Overcoming a year unlike any other, Bangor Bancorp, MHC, and its subsidiary, Bangor Savings Bank, announced it ended Fiscal Year 2021 with $6.18 billion in assets, an astounding increase of 27.1%, and grew its net income by almost 13% to $40.03 million. The results were released today at the Bank’s Annual Meeting of Corporators.
For hard-hit small businesses, Bangor Savings Bank adapted, working around the clock to deliver Paycheck Protection Program (PPP) loans, and securing nearly $600 million in economic relief for small businesses throughout Northern New England—matching more than 10 years’ worth of Small Business Administration loans processed in just a few months.
Over the course of 2020, Bangor Savings Bank affirmed its position as a trusted community bank to Maine and New Hampshire, expanding its footprint in both states. In Maine, the Bank merged with Damariscotta Bank & Trust, increasing its service to customers across Mid Coast Maine. In Concord, New Hampshire, the Bank announced the opening of the first Bangor Wealth Management of New Hampshire office, continuing their commitment to helping clients achieve prosperity and provide resources to help Northern New Englanders build financial security as they plan for their futures.
The Bank is also proud to welcome two new members to its Board of Trustees, both of whom bring deep community ties and extensive experience. New to the Board are:
- Susan C. Hammond | Executive Director, Four Directions Development Corporation
- Executive Director and a founder of Four Directions Development Corp, a Native-governed CDFI serving Maine’s four Wabanaki tribes
- Brings breadth of experience in financial management roles across governmental and Native organizations, such as the Penobscot Nation, the Health Department, and the Tribal Housing Authority
- Serves on the board of Maine Community Foundation and the Maine Venture Fund
- Laurie G. Lachance | President, Thomas College
- First female president of Thomas College
- Appointed Co-chair of Maine’s Economic Recovery Committee
- Inductee into Maine Women’s Hall of Fame and the Junior Achievement Maine Business Hall of Fame
- Serves on several Boards including MEMIC
“The strength of our culture and the resilience of our employees gave us the ability to grow through the challenges of the last fiscal year,” said Bangor Savings Bank President and CEO Bob Montgomery-Rice.
“The culmination of our efforts over the past year place us in a strong position for the future as we preserve and strengthen our presence throughout the region. Our team is committed to deepening relationships, serving our communities, and ensuring that every customer feels they matter more.”
Despite the COVID-19 global pandemic that impacted much of FY21, Bangor Savings Bank was there for their customers when they needed support the most. The Bank saw strong outcomes as a result of their innovative culture, agile workforce, and the support they provided customers. Among the highlights:
- The Company’s assets grew to $6.18 billion, an increase of 27.1%
- Opened 32,000 new core deposit accounts, including nearly 7,000 new business accounts
- Produced $2.94 billion in loans, bringing 5-year loan production to $7 billion, with net loans growing to $3.91 billion, a 19.7% increase
- Increased net income to $40.03 million, a growth of 12.9%
- Processed nearly 3.6 million paychecks through its Payroll services; 9.3 million transactions through Merchant Card services
- Donated $3.4 million in sponsorships, investments, and partnerships, including $1.2 million in pandemic response and DEI initiatives
“Our success relies on the strength of local businesses, communities, and customers” said Montgomery-Rice. “It is thanks to the cumulative efforts of devoted employees, trusted community leaders, and loyal customers that we’ve been able to respond to the most urgent needs of the communities we serve.”
Bangor Savings Bank completed its $35 million merger with Damariscotta Bank & Trust, expanding its footprint to serve customers more fully throughout the Mid Coast Maine region. The acquisition allowed Bangor Savings to add branches in Damariscotta, New Harbor, Union, and Warren. The Bank also opened two New Hampshire branches in Manchester and Concord, as well as one Maine branch in Windham.
Building Better Lives
Amid the pandemic housing boom, the Bank originated a record $1.71 billion in residential mortgage loans and was named MaineHousing’s top lender for first-time buyers for the 13th
year running. To help customers adapt and navigate the challenges of COVID-19, the Bank provided a dedicated COVID-19 Resource Center and a committed team of lenders and specialists.
Bangor Savings Bank made Main Street a priority, delivering nearly 8,000 Paycheck Protection Program loans worth nearly $600 million, equating to more than 10 years’ worth of Small Business Administration (SBA) loans. Through the tireless, around the clock efforts of committed employees, the Bank’s PPP loans helped retain nearly 57,800 jobs, additionally making the Bank Maine’s top SBA lender.
Diversity, Equity, and Inclusion
The past year marked shifts in conversations around diversity, equity, and inclusion (DEI) in the business community and across the country. Bangor Savings Bank’s Green Dot training program, originally established in 2018, laid the groundwork for the Bank’s decision to strengthen its DEI efforts this fiscal year and beyond, to become better stewards and members of the communities they serve.
In addition to the $1.2 million distributed to COVID relief and to nonprofits focused on DEI efforts, the Bank was proud to gift $110,00 to produce “Elevating Voices” alongside Maine Public Television, a pilot series celebrating diversity in Maine businesses to help contribute to achieving real change and growth towards a better, more equitable business community.
Creating Long-Term Security
In times of uncertainty, the Bangor Wealth Management team was equipped and ready to help customers focus on building long-term growth and security to ensure peace of mind through good times and bad. Strengthening its commitment to the Granite State, Bangor Wealth Management of New Hampshire opened its first office in Concord. As Bangor Savings Bank has done for generations of businesses and families across Maine, they look forward to building lasting relationships with clients in New Hampshire.
National and International Recognition
For the third year in a row, Bangor Savings was featured as one of the “World’s Best” banks by Forbes,
named the second-best bank in the United States, jumping seven spots from last year. In FY21, Bangor Savings was also named “#1 in Customer Satisfaction with Retail Banking in the New England Region” by the J.D. Power 2021 U.S Retail Banking Satisfaction Study, for the sixth time in the past seven years.
Cultivating Resilience and Community
Bangor Savings Bank responded to the challenges of 2020 through resiliency and community building. In total, $198 million of the Bank’s assets were invested in qualified affordable housing and community development loans and investments. Together, the Bank and its Foundation invested more than $3.4 million in sponsorships, investments, and partnerships. Helping create more livable and prosperous communities through charitable giving and strategic investments is a pillar of Bangor Savings Bank’s business model.
The 2021 Bangor Savings Bank Annual Report is available online