Bangor Savings Bank announced record earnings at its 164th annual meeting June 27.

For the 2016 fiscal year that ended March 31, the bank earned net income of $23.01 million, a 2.86-percent increase over 2015, and the 15th consecutive year of earnings growth. Total loan production was $785.82 million last year, for a total of more than $3.54 billion in cumulative total loan production over the last five years.

The bank opened more than 30,000 new core deposit accounts over the year, including more than 3,000 small business accounts.

New mobile technology

Bangor Savings Bank became the first local financial institution in Maine to offer all three major mobile wallet solutions. Android Pay, Apple Pay and Samsung Pay allow customers to access their debit or credit card through their phone to make purchases by tapping or scanning where mobile payments are accepted. Mobile wallets add convenience, safety and privacy to retail transactions, while eliminating the hassle of carrying a physical card or wallet. The bank also leveraged secure technology in its Bangor Mobile App through Eyeprint ID and Touch ID functionalities.

J.D. Power ranking

For the second year in a row, the bank received the highest score among qualifying banks in New England in the J.D. Power 2016 Retail Banking Satisfaction StudySM. The bank’s overall satisfaction score earned it “Highest Customer Satisfaction with Retail Banking in New England.” The study is considered the industry’s most in-depth assessment of retail banks.


Bob Montgomery-Rice, president and CEO, credited employees who provide “exceptional customer service” for the bank’s success. “They remain our most valuable asset,” he said, “which is why we … pay an above-market minimum starting hourly rate of $13 per hour and why we remain committed to their complete well-being.” Employees, he said, “once again helped Bangor Savings Bank be named a Best Place to Work in Maine in 2015.”

Branch openings

Bangor Savings Bank continued to grow its presence in Southern Maine in the last fiscal year, opening branches in Ogunquit and Portland. The bank currently has 53 locations throughout Maine.

Home and business loans

Bangor Savings Bank reported it is the number one mortgage lender in Maine. The bank provided $234.8 million in home loans and $378 million in business loans. For eight consecutive years, Maine State Housing Authority has named Bangor Savings the top lender for first-time homebuyers, and, for five consecutive years, the Small Business Administration has named it the top lender to Maine small businesses. The bank also received the FDIC CRA rating of “Outstanding” (fewer than 8 percent of banks nationwide get this rating) in 2015 for the fourth consecutive year.

Community support

In the past fiscal year, Montgomery-Rice said, Bangor Savings Bank and the Bangor Savings Bank Foundation collectively gave nearly $1.8 million to nonprofits in sponsorships and grants. The total includes the Community Matters More program, which involves community members voting to determine the top causes to receive grant support from the bank’s foundation.

New board member, corporators

Earlier this year, Sari Greene was appointed to the bank’s board of directors. Greene is founder of Portland-based Sage Data Security, which provides cybersecurity services nationwide. Greene is recognized as a leader in the field of cybersecurity working with a spectrum of technical, operational, compliance and management personnel.

During the business portion of the annual meeting, four people were voted in as new corporators: Laurie Osgood, president and CEO of UniTek Inc.; Chris Hersey, treasurer of Dead River Company; Sari Greene, founder of Sage Data Security; and Marie Vienneau, CEO at Mayo Regional Hospital.

The 2016 Bangor Savings Bank Annual Report is available online, or contact Carol Colson at 990-6465.