions. In addition to all of the benefits an HSA has to offer, Katahdin Trust has some excellent features customers have come to expect, including:

Please consult a tax advisor. Refer to Katahdin’s Fees for General Services brochure for charges on unusual activities such as overdrafts, stop payment orders, etc. that may be assessed. The mobile app is free, but message and data rates may apply from your wireless carrier. Subject to certain restrictions. Member FDIC | Equal Housing Lender.

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