Gorham Savings Bank Revenue and Competitors

Gorham Savings Bank, one of Maine's fastest-growing financial institutions, announced the creation of Gorham Savings Leasing Group LLC, a wholly owned subsidiary that offers a full array of lease financing for small business and municipal clients. The introduction of the leasing subsidiary comes at a time of strong growth for Gorham Savings. The Bank plans to open two branches in Portland this year, on Commercial Street in June, and Marginal Way in September. "Moving into the leasing sector was a natural extension for us, and we feel Gorham Savings Leasing Group LLC meshes well with our existing products and services," said Chris Emmons, president of Gorham Savings Bank. Businesses often turn to leasing because of potential tax benefits and as a way of conserving working capital. According to the Equipment Leasing Association, eight out of ten businesses opt to lease some of their equipment. While virtually anything can be leased, the most common items include office equipment, machinery used in manufacturing, and construction equipment.