Bangor Savings Bank reports record earnings
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Bob Montgomery-Rice, president and CEO of Bangor Savings Bank, shown in this file photo, announced Tuesday that the bank a record net income of nearly $25 million for the 2017 fiscal year that ended March 31, an increase of 8.42% over last year.
Bangor Savings Bank reported a record net income of nearly $25 million for the 2017 fiscal year that ended March 31, an increase of 8.42% over last year and the 16th consecutive year of earnings growth for the bank.
President and CEO Bob Montgomery-Rice made the announcement at the company’s annual meeting in Bangor.
Other highlights from the annual meeting:
The bank has more than 192,000 customers and opened more than 31,000 new core deposit accounts in the last fiscal year, including more than 3,500 business accounts.
Its presence in southern Maine continued to grow, with branches opening in downtown Brunswick and on Marginal Way in Portland, increasing the number of branch locations in York and Cumberland counties to 16. The bank also added a second branch in Augusta on Community Drive and now has 54 locations throughout Maine.
Bangor Savings Bank is the No. 1 mortgage lender in Maine, providing $370.7 million in home loans. For nine consecutive years, it was named the top lender for first-time homebuyers by the Maine State Housing Authority.
Commercial and small business loans grew by $79.4 million in the past year. The bank was named the top lender to Maine small businesses by the U.S. Small Business Administration for the sixth consecutive year. Over the last five years, the bank has originated more than $3.78 billion in cumulative total loan production.
The bank and the Bangor Savings Bank Foundation collectively gave nearly $1.7 million to nonprofits in sponsorships and grants in the past fiscal year. The total includes the Community Matters More program, which involves community members voting to determine the top causes to receive grant support from the bank’s foundation. The bank also collected over 12,000 jars of peanut butter and jelly in its annual drive for local soup kitchens and food cupboards.
Investing in technology
In a news release announcing its earnings, the bank reported the debut of “oFlows,” described as a “go-anywhere account opening software for personal computer, phone or tablet, with secure verification, save-and-continue functionality and more account funding options.” The technology also has e-sign capability, making opening an account online completely paperless.
Bangor Savings also says it is the first Maine-based bank to provide debit cards that feature “Tap and Pay,” or near-field communication technology, enabling safer, contactless transactions at retailers.
Montgomery-Rice told attendees at the annual meeting that bank’s 800 employees were the “foundation of our success” and noted that they “once again helped Bangor Savings Bank be ranked a top-five Best Places to Work in Maine for large companies in 2016.”
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