Portland has become Maine's economic
capital because the city has Maine's largest port, largest population, and is
close to Boston (115 miles to the south). Over the years, the local economy has
shifted from fishing, manufacturing and agriculture towards a more service-based
economy. Most national financial services organizations such as Bank of America
and Key Bank base their Maine operations in Portland. Unum, Magellan Petroleum,
Maine Bank & Trust, ImmuCell Corp, and Pioneer Telephone have headquarters
here, and Portland's neighbouring cities of South Portland, Westbrook and Scarborough,