Bangor Savings Bank’s $10 million project relocating its Fore Street branch in Portland to Middle Street is one of several recent or planned bank expansions in southern Maine.
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Bangor Savings Bank expects its $10 million infrastructure investment in the greater Portland area to leverage the company's visibility and provide an enhanced platform for continued growth in a competitive market.
“We've grown in all the counties we represent, but the lion's share of growth is in the Portland market, as well as the Bangor market. Over the last dozen years, we've grown significantly in the Portland market. This is our next step of expansion in Portland,” says President and CEO Bob Montgomery-Rice.
Bangor Savings, founded in 1852, had $3 billion in assets and 57 branch offices in the fiscal year ended March 31. It announced plans for expansion in greater Portland in October.
It's not the only bank making inroads in Portland or southern Maine. Camden National Bank's acquisition of The Bank of Maine gives it a greater presence in southern Maine, including Portland. Gorham Savings Bank announced plans for a location in the Grand Trunk building at 1 India St. in Portland. Last year, NBT Bank, which is based in Norwich, N.Y., and has 158 branch offices, opened a Portland office.
Bangor Savings' investment will result in the relocation of its 280 Fore St. branch office to what it says will be a more accessible location at 77 Middle St., the former Northeast Bank building, which is being renovated. 280 Fore St. was the bank's first location in Portland, almost a dozen years ago. The Middle Street branch, across from Hugo's and Eventide restaurants, will open by January 2016.
“The main thing is to give our retail and business customers expanded capacity, better parking and a better drive-up,” he says. “The current location is not the best for that.”
Administrative and business offices will be maintained at 280 Fore St., and will also be renovated.
In the Bayside neighborhood, at 20 Marginal Way, Bangor Savings has broken ground on a $5 million, three-story, 7,284-square-foot building that will house a retail branch on the first floor and offices on the second and third floors. The site was selected for its great visibility, ample parking and access to Interstate 295, says Montgomery-Rice. The offices will be in close proximity to Trader Joe's, Whole Foods Market, Apothecary By Design's retail pharmacy and competitors like Gorham Savings, Bank of America and cPort Credit Union.
“It will be a nice improvement to the site, and we'll make the most of it,” he says.
Expansion not limited to Portland
Also recently, the Brunswick Planning Board approved Bangor Savings' plans for a 3,000-square-foot branch at the corner of Main and Mason streets, with full retail and lending services. This will be the bank's first branch in Brunswick and will fill the gap in branches between Lewiston and Augusta. It is expected to open in spring 2016.
These developments are part of a decade-long strategic push into southern Maine, says Montgomery-Rice. They will add to the 14 branches currently in York and Cumberland counties. For now, the bank has had six branches plus administrative offices in Portland, as well as a branch in Falmouth. For now, it has 83 employees in Portland.
“These moves allow us to offer more convenience and it allows us to expand our staffing in Portland,” says Montgomery-Rice. “Right now, we're full when it comes to every seat possible. Our plan is to hire. Those positions will mostly be outbound salespeople, commercial and mortgage lenders, and people who offer payroll and merchant services. Those are strategic for us because the market has been rewarding us for business opportunities, so we need to add staff.”
Overall, the bank has 57 branches and 730 employees from York to Houlton and from Eastport to Rumford. About 125 employees have been added in the past decade. The bank has seen positive signals throughout Maine's economy, says Montgomery-Rice.
“I don't think we'd be making these investments if we didn't feel the economy was moving in the right direction,” he says. “It's a slow but steady growth.”
Small business is a primary focus of the bank — which was recently named top Small Business Administration lender in Maine for the fifth consecutive year — and the sector is strong, he says.
“In the last year, we had record small business lending, both on our own and with the SBA,” he says. “That's a key thing we look to when it comes to the health of Maine's economy. Are small businesses starting? Are they growing and borrowing? And the answer to all three questions is, 'Yes.' So we're optimistic about the economy and the direction it's going. Over the last year, when talking with businesses, the majority are feeling optimistic and positive. They've seen growth.”
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