Mechanics Savings Bank New Product

Mechanics Savings Bank Launches Planned Expense Account to Help Customers Offset Escalating Energy Costs
Mechanics Savings Bank announces a new interest-bearing planned expense account for the heating season ahead.

Mechanics Savings Bank is doing its part to help customers in Central Maine manage their escalating heating costs. The innovative Planned Expense Account can help customers budget home energy costs while earning interest. In addition, there are no monthly fees.

"Mechanics Savings Bank is working to develop products that help Mainers budget for increasing energy costs in these challenging economic times," stated Mechanics Savings Bank President and CEO Rick Vail. "This is a way of putting money aside that will earn interest and that can be withdrawn as needed to pay energy bills."

In making the announcement, Vail also praised the banking team's efforts to further Mechanics Savings Bank's commitment to being a local bank that provides products that empower local people. "We are here to add long term value to our customers and communities," Vail said.

A Planned Expense Account can be opened with as little as $50.00 and interest will be paid on deposits up to and including $5,000.00. Interest on money deposited is currently paid at a rate of 2.75% APY. The annual percentage yield is accurate as of July 11, 2008 and is subject to change. Customers may make up to six transfers per calendar month from their account, but only three may be payments by checks or orders to pay to third parties. A direct deposit is required from another account to open a Planned Expense Account and e-statements are required.

Founded in 1875, Mechanics Savings Bank currently serves customers from three branch offices located in Auburn, Lewiston, and Windham, Maine. Mechanics Savings Bank has assets of $260 million and participates in a surcharge-free ATM network that includes approximately 17,000 ATM locations nationwide. More information is available at www.mechanicssavings.com or by calling 1-877-886-1020. Mechanics Savings Bank is an FDIC Member.

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