Peoples Heritage Bank Receives 1999 Downtown Economic Development Award

PORTLAND, Maine (Sept. 22, 1999) á Peoples Heritage Bank received this year's Downtown Economic Developer of the Year Award at the Downtown Portland Corporation's annual meeting last week.

The award, which is given each year to an individual or group which has made a significant contribution to the revitalization of downtown Portland, is recognizing Peoples Heritage Bank this year for its support of the city's Resource Hub, the bank's expansions in downtown Portland and for its creation of new jobs in the area.

"Peoples has been instrumental in supporting our efforts in downtown Portland, particularly in its sponsorship of the Resource Hub, and with their growth and expansions are the deserved recipient of our 1999 award," said Eliza Cope Nolan, president of the DPC and an attorney at Bernstein, Shur, Sawyer & Nelson, a statewide law firm based in Portland.

Based at One Portland Square in downtown Portland, Peoples Heritage Bank is Maine's largest bank, employing more than 2,000 in Maine with 75 branches throughout the state.

"We're honored by this award and feel the city and the Downtown Development Corporation are on the right track. The Resource Hub is a great addition to our community, and we commend the city's economic development staff and Downtown Development Corporation for their foresight in this very important area of economic development," said David J. Ott, president and CEO of Peoples Heritage Bank.

Peoples Heritage Bank was the first financial institution to support the initial and ongoing development of the Resource Hub, and is today the Hub's leading sponsor, providing a three-year commitment totaling $38,000. In addition, Peoples Heritage Bank currently employs more than 600 persons in downtown Portland. The bank and its parent company, Peoples Heritage Financial Group, lease more than 160,000 square feet in office space and branches in downtown Portland.

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