# Penobscot Investment Management Company, Inc.

> Penobscot Investment Management Company, Inc. is an SEC-registered investment advisory firm in Boston, MA, registered since 1988, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated May 18, 2026.

- CRD: 105060
- Filed as: PENOBSCOT INVESTMENT MANAGEMENT COMPANY, INC.
- Also doing business as: PENOBSCOT, PENOBSCOT INVESTMENT MANAGEMENT
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Boston, MA
- Filing period: October 2026
- Form ADV filing dated: May 18, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/105060
- AdvisorCensus page: https://advisorcensus.com/firm/penobscot-investment-management-company-inc-boston-ma-105060

## Quick answers

**How is Penobscot Investment Management Company, Inc. compensated?**
On its Form ADV (Item 5.E, October 2026), Penobscot Investment Management Company, Inc. reports these compensation arrangements: a percentage of assets under its management.

**Where is Penobscot Investment Management Company, Inc. located?**
Penobscot Investment Management Company, Inc.'s principal office is in Boston, MA, according to its Form ADV.

**Is Penobscot Investment Management Company, Inc. registered with the SEC or a state?**
Penobscot Investment Management Company, Inc. is an SEC-registered investment advisory firm, registered since 1988. Status as filed: Approved. CRD 105060.

**How much does Penobscot Investment Management Company, Inc. manage?**
Penobscot Investment Management Company, Inc. reports $1,635,025,695 in regulatory assets under management in its Form ADV filing dated May 18, 2026 (100% discretionary).

**How have Penobscot Investment Management Company, Inc.'s assets and staff changed since 2021?**
In the Form ADV data for Penobscot Investment Management Company, Inc.: Regulatory assets under management: $716,722,093 in the October 2021 data and $1,635,025,695 in the October 2026 data, up 128%. Total employees: 12 in October 2021 and 14 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Penobscot Investment Management Company, Inc. serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (317); individuals (other than high net worth individuals) (231); corporations or other businesses not listed above (8).

**Which custodians does Penobscot Investment Management Company, Inc. use?**
Penobscot Investment Management Company, Inc.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc., Fidelity Brokerage Services LLC and Fiduciary Trust Company as custodians holding 10% or more of its separately managed account assets.

**Does Penobscot Investment Management Company, Inc. report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/105060

**Does Penobscot Investment Management Company, Inc. state an account minimum?**
Its Form ADV Part 2A brochure dated March 23, 2026 says: "Penobscot does not impose a minimum dollar amount or other conditions for opening or maintaining an account."

**What changed in Penobscot Investment Management Company, Inc.'s recent Form ADV filings?**
In the June 2026 filing data: Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management

### Fees and minimums (Form ADV Part 2A brochure dated March 23, 2026)

- Account minimum: None

> Penobscot does not impose a minimum dollar amount or other conditions for opening or maintaining an account.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., Inc.
- Fidelity Brokerage Services LLC
- Fiduciary Trust Company

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $1,635,025,695
- Discretionary: $1,630,994,044
- Non-discretionary: $4,031,651

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 231 | $104,318,656 |
| High net worth individuals | 317 | $1,369,516,079 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 0 | $0 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | Fewer than 5 | $7,790,190 |
| Charitable organizations | 6 | $51,862,162 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 8 | $101,538,608 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 1988 (38 years)
- Employees: 14 total, 8 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, CO, CT, FL, MA, ME, NH, NY, TX, VT, WA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- [pimboston.com](https://pimboston.com)
- LinkedIn @pimboston

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $716,722,093 | 12 | March 22, 2021 |
| October 2022 | $853,543,964 | 13 | August 10, 2022 |
| October 2023 | $693,177,410 | 14 | August 2, 2023 |
| October 2024 | $1,049,177,452 | 15 | March 20, 2024 |
| October 2025 | $1,390,600,540 | 14 | March 26, 2025 |
| October 2026 | $1,635,025,695 | 14 | May 18, 2026 |

Regulatory assets under management: $716,722,093 in the October 2021 data and $1,635,025,695 in the October 2026 data, up 128%.
Total employees: 12 in October 2021 and 14 in October 2026.

## Changes in the filing (last 12 months)

### June 2026
- Updated its list of owners and control persons (Schedule A).

### April 2026
- Employees performing advisory functions went from 7 to 8.
- Regulatory assets under management went from $1,390,600,540 to $1,635,025,695 (+18%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Penobscot Investment Management Company, Inc. (CRD 105060): Form ADV filing data as of October 2026.