Reimagining Banking, Financial Access for All, Highlight Year of Innovation and Growth for Bangor Savings Bank

Published on : 6/28/2022

Bangor, ME:  Reimagining better for its employees, customers, and communities during a year of economic uncertainty and opportunity, Bangor Bancorp, MHC and its subsidiary Bangor Savings Bank, announced it ended Fiscal Year 2022 with over $6.9 billion in assets, up 11.9% from the year prior. The financial results were released yesterday at the Bank’s Annual Meeting of Corporators.

Serving its customers in Northern New England with unwavering care and responsiveness, the Bank earned a net income of $49.8 million, up nearly 25% from the previous year, and saw more than 35,000 new core deposit accounts opened, including nearly 6,000 new business accounts. Streamlined processes and a personal approach allowed the Bank to provide a record $51 million in small business loans financed, up from the previous year’s $31 million, to the business community. Additionally, a focus on relationship banking was a key driver to meeting customer needs, resulting in the Bank’s $2 billion in total loan production, bringing the cumulative over the last five years to just over $8 billion.

“Through the many challenges of the last two years, our customers and partners have experienced remarkable resiliency, growth and success and we’re incredibly proud to have helped them every step of the way,” said Bob Montgomery-Rice, Bangor Savings Bank President and CEO. “We are committed to being a conscientious community organization, one our employees, customers, and communities can rely on and come to for guidance. We are taking initiative to reimagine the Bank’s longstanding promise of helping others achieve their version of ‘better,’ while making our company and community stronger, more diverse and more vibrant as we navigate the future together.”

Economic Mobility and Empowerment

Inclusive banking and increased financial mobility were priorities which furthered the Bank’s commitment to providing better banking experiences for all community members. The Bank introduced Maine ABLE Benefit CheckingSM, the nation’s first of its kind account. The ABLE (Achieving a Better Life Experience) account was created in partnership with the Maine State Treasurer for Maine’s residents with disabilities and their families, to allow for greater accessibility to financial products and services, without impacting means-tested benefits eligibility. Additionally, this year the Bank rolled out its certified Bank On account, the Benefit PromiseSM Account which empowers individuals to improve their financial wellness and independence, while providing local banking with safeguards to allow for safe and affordable banking.

Wealth Management Growth

Bangor Wealth Management and Bangor Wealth Management of New Hampshire celebrated one of their most successful years to date, with growth of nearly 25%. Building another avenue to help northern New Englanders plan for their financial future, the Bank established Bangor Wealth Management of New Hampshire, opening its first location in Concord in May 2021. Guided by the goals and future aspirations of its customers, the Wealth Management team focused on building long-term growth and security through trust, collaboration and creativity with its clients.

Employee Well-being, Development, Recruitment and Partnerships

The Bank remains focused on caring for its employees in ways that matter most to them. As a continued investment in their well-being and financial security, the bank provides generous compensation packages as well as comprehensive traditional and non-traditional benefits that meets employees’ personal needs, including the newly introduced Family Building Benefit, which supports a range of life situations, such as fertility treatments and adoption.

The Bank continued its commitment to the growth and success of employees through robust Talent Development Programs. This included summer internships, strategic cohorts to aid business initiatives, and the transition of management trainees into diverse roles across the organization followed by the onboarding of a new cohort of management trainees.

Strategic partnerships, including those with local and higher education organizations, allowed for mutually beneficial work through custom learning environments and entrepreneurship research. This helped accomplish strategic initiatives, better serve customers and strengthen the Bank’s workforce. These partnerships also provided Bank employees with access to continued education and development, certifications, graduate certificates and degrees.

Ongoing Commitment to Diversity, Equity and Inclusion

As part of the Bank’s ongoing commitment to diversity, equity and inclusion, Bangor Savings Bank formed a DEI Council in efforts to deepen understanding and awareness of addressing social and racial inequity. The diverse employee-led DEI Council engages with employees through action-oriented work groups that support engagement through resources, training, programs, and dialogue.

Board of Directors

The Bank appreciates and values the service of Board Chair Dr. Robert A. Strong, CFA who is retiring from the Board after serving for 30 years and as Chair since 2013. Bangor Savings Bank and its employees are immensely grateful to Dr. Strong for his leadership and commitment to the Bank’s You Matter More promise. Dr. Strong will be succeeded by Gena R. Canning, Partner at Pine State Trading Company, who has served on the Board since 2005 and as Vice Chair since 2013. The Bank also wishes to thank retiring Board Member Charles E. Hewett, Ph.D. for his years of service as well and welcomes current Board Member Vincent P. Veroneau, President and CEO of J.B. Brown & Sons, as new Vice Chair.

Conscious Business

Looking forward, the Bank is building on its strong foundation and further formalizing its commitment to conscious business practices, and the principles of environmental, social and governance (ESG).  It also worked to begin measuring and documenting the ways it minimizes its environmental impact through solar energy, eWaste recycling and energy upgrades. As a Conscious Business, Bangor Savings Bank continues its investment in the health of the regions it serves. This included making available more than 30,000 hours of volunteer paid time off for employees who want to donate their time to community organizations. Additionally, the Bank and its Foundation gave more than $3.4 million to efforts that promote food security, diversity, equity and inclusion, affordable housing and more.

The year also featured multiple recognitions and highlights as the Bank remained committed to its efforts to be responsive, resilient and innovative in meeting the needs of Northern New England. Among these highlights:

• For the fifth year in a row, Bangor Savings Bank received the highest ranking in customer satisfaction in J.D. Power’s U.S. Retail Banking Satisfaction Survey.
• Ranked #7 in the U.S. on Forbes 2022 list of World’s Best Banks, rated on general satisfaction as well as key metrics such as trust, fees, digital services and financial advice.
• Ranked #6 in Maine and #8 in New Hampshire, on Best Places to Work lists.
• Organization Excellence in Service Award by the Manchester New Hampshire Branch of the NAACP.
• Nominated for a New England Emmy Award for Elevating Voices, a TV series produced by Greenlight Maine Productions in partnership with Bangor Savings Bank that honors diverse business owners and their contributions to the economic and cultural vitality of our society.
• The Bank opened new branches in Windham and Boothbay Harbor, Maine and successfully completed the relocation of its Brighton Avenue branch in Portland, Maine.
• Following the February 2021 merger with Damariscotta Bank & Trust, the Bank deepened its presence throughout MidCoast Maine.
• Launch of Spark!, the Bank’s new in-house CRM (Customer Relationship Management) platform to build better relationships with customers and connect more meaningfully in a data-rich, integrated system.

The 2022 Bangor Savings Bank Annual Report is available online.