As it completes acquisition, Bangor Savings is also building two new branches
File Photo / Jason P. Smith
Bob Montgomery-Rice president and CEO of Bangor Savings Bank, says the planned Windham location comes in response to demand from customers and employees.
Bangor Savings Bank, Maine's largest with more than $4.4 billion in assets, has a green light from its board to build branches in Windham and in Manchester, N.H., as the bank continues to expand its regional footprint.
President and CEO Bob Montgomery-Rice on Tuesday announced plans to construct a full-service branch at 745 Roosevelt Trail, at the corner of routes 115 and 302, in Windham. The new Manchester branch will be at 999 Elm St. Both will be the first Bangor Savings site for each community.
Construction timing depends on municipal approvals. The Windham branch is expected to be operational by early 2021.
The new office will be built at an existing Cross Insurance location and will be shared by Cross and Bangor Savings. When complete, the branch will offer consumer and commercial banking, along with mortgage, payroll and merchant services. The branch will have a drive-up teller and ATM, and will employ around 10 people.
“We are excited to continue our commitment to serving communities in Maine," said Montgomery-Rice in a statement. He said the new location was prompted by demand from customers and employees, adding: "I am so pleased with this location and look forward to engaging with and supporting the Windham community.”
The Manchester branch, which will be Bangor Savings' seventh in the Granite State, will go up in a downtown space that was recently home to restaurants.
Tuesday's news comes less than a month after Bangor Savings announced plans to acquire Damariscotta Bank & Trust in a $35 million deal that will add six branch offices on Maine's midcoast. They will consist of two in Damariscotta and one location each in Belfast, New Harbor, Union and Warren.
Bangor Savings currently has 60 branches and a workforce of about 950.
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