Week in review: Bank's tax savings trickle down; delegation seeks to ban drilling off Maine
BANKING & FINANCES
Camden Bank awards bonuses based on expected tax savings
Camden National Bank said Thursday that it will give one-time bonuses of $1,000 to all non-executive full-time employees and $750 to all part-time employees in response to the recently enacted federal corporate tax cut. The total cost of those bonuses will be $620,000, it said. Camden National employs about 660 workers and is Maine’s largest community bank with assets of almost $4 billion. According to its most recent quarterly earnings statement, the bank’s effective tax rate was 31.5 percent for the first nine months of 2017. Its income tax liability was $14.5 million for the same nine-month period. Read the story.
Accelerator gets grant to support entrepreneurship
Portland-based business accelerator Venture Hall has received a $475,000 grant from the Ewing Marion Kauffman Foundation, a large nonprofit organization based in Kansas City, Missouri, that promotes entrepreneurism. The purpose of the grant is to help organizations that provide assistance to entrepreneurs with their efforts to promote business-friendly policies in their respective states. Kauffman chose six recipients nationwide for the grants from a large, unspecified number of applicants. Venture Hall President Jess Knox said his organization will use the funds, to be paid out over three years, to host events and other activities that will give Maine entrepreneurs opportunities to share their stories and concerns with policymakers. Venture Hall is an educational nonprofit that supports the development and success of companies with a high potential for growth. Read the story.
Lobstermen raise objections to increased regulation
Lobstermen, the Maine Lobstermen’s Association and the state Department of Marine Resources expressed opposition to a proposal calling for 100 percent reporting of all lobster catches in Maine. The proposal from the Atlantic States Marine Fisheries Commission got a hearing Wednesday night