Continuing its upward trajectory of growth, Bangor Bancorp, MHC, and its subsidiary, Bangor Savings Bank announced it ended Fiscal Year 2020 with $4.86 billion in assets, a record increase of 9.38%, and grew its net income by almost 7% to $35.4 million. The results were released at the Bank’s Annual Meeting of Corporators.
“We had another strong year thanks to the hard work and commitment of our employees and to our customers and communities who have placed their trust in us. Our goal is to help our employees, customers, and communities achieve their version of better,” said Bangor Savings Bank president and CEO Bob Montgomery-Rice. “Our credit metrics remain strong placing us in a very solid position for the future while we continue enhancing our footprint across northern New England. Our employees are committed to creating the best experiences for our customers and putting people first.”
Among the FY 2020 highlights, Bangor Savings Bank:
-Finished the year with 227,000 customers, an increase of 8,000 from FY 2019
-Opened 36,000 new core deposit account and nearly 5,000 new business accounts
-Produced $1.38 billion in loans, bringing 5-year loan production to $5 billion
-Increased net income to $35.4 million, a growth of 6.95%
-Recorded nearly 4,000 business clients using its payroll services and 3,500 customers using its merchant card processing services
-Donated more than $2.5 million in giving
“We pride ourselves in being a local, community bank,” said Montgomery-Rice. “At the heart of all we do is our commitment to ensure each and every customer receives an experience where they feel they truly matter more, and ultimately achieves economic prosperity. The focus on our communities, along with the nimbleness of our employees, has allowed us to navigate the pandemic and provide all our customers and small businesses the support they need during this very difficult time.”
The 2020 Bangor Savings Bank annual report is available online at bit.ly/2Y6p0eb.