Katahdin Trust Co. sees increase in earnings

Katahdin Trust Co. has recorded a 113 percent increase in its first-quarter earnings, with a net income of $535,000, according to President and CEO Jon J. Prescott.

Highlights of the first quarter included an asset growth of 65 percent over the same period in 2000 for a total of $240,287,000; a 21 percent increase in loans for a total of $139,705,000; and a 78 percent increase in total deposits at $202,440,000. Prescott said the assimilation of eight branches acquired from Peoples Heritage Bank last year has been very successful.

Katahdin Trust Co. serves northern Maine with 14 offices located in Ashland, Caribou, Eagle Lake, Easton, Fort Fairfield, Houlton, Island Falls, Limestone, Mars Hill, Oakfield, Patten, Presque Isle, Van Buren and Washburn.