Bangor Savings Bank

Bangor Savings Bank is a state-chartered bank in Maine, United States. The company, which is headquartered in downtown Bangor was founded in 1852 and has 54 branches across the state. As of December 2020, the bank was the largest Maine-based bank. Bangor Savings Bank has roughly $7.4 billion in assets.[1]

Bangor Savings Bank
TypeBank
IndustryFinancial services
Founded1852
HeadquartersBangor, Maine, U.S.
ProductsSavings; checking; consumer loans; mortgages; credit cards
Total assetsUS$7.4 Billion
Number of employees
950
Websitewww.bangor.com

History

On May 5, 1852, Bangor Savings Bank opened first location in Bangor, Maine. The first deposit was for $440.[2] During that decade, Franklin Muzzy was one of the first trustees of the bank.[3]

By 1889, Bangor Savings Bank had relocated to a larger space at 3 State Street and had over $4.5 million in deposits. The facility was rebuilt in 1913 following the Bangor Great Fire, and renovated in 1951.

In 1997, the Bangor Savings Bank Foundation was created. In FY20, the bank and its foundation invested over $3.4 million into the community.

In Fall 2015, the bank announced four branches would close in early 2016. Staff were reassigned to nearby branches within 12 miles of the closed branch.[4] In January 2016, Bangor Savings Bank announced that it was raising the company-wide minimum wage to $13 per hour. In doing so, it raised the base wage for 240 of the companies 740 employees.[5] As of August 2022, the company's minimum wage has increased to $18 per hour.

In October 2017, Bangor Savings Bank acquired Granite Bank of New Hampshire. The acquisition was unanimously approved by boards of directors of both banks. This will bring the total assets of BSB to $4 billion and 59 branches in NH and Maine when the transaction is complete in 2018.[6]

In May 2019, Bangor Savings Bank opened its new operations center adjacent to its headquarters.[7]

In December 2020, Bangor Savings Bank completed its acquisition of Damariscotta Bank and Trust [8]

In April 2021, Bangor Savings Bank was rated #1 bank in New England by JD Power Retail Banking Satisfaction Survey,[9] And was listed in Forbes’ World Best Banks for 2021 [10]

References
  1. "IBanknet | Maine - Banks".
  2. https://digicom.bpl.lib.me.us/cgi/viewcontent.cgi?article=1204&context=books_pubs
  3. https://digitalcommons.library.umaine.edu/cgi/viewcontent.cgi?article=1401&context=mainehistoryjournal
  4. Gagnon, Dawn (December 4, 2015). "Bangor Savings to close 4 branches as part of consolidation". Bangor Savings Bank. Retrieved 28 April 2016.
  5. Fishell, Darren (January 25, 2016). "Bangor Savings sets lowest wage at $13, giving 240 a raise". Bangor Daily News. Retrieved 28 April 2016.
  6. "Bangor Savings to acquire Granite Bank of New Hampshire". 24 October 2017.
  7. "News and Press Releases | Bangor Savings Bank". www.bangor.com. Archived from the original on 2020-09-21.
  8. "Bangor Savings Bank Completes Acquisition of DB&T". 9 December 2020.
  9. "2021 U.S. Retail Banking Satisfaction Study".
  10. "The World's Best Banks 2021". Forbes.


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