Bangor Savings reports record earnings
Bangor Savings Bank saw record earnings of $17.7 million last year, bank officials announced yesterday at its annual meeting.
The bank, which ended its fiscal year in March, attributed the strong year to customer preferences for local banking and its stability despite a sluggish economy, according to a press release. Its assets grew from $2.32 billion at the end of March 2010 to $2.48 billion, and total loan production was more than $600 million. The company also reported a total of 156,045 small business loans of $1 million or less, a 7% increase from 2010, according to data filed with the Federal Deposit Insurance Corp. The company added 23,000 new core deposit accounts over the year.
Beginning last year, the bank invested $4 million to grow its presence in the Portland area and added four new branches, two in 2010 and two this year. The bank now has 56 branches across the state.
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