Franklin Savings promotes commercial lender

Franklin Savings Bank has promoted RaeAnn Pike to vice president and commercial loan officer.

Pike joined the commercial lending team in 2017 and has significant expertise in developing financing solutions for a wide range of business clients throughout Franklin County.

“Through her hard work, responsiveness to customers and finance knowledge, RaeAnn has developed strong relationships with many business owners in virtually all stages of the business life-cycle,” said Derek Hayes, senior vice president and director of commercial lending, according to a FSB news release.

Pike has been with Franklin Savings Bank since 2001, when she started working in the bank’s loan servicing area as a receptionist. Since that time, Pike has developed a comprehensive knowledge of the bank through her work in several areas including loan processing, commercial credit analysis and lending. Most recently, Pike lead the bank’s workout and collections function, according to the release.

Pike is a graduate of Mt. Blue High School and earned a Bachelor of Science degree in psychology from the University of Maine at Orono. A resident of Wilton, Pike serves on the Board of Directors for the United Way of the Tri-Valley Area and is chair of their Community Investment Team.

Woodlands Senior Living of Farmington receives award

Woodlands Senior Living of Farmington was presented the “Expansion” award by the Greater Franklin Development Council at the annual Investors Reception, which pays tribute to Franklin County businesses making noticeable, positive contributions to the county.

The award recognizes “a company in the greater Franklin County area who has made a recent significant capital investment and will continue to provide jobs in a safe work environment with good wages and benefits, and who will continue to be a good corporate citizen in their community and surrounding area,” said Morgan Spencer, GFDC Special Projects and Program Coordinator, according to a news release from the council.

The award was accepted by Matthew Walters, co-owner and COO of Woodlands Senior Living.

“We are honored to receive this recognition from the Greater Franklin Development Council,” said Walters. “Greater Farmington has shown us tremendous support and we are proud to serve the families here by providing high-quality residential care services, and full time employment to hard working, compassionate and responsible community members who are looking for a career with purpose and professional growth potential.”

In 2017, Phase One of Woodlands Senior Living of Farmington opened as a newly developed memory care community, a specialized assisted living community providing personal care, services, and programming for individuals with Alzheimer’s disease and other forms of dementia. It was the first memory care specific senior living community in Franklin County.

In October 2018, Woodlands expanded their offerings to meet the growing need for exceptional senior care in the area with Phase Two. This phase included the addition of a 58-bed assisted living community and 22 upscale, independent living private apartments (Park Residence) in studio, 1- or 2-bedroom options.

Overall, Woodlands Senior Living has invested $12 million dollars on the physical development of the three communities in Farmington.

This is the second year Woodlands Senior Living has been recognized by GFDC. In 2017, the organization was awarded the “Business Attraction” award.

Asylum seekers getting help finding a home

PORTLAND — Infinity Federal Credit Union and ProsperityME are collaborating to give asylum seekers no-interest loans to help them get into their first apartments.

The loans are for rental security deposits, which can be hard for asylum seekers to pay because they lack the money and the documentation to get funding despite being legally qualified.

Since a pilot of the program began early this year, there have been 11 asylum seekers placed in apartments with a few more in the pipeline. Infinity FCU has pledged a rolling $100,000 for the on-going administration of the program, guaranteed by a fund from ProsperityME.

“We are excited to partner with ProsperityME and assist people new to Maine get on their feet and off to a good start,” said President and CEO of Infinity FCU Elizabeth Hayes, who explained that many asylum seekers are well-educated and had careers in their home countries.

Screening for the program begins with an eligibility interview at ProsperityME.

Those accepted are assigned a coach and referred to Infinity FCU for funding. In order to receive funding, they must meet Infinity FCU membership qualifications (

As part of that criteria, participants must have no credit established in the U.S. and have been working for less than a month.

Participants have up to 10 months, or until they gain employment, to start repaying the interest-free loan and receive training in financial literacy, as well as coaching on how to be good tenants. The repayment period is 12 months and the average loan amount is $1,000, with a cap of $1,500.

Asylum seekers who have a credit history, or who have had a job for more than a month, can apply for a security deposit loan through Infinity FCU but they don’t qualify for the interest-free loan program.

According to Hayes, Infinity FCU has developed customized products for students, young people, families, small businesses and other underserved groups.

Compiled from contributed releases

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