BANKING: The Down East Formula

Like other New England states, Maine has seen many of its industries move off to the South, in search of cheaper labor and raw materials. But instead of crying to the Government for aid, Arthur F. Maxwell, president of the First National Bank of Biddeford, and some other Down East bankers and businessmen decided to solve the problem for themselves. They founded the Development Credit Corp. of Maine, the first and only banker-businessman "coop" in the U.S.

With Arthur Maxwell as president, D.C.C. got 60 industrial concerns and 30 banks to contribute to...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!