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Bangor Savings Bank
- Bangor Savings Bank has raised the minimum rate it pays employees in all positions to $15 per hour, effective Feb. 25, 2018.
It is the bank’s third minimum wage increase since January of 2016, and supports the company’s objective to pay a living wage to all employees, regardless of location, position, or whether they are full-time or part-time.
“We have the best employees, and our Living Wage initiative is just one of the many ways we can support them to make their lives and the lives of their families better. The initiative, however, goes far beyond our organization. It stands as an investment in the communities where we each live and work. The wage allows employees to save and provides an ability to spend. That spending, in turn, strengthens local businesses and the towns they serve. We are committed to strengthening our local economies and proud to support the financial stability of our team.” said Bangor Savings President and CEO Bob Montgomery-Rice.
The wage increase will impact about 40 percent of the bank’s 836 employees in Maine and New Hampshire, either by bringing them to the new minimum or through a “compression” wage adjustment. The company’s minimum wage is now $5 more than the state of Maine’s minimum wage, and more than double the state of New Hampshire’s minimum wage of $7.25 per hour.
The investment in its workforce comes as Bangor Savings continues to grow in Bangor and beyond. The first building in its new headquarters on the Bangor waterfront will open in June and, with the completion of its second building later this year, the campus will house more than 400 Bangor-based employees with capacity to grow to 500.
The bank will relocate branches in Biddeford and Pittsfield to new locations within those communities over the next four months, and expects to complete the acquisition of Colebrook, New Hampshire-based Granite Bank in early April. Additionally, voting recently ended for Bangor Savings Bank Foundation’s popular Community Matters More grant making program, which was expanded to include Rockingham County, New Hampshire for the first time this year.