TD Banknorth to Add More Than 100 Jobs to Its Bates Mill Facilities in Lewiston as Part of Major Expansion
Gov. Baldacci recognizes TD Banknorth’s expansion and success as a Pine Tree Zone business
Governor John Baldacci congratulated TD Banknorth on its continued growth and success as a Pine Tree Zone business on Friday (Jan. 13) as the bank announced plans for employment and facility expansions at its Bates Mill offices.
Governor Baldacci joined TD Banknorth Maine President Michael McNamara and Lewiston City Administrator Jim Bennett at the site of the bank’s renovations at Bates Mill, where McNamara announced TD Banknorth’s $7 million expansion that is expected to add more than 100 new jobs to the facility and increase office space by 60,000 square feet.
“TD Banknorth is a major contributor to Maine’s economy and its communities and we appreciate the commitment the company has shown to our State,” said Governor Baldacci. “The bank also is a model for success for the Pine Tree Zone program. Receiving Pine Tree Zone status encouraged TD Banknorth to expand its company in Maine, and now it is using the benefits from the program to add jobs and strengthen its own economic infrastructure, as well as the community’s.”
Michael McNamara, president of TD Banknorth Maine, said the company’s Pine Tree Zone status was a factor taken into consideration as the company planned its expansion.
“We are happy to continue our expansion in Maine and in Lewiston,” said McNamara. “The support we have received from the State and the city has been unparalleled and we are pleased we can continue to show our commitment to the community and to the people of Maine.”
TD Banknorth last year was recognized by Governor Baldacci as a Pine Tree Zone business, which entitles the bank to performance-based tax incentives geared to stimulate business growth. Since the program began almost two years ago, it has certified 72 businesses and more than 3,200 jobs are expected to be created across Maine.
Contractors are currently renovating Bates Mill #3 in preparation for the expansion. Upon completion, TD Banknorth will occupy all of Bates Mill #3 and #7, for a total of more than 200,000 square feet occupied by over 700 employees. The bank is the mill’s largest employer
TD Banknorth employs more than 2,700 people in Maine, including more than 1,000 in its Lewiston facilities. The company is based in Portland and is one of the 30 largest commercial banking organizations in the U.S. TD Banknorth ranked 25th in Business Ethics magazine’s 100 Best Corporate Citizens in 2005 and Forbes listed the bank as one of the Best Managed Banks in America for 2005.
“TD Banknorth has been a tremendous partner in the redevelopment of the Bates Mill,” said Jim Bennett, Lewiston city administrator. “They have done a first class job with their renovations. When the renovations associated with this latest expansion are complete they will occupy more than 200,000 square feet at the Bates Mill.”
TD Banknorth, then known as Peoples Heritage Bank, became the first major tenant at the historic Bates Mill complex by opening an operations center in 1997. The bank added a second operations center in the mill in 1999. Since 2000, the company has expanded, renovating approximately 100,000 square feet.
The Bates Mill Complex consists of 11 major buildings situated on a 10-acre parcel adjacent to downtown Lewiston. Constructed between 1852 and 1924 as a textile mill, the Bates Mill holds economic, historical, and cultural value to the people of the Lewiston-Auburn community. City officials say the mill’s redevelopment is a significant priority of Lewiston’s downtown revitalization efforts.
TD Banknorth Maine operates 61 branches and 90 ATMs in the state. A division of TD Banknorth, N.A., TD Banknorth Maine is the state’s largest community-based bank, providing more than 229,000 Maine households with a full line of retail banking products and services.
The branches of TD Banknorth have served the Maine community for over 100 years and are recognized for a commitment to personalized service, long-term customer relationships, local decision making and community involvement. For more information, visit www.tdbanknorth.com.
The PTZ program is a performance-based tax incentive initiative introduced by Governor Baldacci to stimulate growth in targeted business sectors. Its premise is to provide tax incentives to encourage incremental economic activity in targeted areas of the state. Businesses qualify for the program through job creation, and certification is based on future performance, including net new employment and property investment.
Pine Tree Zone benefits include: a 100 percent refund of corporate income tax and insurance premium tax for five years; a 50 percent refund for an additional five years; a return of 80 percent of the state income taxes withheld for net new employees through Employment Tax Increment Financing; 100 percent sales and use tax exemption on equipment purchases; 100 percent sales and use tax reimbursement on construction materials, local option Tax Increment Financing, and reduced electric rates.