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Joyce Clark Sarnacki
Executive Vice President
PORTSMOUTH, New Hampshire
– Bangor Savings Bank has expanded its footprint outside Maine for the first time with the announcement this week that it is opening a loan production office in Portsmouth, New Hampshire.
The move into New Hampshire follows a decade of strong growth in Maine’s York and Cumberland Counties. The bank has 16 locations in southernmost Maine, and 54 throughout the state.
“We look forward to bringing the same high-quality personal and business lending services and products to the Portsmouth region as we have provided to Mainers for over 165 years,” said Bangor Savings President and CEO Bob Montgomery-Rice.
On Thursday, Montgomery-Rice, other bank executives, and members of the Portsmouth community attended a celebration of the announcement at Portsmouth’s 100 Club.
The new office, located at 36 Maplewood Avenue, will include a team of commercial and mortgage lenders, with additional staff to follow as necessary. The bank plans to expand the office’s business services to include payroll and merchant offerings after it receives the required regulatory approvals.
Bangor Savings Bank was founded in Bangor, Maine, in 1852 and is one of Maine’s largest independent banks. The bank has 800 employees, and has had 16 consecutive years of earnings growth, with a record net income of nearly $25 million in fiscal year ending March 31, 2017.