Bangor Savings Bank Reports Financial Strength, Long-Term Stability, and Growing Community Impact

Published on : 6/23/2025

BANGOR, ME: Bangor Savings Bank today released its Fiscal Year 2025 (FY2025) Annual Report, highlighting strong performance, expanded access to banking, and deeper community engagement. Bangor Bancorp, MHC, and its subsidiary, Bangor Savings Bank, continued to see momentum in loan production, wealth management, payroll, and card services, helping fuel a year of sustained growth despite economic headwinds.

The Bank demonstrated financial strength and focus, sustaining long-term investments and innovation through strong core earnings, sound credit management, and diverse revenue streams. In FY2025, the Bank saw strong customer growth, welcoming nearly 23,000 new customer relationships and opening more than 35,000 deposit accounts—underscoring its commitment to growing and deepening relationships across Northern New England.

Key performance highlights include:
  • More than $7.2 billion in assets
  • Over $4 billion in Bangor Wealth Management assets under management (AUM), adding $250 million of AUM from new and existing clients
  • Nonperforming loans at 0.16% (vs. 0.58% peer average)
  • $467 million in capital (12% increase)
  • $1.2 billion in loan production
  • 12% growth in non-interest income to $83.2 million
“These strong results reflect our continued commitment to people and purpose,” said Bob Montgomery-Rice, President and CEO of Bangor Savings Bank. “Since our founding, we have focused on building strong relationships, expanding access to banking, and showing up for our customers and communities — because that’s what it means to be more than a bank.”

The Annual Report was presented at the Annual Meeting of Corporators.

Recognition Rooted in Purpose: Awards Reflect “You Matter More” Promise
The Bank’s emphasis on culture, service, and purpose-driven leadership continued to earn recognition across the region, reinforcing its “You Matter More” promise to employees, customers, and communities alike.
FY25 honors included Forbes’ World’s Best Banks (seventh consecutive year), highest in New England in the J.D. Power 2025 Retail Banking StudySM, Best Places to Work in Maine (16th year), Business NH Magazine’s Business of the Year award, NH Business Review’s Best Regional Bank for Small Business, and induction into the NH Best Companies to Work For Hall of Fame (effective September 2025).

Investing in Communities: $108M in Community Development Lending, $528M in Mortgage Growth, and 160+ Homes Preserved
True to its nature as a mutual financial institution, the Bank continues its commitment to prioritize community reinvestment, affordable housing access, and nonprofit support. In FY25, the Bank and its Foundation strengthened communities through sponsorships, donations, and Foundation grants. Highlights include:
  • $108 million in community development lending, $42 million of which supported 16 affordable housing projects and organizations.
  • $4 million in Low-Income Housing Tax Credits supported more than 200 affordable housing units in Maine and New Hampshire
  • $3.2 million in affordable housing grants for Maine borrowers
  • $3.6 million in sponsorships, grants, and charitable donations 
  • $528 million in residential mortgage loans (up 17%)
  • Continued leadership as Maine’s top USDA Rural Development Lender and a key partner with MaineHousing
Among these efforts was the resident-led purchase of Cedar Falls, a manufactured home park in Central Maine. This initiative preserved more than 160 homes and created the opportunity for new affordable housing units. 
“People were scared and uncertain, but now they have a more secure future,” said Rebecca Bragdon, a Cedar Falls resident. “With this purchase, we can keep rent reasonable and meet residents’ needs. Bangor Savings Bank and its partners made this possible by working closely with our leadership team.” The effort reflects the Bank’s longstanding commitment to supporting community housing and helping Maine families stay in the places they call home.

Additionally, the Bank continued to help make local purchases count through Buoy Local® rewards within its debit card, further reinforcing its support for local businesses and community-focused spending when shopping at participating locally-owned businesses in Maine and New Hampshire.

Empowering Financial Wellness For All: New Tools for Teens and First-Time Credit Builders
The Bank advanced its commitment to financial empowerment in FY25, supporting customers from early credit-building to homeownership. It launched the pling® Teen Card & App, helping teens build smart money habits, and introduced a new Credit Building Card within its everblue® suite, developed and serviced in-house. Both tools are designed to meet customers where they are, offering accessible, practical solutions that promote lifelong financial wellness. Together, they reflect the Bank’s proactive approach to supporting individuals at every stage of their financial journey.

The Bank offered financial wellness courses to support employees, customers, and communities to strengthen financial literacy and help individuals build stronger financial futures.

Championing Small Business: 6,000+ Accounts and $1.4B in Merchant Payments
Bangor Savings Bank strengthened its position as a trusted partner for small businesses, with notable growth across deposits, payroll, merchant payment solutions, and lending in FY25. 

The Bank opened more than 6,000 new business deposit accounts, served 4,800 Bangor Payroll® clients, and processed $1.4 billion in merchant payments. It was also recognized as the leading SBA 504 3rd Party Lender in Maine, reinforcing its commitment to economic development and small business success.

Governance and Growth: $467M in Capital and Forward-Looking Investments 
Strong governance and steady leadership remain central to the Bank’s long-term strategy. In FY25, the Bank continued developing future-ready capabilities—including digital platforms, upskilling employees, and expanding services—demonstrating its commitment to a resilient organizational structure prepared to meet tomorrow’s financial challenges with care and confidence.

The Bank also expanded its physical footprint with branch renovations and new locations to improve accessibility and deepen community presence.

Total capital rose to $467 million to fuel strategic expansion. With sound balance sheet management, thoughtful loan production, and healthy core operations, the Bank is well-positioned to enhance the customer experience and drive sustainable growth.

For more information on FY25 results, please access the Annual Report here.

About Bangor Savings Bank
Bangor Savings Bank, with over $7 billion in assets, offers retail banking, business and comprehensive commercial banking, payment and corporate services, HR and payroll technologies, and merchant solutions. Wealth management, investment, and financial planning services are offered through Bangor Wealth Management, a division of Bangor Savings Bank, and Bangor Wealth Management of New Hampshire, LLC, a New Hampshire trust company and wholly-owned subsidiary of Bangor Savings Bank. Investment information can be found at bangor.com/annualreport. 

Headquartered in Bangor, Maine, the Bank was founded in 1852 and is in its 173rd year, and currently has 70 branches in Maine and New Hampshire and business and/or loan production offices in Maine, New Hampshire, and Massachusetts. Bangor Savings Bank and The Bangor Savings Bank Foundation invested more than $3.6 million into the region through sponsorships, grants, and partnership initiatives last year. Bangor Savings Bank is an equal-opportunity employer. To learn more, please visit us at bangor.com. Member FDIC | Equal Housing Lender.

Wealth Management Products: Not FDIC Insured | No Bank Guarantee | May Lose Value. Neither Bangor Savings Bank nor its affiliates offer tax, accounting, or legal services.

Media Contact:
Jaclyn Fish | Bangor Savings Bank
Jaclyn.Fish@bangor.com