🔒Longtime leader of Bangor Savings Bank to step down at end of August

Bangor Savings Bank President and CEO Bob Montgomery-Rice will retire on Aug. 31 after more than 20 years with the institution, including more than a decade at the helm, the bank announced Tuesday. Yolanda "Lannie" Moffatt, the bank's executive vice president and chief operating officer, will take up the leadership role, effective Sept. 1. Moffatt will also become president of Bangor Bancorp, MHC, the bank's mutual holding company. Montgomery-Rice will work with Moffatt during the transition period to help ensure a seamless handoff.

Becoming the 13th president

Moffatt will become the 13th president and CEO of Bangor Savings Bank, which was founded in 1852. She brings more than 30 years of experience in financial services, including nearly two decades with Bangor Savings Bank.

In her role as chief operating officer, Moffatt is credited with helping shape the bank's operations, strategy and organizational culture. Her experience includes mergers and acquisitions, multi-state operations and executive leadership. Before joining Bangor Savings Bank, she held positions with Fleet Bank and MBNA America. Moffatt also serves on the Maine Financial Institutions Insurance Trust board of trustees and the Maine Board of Accountancy. She is a graduate of Leadership Maine, the Stonier Graduate School of Banking and Husson University in  Bangor. “We have an exceptional team, a strong culture, and a deep connection to our customers and communities," said Moffatt. "I take great pride in our people and all we have accomplished together, and I look forward to the opportunities ahead.”

Montgomery-Rice's legacy

Montgomery-Rice became president and CEO in 2015 and led the bank through a period of expansion across Maine and New Hampshire.

“It has been one of the greatest privileges of my career to serve Bangor Savings Bank alongside such an extraordinary team,” said Montgomery-Rice. “Together, we have grown the bank, strengthened our communities and remained true to the values that have guided this organization since its founding," he added. " I have tremendous confidence in Lannie, her commitment to our employees and customers, and her ability to lead the bank forward.” Bangor Savings Bank, with more than $7 billion in assets, is ranked as the largest Maine-based bank in the 2026 Mainebiz Book of Lists.  By market share, it ranks No. 2, behind TD Bank.