News of The Rotary Club of Portland, Maine August 5, 2020
Peggy Belanger, District Governor to Lead Discussion
 
Marguerite “Peggy” Belanger will visit the Club this Friday to engage in a conversation with members. A member of the Kennebunk Portside Club, Peggy is a multiple Paul Harris Fellow with deep involvement in Rotary. She has served twice as Club President and was Assistant Governor for District 7780 four times. 
 
Peggy is a semi-retired Registered Nurse with 47 years of experience, the last 19 years working in oncology. She has been a volunteer for the American Cancer Society, the Maine Cancer Society, and Harbour Singers, a non-denominational group providing music ministry for those at the end of life. She lives in Saco.
 
Thrift Thrives Despite Pandemic
by Bob Martin
 
David Cyr, President & CEO of Skowhegan Savings Bank shared the challenges faced by community banks during the COVID-19 pandemic. Introduced by Justin Lamontagne, Cyr said that the banking industry was extremely strong with record low delinquencies. He said business is more competitive because of low interest rates, lower amortizations and down payments. “Over the last three months, we’ve seen an almost 20 per cent growth in deposit levels,” he said. “Some of that may be due to the additional cash from the government, but we’re unsure of how long they’ll be there.” Cyr commented that because of that uncertainty, it was hard to put that cash to use.
 
Cyr stated that when the pandemic shutdown was declared, his bank immediately engaged their Business Continuity Plan and closed bank lobbies, shifting business to drive ups and the internet, and moved staff to work from home. Those who had to be in the office were spread out and departments were kept divided to prevent contagion from shutting down any part of the operation. He said that the rollout of the Paycheck Protection Plan (PPP) was tough. “Treasury and SBA officials and politicians said one thing, but banks didn’t know what to do. The first weekend, 14 people worked full-court press for the following two weeks with new guidance coming constantly.” The bank made 400 loans totaling over $19 million in amounts from $464 to $1.2 million, with the average being $47,000. “I am so impressed with how the staff worked to help small businesses.” Overall, he said, the “program was a tremendous positive impact on the economy and a psychological push.”
 
Cyr discussed PPP loan forgiveness, saying the SBA and Treasury appear to be confused at this point and banks lack clear guidance. “I’m hoping that we’ll get automatic forgiveness of loans under $150,000,” he said. He noted that payment deferments have historically been a sign of bad loans, but banking regulators are now allowing up to six deferrals without classifying the loan as delinquent. He said that about a third of commercial customers have received deferments, but only about 3% of consumer loans, an amount he characterized as “light.” “Luckily, much of our tourist business is campgrounds and camps where physical distancing is easier to do.”
 
Cyr said his crystal ball was too foggy to offer much in the way of prognostication. “Hotels, B&Bs, food service are all in a world of hurt,” he said. “They rely on the summer months to build cash reserves, but they can’t do that now. So the question is how well will they get through the year? On the other hand recreation vehicle sales are up, the hardware business is good because people are fixing their homes, and residential sales are OK.” He also said that the oil industry is hurting, with more movement to renewable energy sources; the country is experiencing heightened racial issues, and diminished relations with China as it rises economically. He said the Federal debt is too large to be sustainable. “It’s hard to be optimistic about the next 18 to 24 months. If lending is restricted, there will be trouble.”
 
Cyr said his bank has “twice the capital required by regulators, so we will be fine.” He announced that the bank would be launching a branch in Portland as “it’s the most vibrant economy in Maine.” He also thanked the landlord of the new branch, Alan Levenson. In turn, Alan expressed his appreciation for the news that the bank was doing so well. “Now I know you’ll be able to pay the rent,” he said.
 
Bits & Pieces | Bob Martin
 
  • Ellen Niewoehner convened the meeting of July 30 which drew 32 attendees on Zoom who connected from camps, lakes, boats, WFH offices, patios, living rooms, and kitchens.
 
  • Charlie Frair delivered the invocation with words from the late John Lewis, “freedom is an act.”
 
  • Patty Erickson reported that the Flags for Community Heroes project is underway with details being worked out to handle sponsorship payments online. Details to come.
 
  • Liz Fagan shared that the All Hands Hold Books project has applied for a grant from Scholastic, the world’s largest publisher and distributor of children’s books. This project continues to grow rapidly.
 
  • Ellen reminded everyone to register for the August 21 meeting to be held at Hadlock Field. Full details and registration procedure on the Club website. 
 
  • Kris Rosado shared that he’s only moved his residence to Bryant Pond, he continues to work with Morgan Stanley.
 
Club Crushes Foundation Goal
 
Club member contributions to the Rotary Foundation totaled $18,715.02 for the year, according to Amy Chipman, immediate Past-President and Foundation Chair. “This is the highest amount ever,” she said. The Club also raised $2,442. for PolioPlus. Amy also pointed out that contributions to the Rotary Foundation can flow back to the Club. After three years, half of the donations of a given year are given to the District, which the Club can secure through the district grant process.
 
Amy also recognized eight members with Paul Harris Fellow awards:
 
Jerry Angier, Scott Blakeslee, Dick Giles (+7), Cyrus Hagge (+10), Bruce Jones (+1), Eric Lusk, John Marr(+7), and Meredith Small (+2).
 
A Moment of Reflection 
 
August 6, 2020 is the 75th anniversary of the bombing of Hiroshima.
 
A haiku by the Japanese poet Shigemoto Yasuhiko 
 
Hiroshima Day –
 
I believe there must be bones
 
Under the paved street
Speaker Schedule
 
August 7 | District Governor Peggy Belanger
August 14 | Dr. Sue Goodfellow, Director of Energy & Environmental Readiness, US Navy
August 21 | Portland Sea Dogs
August 28 | Musical Program with Nannette Duncanson
September 4 | No Meeting
September 11 | Flags for Heroes
September 18 | Kevin Hancock on his new book
September 25 | Earle Shettleworth on John Calvin Stevenson
October 2 | Jonathan Sahrbeck, Cumberland County DA
 
The Windjammer
is published online every week by
The Rotary Club of Portland, Maine.
 
Contributing Editors
Jake Bourdeau
Dick Hall
Erik Jorgensen
Julie L’Heureux
Ben Lowry
John Marr
Tom Talbott
 
Managing Editor
Bob Martin
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