Acquisition, Strong Deposit and Loan Volumes Fuel Bangor Savings Bank’s Growth

June 17, 2019
BANGOR, Maine – At Bangor Savings Bank’s annual meeting of corporators Monday, President and CEO Bob Montgomery-Rice reported on the bank’s continued growth over the last decade.  “A successful acquisition a year ago, strong deposit and loan growth, and the bank’s unwavering commitment in creating something better for our employees, customers, and communities were each key to our success,” said Montgomery-Rice.
 
The bank finished the fiscal year, which ended on March 31, with $4.44 billion in assets, 219,000 customers, and nearly 950 employees across northern New England. The company reported net income of $33.16 million, up $9.25 million, or 38%, from the prior year.
 
“For us, banking isn’t only about the transaction, it’s about the relationship” said Montgomery-Rice. “A decade into steady growth, we are still firmly focused on being a local bank; one that offers all the products and services of a big financial institution, but with the generous, knowledgeable, and personal service you can only find close to home.”
 
Fiscal year growth came largely from the acquisition of Colebrook, New Hampshire-based Granite Bank and its four branches. Bangor Savings retained nearly 99% of Granite Bank’s customers, and now boasts seven New Hampshire locations. The bank also recently opened its first Massachusetts location, a loan production office in the Merrimack Valley town of Andover.
 
Other FY19 highlights from the annual meeting:
 
Customer Accounts
The bank opened more than 33,000 new core deposit accounts in the last fiscal year, including nearly 5,000 business accounts. Bangor Savings’ wealth management division now oversees more than $3.19 billion in trust, fiduciary and investment assets.
 
Lending
Bangor Savings’ market-leading commitment to mortgage lending remained strong, providing $398.69 million in home loans, and the bank was named the top lender for first-time homebuyers by MaineHousing for the 11th consecutive year.
 
Montgomery-Rice reported that Bangor Savings’ commercial and small business loans grew by $228.21 million or 16.48% in the past year. Over the last five years, the bank has originated $4.16 billion in cumulative total loan production.
 
Investing in Innovation
Bangor Savings Banks is proud to support numerous initiatives that encourage innovation and entrepreneurship, such as Junior Achievement, Scratchpad Accelerator, Greenlight Maine, Upstart Center for Entrepreneurship, Big Gig Pitch Off, and several others across Northern New England. Uniquely situated to connect emergent business leaders with local support programs, mentors, and prospective customers, the bank is proud to be a champion for those who will be the business leaders of tomorrow.
 
Further, the Bank continues the growth and expansion of Buoy Local. In just two years, the innovative customer loyalty and community rewards program has grown to include nearly 900 Maine-based businesses, with thousands of shoppers participating.
 
Green Dot
During the past year, the bank became one of the first private companies in the United States to have all employees participate in the innovative Green Dot bystander intervention training program. Green Dot is designed to train and empower participants to intervene whenever they witness bullying or harassment.
 
Local Recognized Nationally
Bangor Savings was ranked No. 22 of 60 U.S. banks on Forbes’ first-ever World’s Best Banks list, and was the only bank based in Maine or New Hampshire to be mentioned.  For the fourth time in the last five years, the bank received the highest score among qualifying retail banks in the New England region in the J.D. Power Retail Banking Satisfaction Study. 
 
New Hampshire Expansion
Bangor Savings completed the acquisition and integration of Granite Bank, bringing Bangor Savings to the New Hampshire communities of Colebrook, Concord, Amherst and Portsmouth. The bank also opened an additional full-service branch in Portsmouth, and plans to open an second branch in Concord in early 2020.
 
New Bangor Campus
The bank completed a new, five-story operations center and parking garage at 11 Hamlin Way along the Bangor waterfront. Combined with renovated offices and administrative headquarters at 24 Hamlin way, the new Founders Place campus is now home to nearly 400 employees.
 
Community Support
Bangor Savings and the Bangor Savings Bank Foundation collectively invested more than $2 million into communities across Maine and New Hampshire, in the form of sponsorships, grants, and partner initiatives. The total includes results from the 12th annual Community Matters More grant-making program, which involves community members voting to determine the top causes to receive grant support from the bank’s foundation. This year more than 75,000 votes were submitted for more than 2,600 unique non-profits in Maine and New Hampshire.
 
The 2019 Bangor Savings Bank Annual Report is available online, or contact Kate Rush at 207-974-4189.

Bangor Savings Bank received the highest score in the New England region of the J.D. Power 2015, 2016, 2018, and 2019 U.S. Retail Banking Satisfaction Studies of customers’ satisfaction with their own retail bank. Visit jdpower.com/awards.
About Us

Bangor Savings Bank, with more than $4 billion in assets, offers retail banking to consumers as well as comprehensive commercial, corporate, payroll administration, merchant services, and small business banking services to businesses. The Bank, founded in 1852, is in its 167th year with 58 branches in Maine and New Hampshire and on the Web at www.bangor.com. The Bangor Savings Bank Foundation was created in 1997. Together the Bank and its Foundation invested more than $2 million into the community in the form of nonprofit sponsorships, grants and partnership initiatives last year. Bangor Savings Bank is an equal opportunity employer.

Media Contact

Kate Rush | Bangor Savings Bank
207.974.4189
Kate.Rush@bangor.com