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August 2, 2018

Bangor Savings opens first of new waterfront buildings

Bangor Saving Bank opened the first building at its new waterfront headquarters.

The five-story, 31,500-square-foot building, which houses the bank's administrative and wealth management divisions, is at 24 Hamlin Way.

"The building is all we anticipated, and then some," President and CEO Bob Montgomery-Rice told the Bangor Daily News.

A second building, a 117,000-square-foot operations center at 11 Hamlin Way, is still under construction.

Completion is expected by the end of January 2019. Last year, Montgomery-Rice told Mainebiz that Bangor Savings, Maine's second-largest bank, needed a larger headquarters after 16 straight years of earnings growth, as well as the associated growth of its workforce.

Out of 800 employees statewide, 370 are in Bangor — which Montgomery-Rice said could grow to 400 in the new site.

In March, Bangor Savings Bank announced plans to open a branch in downtown Portsmouth, N.H.

And in June, Bangor Saving announced it closed FY 2018 in a position of strength. Investments in infrastructure and growth in core accounts helped Bangor Savings earn a net income of $23.9 million for the 2018 fiscal year that ended March 31.

The bank finished the fiscal year with $3.8 billion in assets and more than 200,000 customers and nearly 850 employees across Maine and New Hampshire. The 2018 earnings were down slightly from the record net income of nearly $25 million for the 2017 fiscal year that ended March 31, 2017, but represented the 17th consecutive year of earnings growth for the bank.

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