Bangor Savings names new CFO, posts 7.1% jump in assets

Photo / Courtesy Bangor Savings Bank From left, retiring Bangor Savings Bank CFO Kenneth Colpritt with his successor, Michael O'Connor.

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By Renee Cordes

Bangor Savings Bank has promoted Michael O'Connor to CFO and reported a 7.1% increase in assets for its 2023 fiscal year over a year earlier.

The bank, led by President and CEO Bob Montgomery-Rice, is No. 1 on a list of the largest Maine-based banks in the latest Mainebiz Book of Lists, ranked by assets as of June 30, 2022.

On Thursday, Bangor Savings said it ended the 2023 fiscal year with $7.4 billion in assets and earned net income of nearly $42 million. As loan activity nationwide waned, the bank's net loans grew by 19% to $4.7 billion at fiscal year-end, it said.

Non-performing loans represented just 0.06% of the bank's loan portfolio, compared to 0.44% for the institution's community bank peers. Bangor Savings also said it exceeded regulators' capital threshold by $98 million.

“With our strong financial position, we are able to continue to focus on the growth and development of our employees, execute on our long-term strategies to develop innovative customer-centered products and services, and contribute to the vitality of our local communities,” Montgomery-Rice said.

On the home lending front, Bangor Savings said it had helped more than 2,000 customers over the past year secure $778 million in residential loans, of which $703 million were purchases, despite a nationwide decline in mortgages.

O'Connor was appointed as CFO and treasurer at the bank's annual meeting on Wednesday. He assumes the role and responsibilities previously held by Kenneth Colpritt, who is due to retire from the bank at the end of the 2024 fiscal year after nearly 20 years with the institution.

O'Connor joined Bangor Savings Bank in 2018 as senior vice president and controller. Previously, he was an auditor at a national accounting firm, controller for a regional construction contractor and CFO for an international forest products company.

The Husson University alumnus is a Certified Public Accountant and Chartered Financial Analyst.

Bangor Savings is the largest Maine-based bank, with $7 billion in assets as of June 30, 2022, according to the Mainebiz Book of Lists. At that time it had 61 Maine offices.