Bangor Savings Bank's President and CEO Statement Regarding Silicon Valley Bank and Signature Bank

March 13, 2023
“Any time there is concerning news in the financial industry, as with what has happened with the FDIC closures of Silicon Valley Bank and Signature Bank, we all pause.
Are we doing the right things with our money—as a bank, as a business, and as a consumer? Is my money safe? You may be wondering similar questions. I would like to assure you that we have and will continue to put you, our depositors and communities, first. Through our long-term outlook and as a mutual bank, we remain invested in our employees, customers, and communities, and our primary focus is providing the safety and security of our customers’ deposits. We enable balanced, proactive, and forward-thinking management practices of our business to ensure a strong position. It’s what we were founded on and it remains true to our ‘You Matter More’ Promise today.
We are a strong and vibrant FDIC-insured community bank with a 171-year history of stability and well-managed liquidity. We are a mutual bank with a diversified portfolio and are rated as “well capitalized” by our regulators. Bangor Savings Bank has a different and proactively managed risk profile with a diversified makeup of business and consumer deposits.
Through the thoughtful and intentional management of our whole Bank – including portfolios, products, services, and our unwavering attention to safeguarding our customers, we remain steadfast in our approach. This commitment has been over generations.
We are confident in the banking system and will continue to operate in a safe and sound manner. Thank you for your trust in Bangor Savings Bank and its employees.”
Bob Montgomery-Rice
President & CEO of Bangor Savings Bank