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Katahdin Trust parent reports increase in Q2 earnings, assets

Katahdin Trust parent reports increase in Q2 earnings, assets
mainebiz.biz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mainebiz.biz Daily Mail and Mail on Sunday newspapers.

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Newsworthy people and performances for July 26, 2021

Newsworthy people and performances for July 26, 2021
mainebiz.biz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mainebiz.biz Daily Mail and Mail on Sunday newspapers.

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Battle continues over Maine's potential tax on PPP loans

The back-and-forth over whether Maine should tax certain PPP loans continues.
The latest salvo came from the Maine State Chamber of Commerce, which urged the state Legislature to forego a tax on Paycheck Protection Program loans for businesses of all sizes.
Gov. Janet Mills, responding Tuesday to earlier criticism over a proposal to tax all PPP loan recipients, offered a compromise to tax only businesses that received more than $1 million in the pandemic relief loans which would affect 251 businesses and generate $18 million in much-needed state revenue.
PPP loans are not taxed on a federal level, and many states are wrestling with whether to tax the loans. ....

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Katahdin Trust parent reports Q4 earnings up, announces stock buyback

By Staff
Katahdin Bankshares Corp. (OTCQX: KTHN), parent company of Katahdin Trust Co., on Tuesday said reported that earnings for the fourth quarter of 2020 totaled $3.4 million, or $1.01 per share. The company s total assets reached $937 million.
“It is remarkable what we have been able to achieve this past quarter,” Jon J. Prescott, Katahdin Trust’s president and CEO, said in a news release. “Not only did we experience solid financial results, but our team also remains completely dedicated to helping our customers, small businesses, and local communities.”
Additionally, the Katahdin Bankshares board of directors approved a stock buyback program that authorizes the purchase up to $2 million of the company’s outstanding shares of common stock over the next year. Shares may be repurchased by the company or may be purchased by Katahdin Trust Co.’s employee stock ownership plan. ....

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Multifamily buyer invests in Portland 'one coat of paint at a time'

Ned Payne bought 361-367 Cumberland Ave. and 8-10 Alder St. from Ahab Investments LLC for $3.55 million.
Chris Sullivan of Vitalius Real Estate Group and Vince Ciampi of Porta & Co. brokered the deal, which closed earlier this fall.
The five adjacent buildings occupy the corner of Cumberland and Alder and comprise 28 residential units.
Image
Courtesy / Ned Payne
The multi-family building at 363 Cumberland Ave. in Portland was one of a package acquired in Portland’s Bayside neighborhood.
Sullivan has worked with Payne on other multi-family transactions over the past five or six years. The price per unit, $126,785, was on average for the market in Bayside, he noted. ....

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