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The Bangor Savings Bank Community Development Program is a comprehensive and planned initiative intended to maximize the effectiveness of institutional resources applied to address community concerns. Simply put, we make helping those in need a priority.
Learn more about the following Community Development areas:
We're in it for the long haul
The Bank seeks to identify, respond to, and maintain a long-term relationship with nonprofit organizations and community groups engaged in community development activities, particularly those activities which address the needs of low- to moderate-income individuals, low- to moderate-income areas, under-served populations, and community and economic development initiatives recognized as priorities under the Community Reinvestment Act.
Service Area
Bangor Savings Bank considers its general service area to be the state of Maine. It offers full-service banking from 51 retail branch locations in communities in 14 Maine counties. It also maintains an extensive ATM service network, as well as telephone and online banking services for its customers. [Hours & Locations Link]
The Community Reinvestment Act requires that an institution delineate a CRA Assessment Area and maintain relevant maps and descriptions of the area in its CRA Public File. Bangor Savings Bank has delineated all of the Metropolitan Statistical Areas of Maine and the non-MSA counties of Maine as its CRA Assessment Area. The Bangor MSA (#12620) includes all of Penobscot County, the Lewiston-Auburn MSA (#30340) includes all of Androscoggin County, and the Portland-South Portland MSA (#38860) includes all of Cumberland, York, and Sagadahoc Counties.
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Community Reinvestment Act
It is the policy of the Bank to comply fully with the Community Reinvestment Act. Bangor Savings Bank will actively engage in outreach activities with its corporators, individuals, businesses, nonprofit civic and community groups, and government officials regarding the credit needs of the communities in our service area. The Bank is committed to identifying the needs of the entire community including low- to moderate-income geographies and low- to moderate-income individuals. It then attempts to develop and market products to help meet those needs.
In addition, the Bank has developed a comprehensive Community Development Program intended to maximize the effectiveness of institutional resources applied to address community concerns. The Bank seeks to identify, respond to, and maintain a long-term relationship with nonprofit organizations and community groups engaged in community development activities, particularly those activities which address the needs of low- to moderate-income individuals, underserved populations, and affordable housing and economic development initiatives recognized as priorities under the Community Reinvestment Act.
The Board of Trustees appoints a CRA Officer to administer the Community Development Program, insure regulatory compliance with the provisions of the Community Reinvestment Act, and act as primary institutional liaison to community groups, governmental agencies, and individuals in matters relating to Community Development.
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Lending
Under the Community Reinvestment Act, the Bank's record of housing and small business and farm lending is reported to, and evaluated by, regulatory authorities. Detailed information of the Bank's record of lending in these areas is available to the public for review.
The Bank offers a comprehensive menu of residential lending programs throughout its service area and is committed to offering innovative and affordable residential lending programs in a nondiscriminatory fashion, which address the needs of low- to moderate-income individuals, low- to moderate-income geographies, and underserved populations. The Bank offers government-insured residential loan programs including programs with The Maine State Housing Authority, VA, HUD, and Rural Development. It also offers residential development and homeownership loans on reservation and trust land for Native Americans in Maine.
The Bank offers small business and farm loans throughout its service area and has developed products which are available for micro enterprise, home-based and part-time businesses, and new enterprises designed to create employment and increase median income levels in low- to moderate-income areas. The Bank is an active participant in government lending programs including those offered by local municipalities, The Finance Authority of Maine, Rural Development, and the SBA. The Bank is also an SBA-Preferred Lender and SBA Community Express program lender.
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Community Development Lending
The Bank engages in a comprehensive outreach and business development effort with governmental agencies, nonprofit organizations, and industry and professional organizations to identify opportunities to provide loans for community development purposes, particularly for the development or availability of affordable housing and economic development purposes.
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Community Development Investments
The Bank makes investments in affordable housing and economic development equity capital funds to support the flow of capital to these community development purposes. The Bank makes capital grants and equity-like loans to, and places deposits with, nonprofit corporations engaged in community development activities for the benefit of low- to moderate-income individuals or in low- to moderate-income areas. The Bank is also committed to participating in and facilitating the placement of tax credit investments offered by the state of Maine or the federal government in support of affordable housing and economic development.
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Community Development Service
The Bank is committed to public/private partnerships and in providing resources and expertise to the nonprofit community of Maine. Bank officers regularly participate on nonprofit boards and governmental advisory groups, providing leadership and financial services expertise to assist in increasing and coordinating the delivery of community development services. The Bank participates in targeted grant programs with the Federal Home Loan Bank and the CDFI Fund to attract resources in support of Community Development Corporations, Community Action Program Agencies, and Community Development Financial Institutions operating in Maine.
The Bank offers banking services from its branch locations, an expanded ATM network, no-cost bank-by-mail and direct deposit options, no-cost toll-free automated 24-hour telephone banking service, and no-cost comprehensive online transaction banking services at its Web site, www.bangor.com. The Bank also offers low-cost online transaction banking services and bill pay options for small businesses. These alternative delivery channels offer expanded access to low- to moderate-income individuals and communities, particularly those in rural areas.
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Products & Services
Bangor Savings Bank is committed to providing a comprehensive and responsive offering of products and services to meet the needs of consumers, for-profit and not-for-profit businesses, and public sector entities in Maine. All Bank products and services are available at any of the Bank's full-service branch locations. A complete list and description of the Bank's current products and services and all branch locations and hours of operation are available on this Web site. The Bank offers the following types of credit products:
- Standby money overdraft line of credit
- Equity plus fixed-rate home equity line
- Equity reserve variable-rate home equity line
- Consumer credit cards
- Personal loans
- Installment loans
- Mobile home loans
- Home improvement loans
- Automobile and recreational vehicle loans
- Collateral loans
- Residential mortgages
- Conventional fixed-rate mortgages
- Adjustable rate mortgages
- Residential construction loans
- Insured low down payment mortgage loans
- Government-insured mortgage loans
- Maine State Housing Authority Loans
- Jumbo residential mortgage loans
- Second home, seasonal property, and land loans
- Small business lines of credit
- Business credit cards
- Merchant credit card services
- Business term loans
- Business government guaranteed loans
- Business real estate-secured or construction loans
- Commercial lines of credit
- Commercial term loans
- Commercial real estate and construction loans
- Letters of credit
- Government and municipal lending
- Indirect automobile and recreational equipment financing
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Bangor Savings Bank is committed to compliance with all antidiscrimination laws and regulations including the Equal Credit Opportunity Act, The Fair Housing Act, The Home Mortgage Disclosure Act, and all other federal or state regulations pertaining to nondiscriminatory treatment of credit applicants. Lending policies have been adopted by the Board of Trustees and procedures have been established by management to ensure that all applications for credit are processed fairly, according to clear and nondiscriminatory criteria and that the credit needs of low- to moderate-income neighborhoods are affirmatively addressed. An explicit Equal Credit Opportunity/Fair Housing Act and Anti-Predatory Lending Policy Statement has been approved by our Board of Trustees.
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