Bangor Savings sees income, assets rise
Bangor Savings Bank has released its fiscal year 2010 results, which show increases in both net income and the bank's assets.
For the fiscal year that ended March 31, Bangor Savings reported a net income of $16.9 million, a 2.2% increase over last year, according to a press release. The company's assets grew to $2.32 billion, a 2.6% increase over last year. The bank opened 23,000 new core deposit accounts in 2010 and grew its municipal and government accounts from $100 million to $186 million. Bangor Savings also reported that it added 2,000 small business deposit customers and generated more than $200 million in business loans, according to the release. However, net loans for the year dropped 2.3% to $1.61 billion, with commercial and small business loans dropping $4.7 million, or 0.7%, from the previous year.
Bangor Savings Bank recently announced it is opening four new branches in the Portland area and creating 23 jobs.
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