Bangor, ME: As a continued investment in their employees and the communities in which they live and work, Bangor Savings Bank today announced a plan to increase the minimum pay rate for bank employees to $18.00 an hour as part of their ongoing Living Wage Initiative. Effective on October 18, 2021, this raise, along with those within the associated compression range, will increase compensation for approximately 475 employees. The increase is a result of the Bank’s dedication to its employees and its commitment to attracting and retaining talent, while offering fair and equitable pay regardless of position, location, or full or part-time status.
As a reflection of its appreciation for and value of its employees, Bangor Savings Bank routinely engages in the Living Wage Initiative which reviews the Bank’s compensation plan, including comparative market and position data, to ensure employees are paid equitably. In addition to an employee’s base pay, the Bank also offers a robust wellness benefits package, adding to the total value of compensation packages.
This round of Bangor Savings Bank’s proactive, annual review of Living Wage provides off-cycle increases to all employees currently earning $16-$21.99 per hour. The Bank is pleased to offer this new minimum rate of pay. All employees, including those receiving increases in this Living Wage cycle, remain eligible for annual performance and incentive-based compensation.
“Our employees’ wellbeing and livelihood is a priority for us at Bangor Savings Bank,” said Bob Montgomery-Rice, President and CEO of Bangor Savings Bank. “We appreciate the institutional knowledge and dedication that our valued employees bring to our bank, to our customers and the community. When our employees are cared for and supported, they are able to extend additional care and support to others, and Living Wage is another example of our commitment to creating a workplace of choice today and for the future.”
Bangor Savings Bank, with more than $6 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 169th year with more than 60 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 have invested more than $3.4 million into the community in the form of sponsorships, grants, and partnership initiatives last year. Bangor Savings Bank is an equal opportunity employer and can be found on the Web at www.bangor.com
. Member FDIC.
Jaclyn Fish | Bangor Savings Bank