GARDINER – A group of investors has recapitalized Savings Bank of Maine, raising $60 million to meet the requirement set by the Office of Thrift Supervision.

Savings Bank of Maine had been operating under OTS’ auspices because it failed to meet capitalization requirements. OTS stepped in after the bank had to increase its write-off of underperforming loans.

The company owned by the investors, SBM Financial, absorbed the two holding companies established by Savings Bank of Maine and acquired its common stock, while also providing $60 million in capitalization.

Gardiner-based Savings Bank of Maine has 32 branches, more than 300 employees and $929.1 million in assets.

SBM Financial is replacing Savings Bank of Maine’s management and board. John Everets, former president of the financing firm GE/HPSC, will become chairman and chief executive officer and Willard B. Soper, formerly with Shamut Bank and Kislak Bank and Kislak Mortgage, has been named president. Other board members and investors are David Ott, former chief banking officer for Banknorth; Richard D. Field, co-founder of Lending Tree and a former executive with Bank of New York and MasterCard International; James H. Ozanne, former executive vice president of GE Capital and chairman of Nation’s Financial; Ronald E. Roark, founder, vice chair and chief executive officer of Crown Northcorp; and Robert H. Gardiner, president of Independence Wind and former president of Maine Public Broadcasting.

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