Bangor Savings Bank expands into New Hampshire

PHOTO COURTESY OF RINCK ADVERTISING Bob Montgomery-Rice, president and CEO of Bangor Savings Bank, shown in this file photo, announced last week that the bank is expanding its footprint outside of Maine for the first time with the opening of a loan production office in Portsmouth, N.H.

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By Staff

Bangor Savings Bank has expanded its footprint outside Maine for the first time, announcing that it recently opened a loan production office in Portsmouth, N.H.

The move into New Hampshire follows a decade of strong growth in Maine’s York and Cumberland counties for the Bangor-based bank, which has 16 locations in southernmost Maine and 54 throughout the state.

“We look forward to bringing the same high-quality personal and business lending services and products to the Portsmouth region as we have provided to Mainers for over 165 years,” Bangor Savings President and CEO Bob Montgomery-Rice said in a news release announcing the move into New Hampshire.

Montgomery-Rice joined other bank executives and members of the Portsmouth community at Portsmouth’s 100 Club in making that announcement last Thursday.

The new office, located at 36 Maplewood Ave. in Portsmouth, will include a team of commercial and mortgage lenders; additional staff would follow as necessary. The bank plans to expand the office’s business services to include payroll and merchant offerings after it receives the required regulatory approvals.

Bangor Savings Bank has 800 employees and has recorded 16 consecutive years of earnings growth, with a record net income of nearly $25 million and more than $3.6 billion in assets in the fiscal year ended March 31, 2017.

Other Maine-based banks also see New Hampshire as a growth area, most notably Bar Harbor Bank & Trust, which acquired Newport, N.H.-based Lake Sunapee Bank Group in an all-stock deal valued at around $143 million earlier this year.