Community Investment
This past year, Bangor Savings Bank and its Foundation continued its dedication to strengthening communities across Northern New England. Through more than $3.6 million in sponsorships, grants, and charitable donations, we focused on addressing critical needs and advancing the causes that matter most to our neighbors.
Our commitment went beyond monetary support. Our employees volunteered thousands of hours to local programs and initiatives, embodying our belief that true community investment means showing up, lending a hand, and making a meaningful impact. We also foster healthy communities through an annual Community Reinvestment Act (CRA) plan focused on affordable housing, economic vitality, and financial mobility. Collaborating with various organizations, we provide financial solutions and capital for community investment, aligning with these priorities.
At Bangor Savings Bank, we are more than a bank — we are a proactive partner in the growth and prosperity of our communities.
At a time when community development lending has never been more critical to the health and vitality of our communities, Bangor Savings Bank remains committed to investing in long-term solutions. As a longstanding champion of initiatives that increase the supply of affordable housing and support first-time homebuyers, the Bank’s financial investments and community partnerships have driven meaningful progress, including:
Significant Lending Commitments: $108 million in community development lending, $42 million of which supported 16 affordable housing projects and organizations.
Federal Support and Affordable Housing Investment: Last year, Bangor Savings Bank secured $3.2 million in affordable housing grants for Maine borrowers and invested $4 million in Low-Income Housing Tax Credits (LIHTC) to support the development of more than 200 affordable housing units across Maine and New Hampshire.
Homebuyer Assistance Programs: Leader in providing first-time homebuyer education and financing, supporting initiatives from Maine State Housing, USDA Rural Development, and down payment assistance programs.
After the Maine State Legislature passed legislation making it easier for tenants to mobilize and purchase their own mobile home park, Bangor Savings Bank was the first community bank in Maine to finance one of these projects. Reflecting the Bank’s leadership in advancing housing solutions across Northern New England, it provided $5.1 million in financing to support the resident-led purchase of the community, helping more than 160 Bangor-area families remain in their homes and creating the opportunity for 45 additional homes. The $8 million transaction was made possible through a collaborative effort with public and nonprofit partners, with Bangor Savings Bank’s lending team playing a key role in structuring the financing to deliver the best possible outcome.
Fair Tide & Mainspring
“The Bangor Savings Bank Foundation has been a significant contributor to Mainspring’s Capital Campaign, bringing our vision of a one-stop resource hub to life. Their investment in our community and genuine care for our success has made all the difference.”
Emily Flinkstorm, Executive Director
Fair Tide & Mainspring | Kittery, ME
Cedar Falls Residents Cooperative
“Cedar Falls is an amazing place. With this purchase, we’ll keep rent reasonable and meet residents’ needs, ensuring no one loses their home due to rent increases. People were scared and uncertain, but now they have a more secure future. Bangor Savings Bank and its community partners made this possible by working closely with our president, treasurer, and CDI, demonstrating their commitment to protecting our residents.”
Rebecca Bragdon, Resident & Member
Cedar Falls Residents Cooperative | Bangor, ME