Bangor Savings Bank
| Company type | State-chartered bank |
|---|---|
| Industry | Banking, Financial services |
| Founded | May 5, 1852 in Bangor, Maine, United States |
| Headquarters | Bangor , United States |
Area served | Maine, New Hampshire |
Key people | John Massey (Corporate Services Officer, since November 2024) |
| Products | Banking services |
Number of employees | 240 (2016) |
| Website | bangor |
Bangor Savings Bank is a state-chartered financial institution headquartered in downtown Bangor, Maine, with a network of 69 branches throughout Maine and New Hampshire. Established in 1852, it stands as the largest bank headquartered in Maine, managing assets totaling approximately $7.3 billion as of December 2023.
History
The bank commenced operations on May 5, 1852, starting with an initial deposit amounting to $440. By 1889, it had moved to a more spacious location at 3 State Street, where deposits exceeded $4.5 million. Following the Bangor Great Fire of 1911, the building was reconstructed and later underwent renovations in 1951.
In 1997, the Bangor Savings Bank Foundation was created, contributing over $3.4 million to community initiatives during the fiscal year 2020.
Towards the end of 2015, the bank declared the shutdown of four branches, with affected employees being transferred to nearby offices within a 12-mile radius. Beginning January 2016, the minimum hourly wage for its workforce of 240 was increased to $13; this figure rose to $18 per hour by August 2022.
The acquisition of Granite Bank of New Hampshire in October 2017 expanded Bangor Savings Bank’s assets to $4 billion and grew its branch count to 59 locations across both states. In May 2019, the bank inaugurated a new operations center adjacent to its main headquarters.
In December 2020, Bangor Savings Bank finalized its purchase of Damariscotta Bank and Trust.
April 2021 saw Bangor Savings Bank earn the top spot among New England banks according to JD Power's Retail Banking Satisfaction Survey and gain recognition in Forbes’ World Best Banks list for that year.
In November 2024, John Massey joined the institution as Corporate Services Officer, strengthening the corporate services division.