Bangor Savings unveils plan for waterfront

PHOTO COURTESY OF RINCK ADVERTISING Bob Montgomery-Rice, president and CEO of Bangor Savings Bank, outlined plans Wednesday for a new bank site on the Bangor waterfront.

Write a Comment

By Peter Van Allen

Bangor Savings Bank plans to develop a campus on the Bangor waterfront, a move it says will help accommodate its projected growth.

The bank purchased 20 South St. and has contracts to buy two adjacent parcels. It is looking for further space on the waterfront.

The bank, which is the second-largest in Maine, has added 60 employees in Bangor in the past five years. It expects to add employees over the next 15 years, a task that will be aided by the addition of the new waterfront site.

The bank will move 350 employees to the site, the Bangor Daily News reported.

“Bangor’s waterfront area has truly become a jewel for the city, and we believe it is the perfect location for a new Bangor Savings Bank campus,” said President and CEO Bob Montgomery-Rice. “For 165 years, Bangor has been our hometown, and investing in the downtown area was important to us. Providing our employees with the space and environment that enhances their ability to do their jobs will benefit our nearly 200,000 customers, which is always our primary objective.”

Bangor Savings’ growth is not limited to Bangor. The bank said it also plans to add office space in Augusta and Portland. In the past two years, it has invested $10 million in the Portland market, including adding a site at 20 Marginal Way and a branch at 77 Middle St.

Bangor Savings Bank, which has $3.6 billion in assets, has 54 branches.