BANKING & FINANCE

Camden National to buy The Bank of Maine

Two Maine breweries made the list of the Top 50 craft breweries based on volume produced. Portland-based Shipyard Brewing Co., above, came in at No. 25, and Allagash Brewing Co. at No. 42 on the list released Tuesday by the Brewers Association, a trade group that represents small and independent craft brewers. 2012 Press Herald file

Camden National Bank intends to buy The Bank of Maine in a $135 million deal that will make Camden the largest locally owned bank in Maine. The deal, announced Monday, would extend Camden National’s footprint into high-growth southern Maine markets, the primary appeal for the Camden-based bank. The merger will establish 68 branches; some areas where branches overlap will be studied for consolidation. The deal is expected to be completed by the end of September, pending regulatory approval. Read the story.

State’s bond rating stable

On Wednesday, Fitch Ratings renewed its AA rating on Maine’s outstanding general obligation bonds and its slightly lower A+ rating on the Maine Municipal Bond Bank’s outstanding general resolution bonds. A rating of AA is two levels below the best possible rating of AAA, and an A+ rating is two levels below AA. Maine’s moderately high ratings reflect the state’s responsive budget management and low overall debt outlook, along with its fiscal challenges such as below-average economic growth prospects and meager reserve funds, Fitch said. Other economic challenges for Maine cited by Fitch are its high median age, virtually nonexistent net population growth and flat-to-declining labor force. Read the story.

Credit unions continue growth

Maine’s credit unions reported a 2.2 percent increase in membership from 2013 to 2014, while combined assets of the state’s 60 credit unions climbed 4.7 percent over the same time. Assets of $6.43 billion reflected increased lending by the nonprofit financial institutions. According to the Maine Credit Union League President John Murphy, credit unions have picked up 55,000 new members since 2008 and the start of the recession. Today, membership stands at 650,000. Read the story.

Shoe designers reach fundraising goal

Soak, a shoe company started by two New York fashion designers, reached its $25,000 Kickstarter fundraising goal this week and hopes to begin producing sandals in Maine by late spring. Michelle Vale and Elena Corsano designed an ergonomic slide sandal that will be produced by G&G Products in Kennebunk. Vale and Corsano said they hope to reinvigorate the state’s shoemaking business and, if the sandal leads to a full-fledged brand, create more jobs in the state by producing other items in Maine. The two launched the Kickstarter campaign in Portland early in March. They reached their $25,000 goal, which will allow them to make shoe molds, three days ahead of the campaign’s end. Read the story.

HOSPITALITY

Bill would regulate Airbnb, others

Lawmakers are considering a bill that would impose regulations on people who rent spare rooms through online services such as Airbnb. The bill, LD 436, would require licensing and code compliance of anyone making rooms available to the public for short-term lodging. The bill sponsors, two of whom are employed in the innkeeping industry, say the law would protect consumers by imposing safety standards and would capture lost sales tax for the state. A public hearing on the bill is scheduled for Monday. Read the story.

ENERGY

Natural gas company seeks rate increase

Maine Natural Gas, which is growing at a record pace in its service areas around Augusta, Bath-Brunswick and Windham-Gorham, is seeking a rate increase as part of a proposed three-year rate plan that could add another $45 per month to customers’ bills. The company says it needs more than $10 million in additional revenue over the next three years to improve the safety and reliability of its distribution system, expand customer services and bring earnings in line with industry standards. Maine Natural Gas hasn’t raised rates since 2011. It has suffered low earnings for years, and had a negative return on equity in 2014, according to documents filed in March at the Maine Public Utilities Commission. Lawyers for Maine Natural Gas want a decision by Dec. 1, to adjust rates for the winter heating season. Read the story.

EDUCATION

New graduate center to focus on workplace

Creating a single graduate center to unify the University of Maine System business and law schools will boost the state’s economy and help graduates better prepare for today’s workplace demands, said Eliot Cutler, who was named Wednesday to lead the development of the new center. Cutler, an attorney and businessman who ran twice for governor, said the center will operate in Portland and combine the graduate business degree programs at the University of Southern Maine and the University of Maine in Orono with the University of Maine School of Law. Cutler described the center as a way to “change the character of legal and business education” that would help students get hands-on experience in the local community and gain real-world experience, he said. Read the story.

LABOR

Minimum wage compromise progresses

Republicans and Democrats at the State House are negotiating with business groups on a possible compromise to increase Maine’s minimum wage. Although the parties had yet to reach a deal by week’s end, several people involved in the negotiations expressed cautious optimism that the sides could agree upon the first increase since Maine went to $7.50 an hour in 2009. The unknowns are how large of an increase could pass the Legislature and whether a wage hike would get past Gov. Paul LePage, who in 2013 vetoed a gradual increase to $9 an hour. The threat of a voter referendum to increase the minimum wage is helping to drive the negotiations. Other factors include Wal-Mart’s recent decision to increase the company’s lowest wage to $10 an hour nationwide, and strong public support in Maine for a minimum wage hike both in polls and in public testimony. Read the story.

GENERAL BUSINESS

Longtime Yarmouth auto shop sold

Hewitt’s Auto Body and Collision, a business that has operated in Yarmouth for nearly 50 years, was bought Tuesday by POC Collision Inc. Owner Mike Hewitt, who founded the business in 1966, intends to retire to Florida with his wife. Terms of the deal were not disclosed. Hewitt’s is the fourth local auto repair shop to come under the POC Collision umbrella, which includes Coleman’s in Auburn, Caron’s in Lewiston and R.P. Bell in Saco. POC will retain all of Hewitt’s 11 employees, including shop foreman Chris Hewitt. Read the story.

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