Auburn Bancorp, Inc. (OTC:ABBB)
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LAST UPDATED: 05/23/2013, 12:00 AM EDT
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Auburn Bancorp, Inc., through its subsidiary, Auburn Savings Bank, FSB grants residential, consumer and commercial loans to customers primarily throughout the Lewiston/Auburn, Maine area. The Bank is a community-oriented savings bank. It was originally established in 1887 as a state-chartered loan and building association named "Auburn Loan and Building Association" and later converted to a state-chartered savings and loan association named "Auburn Savings and Loan Association." In July 2006, the Bank converted from a state-chartered savings and loan association to a federal mutual savings bank and changed its name to "Auburn Savings Bank, FSB." On August 15, 2008, the Bank reorganized into the mutual holding company form of organization and became a stock form federal savings institution. Its business consists of attracting retail deposits from the general public in the areas surrounding its office and investing those deposits, together with funds generated from operations, in one- to four-family residential mortgage loans and home equity loans and lines of credit, commercial and multi-family real estate loans, and, to a lesser extent, commercial business loans, construction loans, consumer loans, and investment securities. The Company's revenues are derived from interest on loans and securities. It also generates revenues from fees and service charges and other income. Its sources of funds are deposits, borrowings and principal and interest payments on loans and securities. It originate one- to four-family residential loans and home equity loans and also originates commercial and multi-family real estate loans and, to a lesser extent, commercial business loans, construction loans and consumer loans. The Company originates a limited amount of non-residential and multi-family loans allows to provide more financial services to families and businesses within its community as well as increase the yield and interest rate sensitivity of its loan portfolio. The Company's lending activity consists of the origination of one- to four-family residential mortgage loans, substantially all of which are secured by properties located in its market area. The Company offers home equity lines of credit and home equity loans and commercial real estate loans, including commercial business, and multi-family real estate loans that are generally secured by five or more unit apartment buildings and properties used for business purposes such as small office buildings or retail facilities substantially all of which are located in its primary market area. It also offers construction loans for the development of one- to four-family residential properties located in its market area. The Company makes commercial business loans primarily in market area to small businesses, professionals and sole proprietorships. The Company offers a limited range of consumer loans, to its customers residing in the market area. The Company originates real estate and other loans through marketing efforts, its customer base, walk-in customers and referrals from real estate brokers, builders and attorneys. The Company faces significant competition for the attraction of deposits and origination of loans and is also subjected to certain laws and regulations designed to protect consumers in transactions with banks.