GeneralLast Updated on 1 min by General
Bangor Savings Bank, a state-chartered institution located in Maine, USA, has its headquarters in downtown Bangor. Established in the year 1852, Bangor Savings Bank has since grown to encompass 60 branches across the state.
As of December 2020, Bangor Savings Bank held the prestigious position of being the largest Maine-based financial institution, amassing assets totalling around $7.4 billion. For any customer service inquiries, you can contact them at 1 (877) 226-4671.
With a dedicated workforce of approximately 950 employees, Bangor Savings Bank operates under the umbrella of its parent organization, Bangor Bancorp, MHC. The institution’s commitment to serving the local community and its long-standing history in Bangor, Maine, make it a significant presence in the state’s financial sector. Leading the bank is President Robert S. Montgomery-Rice.
Bangor Savings Bank Size | Net worth
Bangor Savings Bank is the largest independent savings bank in Maine, with over $5 billion in assets and over 60 branches. It was founded in 1852 as a mutual savings bank, meaning that it is owned by its depositors. Bangor Savings Bank offers a wide range of banking products and services, including personal and business banking, lending, and investment services.
Bangor Savings Bank Financially Performance
Bangor Savings Bank is a strong performer financially. In 2022, the bank reported net income of $66.6 million, up from $62.4 million in 2021. The bank’s loan portfolio grew by 7% in 2022, and its deposit base grew by 5%.
Bangor Savings Bank assets
According to the bank’s most recent financial statements, Bangor Savings Bank had total assets of over $5 billion as of December 31, 2022. This makes it the largest independent savings bank in Maine. The bank’s assets are primarily comprised of loans, deposits, and investment securities.
Loans are the largest component of Bangor Savings Bank’s assets, accounting for over 60% of total assets. The bank’s loan portfolio consists of a mix of commercial and residential loans. Deposits are the second largest component of the bank’s assets, accounting for over 30% of total assets. The bank’s deposit base is comprised of checking, savings, and money market accounts. Investment securities are the third largest component of the bank’s assets, accounting for over 10% of total assets. The bank’s investment securities portfolio consists of a mix of government and corporate bonds.
Bangor Savings Bank’s assets are well-diversified across lending, deposits, and investment securities. This diversification helps to reduce the bank’s risk and ensure that it has a stable source of funding.
Bangor Savings Bank Digital Banking Capabilities
Bangor Savings Bank has been focused on expanding its digital banking capabilities and investing in its branch network. In 2021, the bank launched a new mobile banking app and online banking platform. It has also been renovating and expanding its branches to provide a more modern and customer-friendly experience.
Bangor Savings Bank ROA, Capital Ratio, Loans and Donations
Bangor Savings Bank is one of the most profitable banks in Maine. In 2022, the bank’s return on assets (ROA) was 1.3%, which is well above the average ROA for Maine banks of 0.9%.
Bangor Savings Bank is also one of the most well-capitalized banks in Maine. The bank’s Tier 1 capital ratio was 11.5% at the end of 2022, which is well above the regulatory minimum of 4.5%.
Bangor Savings Bank is a significant contributor to the Maine economy. In 2022, the bank made over $100 million in loans to Maine businesses and individuals. The bank also donated over $1 million to Maine charities and non-profit organizations.
Bangor Savings Bank’s competitive Analysis
Bangor Savings Bank’s main competitors are other large banks in Maine, such as TD Bank, People’s United Bank, and Norway Savings Bank. These banks offer similar products and services to Bangor Savings Bank.
Bangor Savings Bank also faces competition from smaller banks and credit unions in Maine. These institutions often offer more personalized service and lower fees than larger banks.
In recent years, Bangor Savings Bank has also faced competition from online banks and fintech companies. These companies offer a variety of banking products and services online, often at lower fees than traditional banks.