June 24, 2008
Bangor Savings reports growth
Despite the fallout at banks all over the country from the sub-prime mortgage fiasco, Bangor Savings Bank says it has been able to weather the storm quite well.
In an interview before the company's annual meeting Monday, Bangor Savings President and CEO Jim Conlon told the Bangor Daily News that strategic investments and planning, including its expansion into southern Maine, has helped the bank diversify. He said Bangor Savings never ventured into subprime mortgage lending and so has been able to avoid the increase in foreclosures that other banks have suffered.
Bangor Bancorp, the parent company of Bangor Savings Bank, announced its total outstanding loans grew 9%, or more than $139 million, during its fiscal year that ended March 31, according to the Daily News. Its customer deposits and repurchase agreements grew another 6%, or $90 million, the paper said.
In an interview before the company's annual meeting Monday, Bangor Savings President and CEO Jim Conlon told the Bangor Daily News that strategic investments and planning, including its expansion into southern Maine, has helped the bank diversify. He said Bangor Savings never ventured into subprime mortgage lending and so has been able to avoid the increase in foreclosures that other banks have suffered.
Bangor Bancorp, the parent company of Bangor Savings Bank, announced its total outstanding loans grew 9%, or more than $139 million, during its fiscal year that ended March 31, according to the Daily News. Its customer deposits and repurchase agreements grew another 6%, or $90 million, the paper said.
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