With its business growing in Penobscot County, First National Bank opens Brewer branch
Courtesy / First National Bank
First National Bank opened its second branch in the Penobscot County market, at 5 Parkway South in Brewer.
First National Bank this week opened its second office in the Bangor-Brewer market.
The new office, at 5 Parkway South, will complement its Bangor office, on Exchange Street.
“With today’s ribbon cutting we officially open our second Penobscot County branch,” said Tony C. McKim, president and CEO of First National. “Our new Brewer branch provides added convenience for our current customers and we look forward to meeting Brewer area residents in our new location.”
With the addition of Brewer, Damariscotta-based First National Bank has a total of 18 branches in six Maine counties — Lincoln, Knox, Waldo, Hancock, Washington and Penobscot.
Over five years, First National's Bangor branch, at 145 Exchange St., grew its deposit base from $37.1 million in 2016 to $75.4 million, according to data collected by the Federal Deposit Insurance Corp.
Greater deposits in fewer branches
In the past five years, the Bangor market and surrounding county has seen a shift, with fewer branches but far greater deposits.
Through June 30, 2021 (the most recent FDIC data), banks in Penobscot County had 42 branches, down from 51 in June 2016. But deposits totaled $4.16 billion in 2021, up significantly from $2.54 billion in 2016.
Bangor Savings Bank leads the market, with 12 branches and $1.8 billion in deposits.
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