Bangor Savings Bank's commitment to employees, customers, and communities led to growth for its 2023 Fiscal Year

Published on : 6/29/2023

Bangor, ME (June 29, 2023): Bangor Bancorp, MHC and its subsidiary Bangor Savings Bank announced it ended Fiscal Year 2023 (FY23) with over $7.4 billion in assets, up 7.1% from the prior year. Bangor Savings Bank attributes its solid position to the safety and soundness of its strategy and governance, and its commitment to its Northern New England employees, customers, and communities. The Bank released its financial results on June 28 at the Bank’s Annual Meeting of Corporators.

Due to the health of its core business, the Bank delivered a strong financial performance, earning a net income of nearly $42 million. As loan activity nationwide waned, the Bank’s net loans grew by 19% to $4.7 billion at fiscal year-end. Nonperforming loans represented just 0.06% of the loan portfolio while the Bank’s national community bank peer group reported 0.44%. Regulators continue to categorize the Bank as well-capitalized as it exceeded the regulators’ threshold by $98 million.

Reflecting its commitment to customers and communities, Bangor Savings Bank earned the highest score in the New England Region in the J.D. Power 2023 U.S. Retail Banking Satisfaction Study for eight out of the last nine years. As well, the Bank was named to Forbes 2023 World’s Best Banks and received the 2023 Celent Model Bank Award for Payments Innovation for expanding its debit card capabilities with programmable payments technology.

“With our strong financial position, we are able to continue to focus on the growth and development of our employees, execute on our long-term strategies to develop innovative customer-centered products and services, and contribute to the vitality of our local communities,” said Bob Montgomery-Rice, President and CEO of Bangor Savings Bank. “We have been here for our customers for generations and work to earn their trust every day. For us, banking is about relationship building and wherever you are in your financial journey, matters to us.”

The Bank’s FY23 results include adding new home loans, accessible banking solutions, technology innovations, and community philanthropic and employee volunteer contributions, as follows.
Making homeownership a reality for thousands
Bangor Savings Bank helped more than 2,000 customers secure $778 million in residential loans, of which $703 million were purchases, despite the nationwide mortgage downturn trend. The Bank was recognized for finding sound avenues to homeownership by:
  • Maine State Housing Authority as top lender for first-time home buyers for the 15th consecutive year, closing 180 loans in Maine at just over 31 million, a 23% increase from the previous year.
  •  Maine USDA Rural Development as top lender of the year.
Providing accessible banking for all
Bangor Savings Bank believes banking should be accessible for everyone through products and services that make all customers’ lives better. This year, the Bank continued to be a safe and welcoming partner with these notable highlights:
  • Maine ABLE Benefit Checking® accounts ended FY23 with over $2.7 million in deposits.
  • Bank On Certified and Benefit Promise® safe, affordable bank accounts opened by nearly 300 new customers.
  • One of the first New England community banks to eliminate returned item fees.
  • Opened Maine branches in Boothbay Harbor and Bar Harbor, and a second Manchester, New Hampshire branch location.
Keeping Main Street strong and innovative through dynamic technology and services
Bangor Savings Bank’s strategy includes being at the forefront of technological innovations that provide benefits to businesses and consumers. The Bank is forming partnerships with financial technology providers and developing its own Banking-as-a-Service technologies to provide frictionless, modern banking for customers and offers financial services to complement the business offerings of non-bank businesses and financial technology companies (fintechs). In FY23, the Bank also:
  • Partnered with card technology companies to develop a seamless way to integrate Buoy Local rewards with the Bangor Savings Bank Debit Mastercard®, expanding on its programmable payments technology.
  • Was recognized as a top lender for the 12th consecutive year by the Small Business Administration.
Contributing to vibrant and prosperous communities
Having a meaningful impact on its Northern New England communities is important to Bangor Savings Bank. The Bank recognizes that building healthy communities results in a better quality of life for all, an essential part of its “You Matter More” promise. These are results of the Bank’s philanthropic contributions in FY23:
  • The Bangor Savings Bank Foundation provided over $1.39 million in grants to nonprofit community organizations throughout Northern New England.
  • Gifted $2.69 million through sponsorships and donations across its footprint through its Corporate Giving program.
  • Employees volunteered over 8,400 hours to nearly 350 community organizations.
  • Partnered with O’Maine Studios and Greenlight Maine Productions to produce the Boston/New England Emmy Awards-nominated Maker’s Way television program which highlights local Makers and their products, and the Elevating Voices series which tells the stories of diverse people and businesses.
  • Provided 66 community development loans totaling over $107 million, creating 425 affordable housing units, economic development projects, and community organizations.
  • Made over $16 million in qualified community development investments that support small business growth, economic development, and affordable housing.
  • Awarded FDIC’s “Outstanding” Community Reinvestment Act rating over the past 18 years. 
  • Business Leadership Award from the Workforce Housing Coalition of the Greater Seacoast (New Hampshire).
Moving into the future with strong governance and dedicated employees
As a conscious business, Bangor Savings Bank and its communities benefit from its strong governance and committed employees who strive to create vibrant communities, successful local economies, a healthy environment, and positive change.

Bangor Savings Bank is steered by a diverse and experienced 10-member Board of Directors. The Bank’s Board of Directors appointed Chair of the Board, Gena R. Canning, in FY23. Gena is a Partner with Pine State Trading Company. The Bank also appointed Vice Chair of the Board, Vincent P. Veroneau, who is President and Chief Executive Officer of J.B. Brown & Sons.

At its June Board meeting, the Directors celebrated Michael O’Connor, CFA CPA’s appointment as Chief Financial Officer and Treasurer. Mike joined Bangor Savings Bank in 2018 and currently serves on the Bank’s Leadership, Asset & Liability Management, and Information & Technology committees. The Board thanked Kenneth Colpritt, Mike’s CFO predecessor, who is retiring at the end of the FY24 year from the Bank after nearly 20 years of outstanding service.
Diversity is one of Bangor Savings Bank’s eight core values. The Bank’s purposeful intent is for employees to learn and grow with its customers and communities, while creating an inclusive and safe workplace. Since creating its employee-led Diversity, Equity, and Inclusion council three years ago, the Bank has focused on expanding its impact through employee workgroups to further efforts.
The Bank earned Best Places to Work in Maine (Large Employer Category) and Business NH Magazine’s Best Companies to Work For in New Hampshire.
Developments in the year ahead
Bangor Savings Bank continues to expand its technology innovations, community presence, and stewardship to help Northern New England communities remain vibrant and strong. Some of the Bank’s upcoming plans include:
  • 150-kilowatt solar array installation at the Union, Maine branch location, which will power the entire Union branch and 12 other similar-sized branches.
  • Launch of the innovative Bangor Savings Bank everblue™ Credit Card suite, which will provide customer service and world-class features tailored to support individuals’ and businesses’ needs.
  • Expanding on Banking-as-a-Service offerings, including programmable payments innovations.
  • Opening first Kennebunk, Maine branch.
For more information on FY23 results, please access the Annual Report online here.

Media Contact

Jaclyn Fish | 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, merchant solutions, and more. Headquartered in Bangor, Maine, the Bank was founded in 1852 and is in its 171st year, and currently has 68 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 $4 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 Neither Bangor Savings Bank nor its affiliates offer tax, accounting, or legal services. Member FDIC | Equal Housing Lender.