Bangor Savings sees record earnings for 11th year
Bangor Savings Bank saw record earnings for the 11th year in a row, as well as strong loan production totals and significant growth in customer deposits. The company announced its fiscal-year results at its annual meeting on June 25.
For the 2012 fiscal year that ended March 31, the bank generated nearly $700 million in new loan commitments in the state, according to a press release. Customer deposits grew by $201 million, or 11.6% over the prior year, and it added more than 2,500 small business accounts. Net income was $18.5 million, a 4.4% increase over last year. Total assets were $2.58 billion, up from $2.48 billion the year before. The bank also loaned over $300 million in residential mortgages.
Over the last year, Bangor Savings was recognized as both the top performing small business lender for the Small Business Administration and the top lender to first-time homebuyers for MaineHousing.
The bank plans to invest in its online and mobile banking capabilities and open a new branch next winter in Augusta. It currently has 58 branches and nearly 700 employees.
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