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January 11, 2011 Portlandbiz

Bangor Savings opens another Portland branch

By The Mainebiz News Staff

Bangor Savings Bank this week will open its newest branch on Allen Avenue in Portland, the third branch it has opened in the city in the past year.

The bank last spring announced a $4 million strategic expansion in the Portland region market, opening four new branches in the area and adding 23 jobs. Last summer, Bangor Savings opened branches on Middle Street in the Old Port and on Forest Avenue, and plans to open the fourth on Route 1 in Falmouth in March, according to a press release.

Bangor Savings opened its first full-service branch in Portland in 2005 and has grown deposits and repurchase agreements from about $25 million to more than $195 million, adding 7,500 new personal customers and 1,500 new business customers. Jim Conlon, president and CEO of the bank, told Mainebiz last May that the Greater Portland market holds significant growth potential.

With the opening of its newest location, Bangor Savings Bank has 55 branches.

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