Bangor Savings Bank shows strong loan production

    BANGOR — Bangor Savings Bank announced strong loan production totals, significant growth in customer deposits, and record earnings at its 160th annual meeting on June 25. Maine’s largest independent bank attributed its continued success and stability to its commitment to excellent customer service and relationships, local responsiveness, and its ability to evolve in response to new technologies, regulations and customer preferences.
    For the 2012 fiscal year that ended March 31, the bank generated nearly $700 million in new loan commitments in the state, and was recognized as both the top performing small business lender for the Small Business Administration (SBA) and the top lender to first-time homebuyers for MaineHousinge (MSHA).
    Customers opened more than 25,000 new core deposit accounts at the bank over the year, including more than 2,500 small business accounts. Customer deposits as a whole grew by $201 million, an 11.6 percent increase over prior year.
    The bank earned net income of $18.5 million, a 4.4 percent increase over last year, and the 11th straight year of earnings growth for the bank.
    Jim Conlon, Bangor Savings Bank’s president and CEO, commented at the annual meeting, “On the occasion of our 160th anniversary, I am so thankful for the thousands of Maine people and businesses who continue to place their trust in this bank, and I am so proud of the more than 700 people who work for Bangor Savings Bank and provide the customers with excellent service. Their commitment is the hallmark of our success. We are in business to provide banking services to Maine people and communities, and we have continued to work hard despite the challenging economy to promote economic development, to support Maine’s small business sector and to help communities provide essential services.”
    Conlon highlighted the bank’s commitment to hundreds of Maine’s small businesses. “We understand what it takes to run a small business, and we believe in Maine entrepreneurs. Last year, we loaned $276 million to Maine businesses and we were recognized by the Small Business Administration (SBA) for our role as Maine’s top lender to small businesses — the first time a single lending institution was honored in all three lending categories.”
    The bank also loaned over $300 million in residential mortgages. Conlon said, “We’ve been helping Maine people purchase homes for generations.  We believe our customers should be able to become homeowners, and we are very proud that for the fourth year in a row, Bangor Savings Bank has been named the top lender for first-time homebuyers by the Maine State Housing Authority.”
    Conlon also spoke to the Bank’s continued support for communities. He announced that in the past fiscal year, Bangor Savings Bank and the Bangor Savings Bank Foundation collectively gave $1.4 million to nonprofits in sponsorships and grants.  The total includes the Community Matters More program, which involves community members in voting to determine the top causes to receive grant support from the Bank’s Foundation. Since its inception, Community Matters More has disbursed $600,000 to hundreds of nonprofits throughout the state based on hundreds of thousands of public votes. Conlon also highlighted two other initiatives that helped Maine’s most vulnerable citizens: a partnership with the Good Shepherd Food Bank, in which each of the 56 Bank branches donated $1,000 for $56,000 total – a sum the food bank leveraged 8-to-1 to put $450,000 worth of food on the tables of Maine families; and, during the holiday season, the Bank’s $25,000 challenge grant to the Salvation Army’s Santa’s Helpers, a program that provides local families with food, shelter and clothing.
    A highlight of the year was the Bank receiving recognition for the third time in recent years as a Best Place to Work in Maine.
    Looking ahead, Conlon noted the Bank’s continual investments in online and mobile banking capabilities as well as the upcoming addition of a new branch in Augusta opening next winter. Above all, he noted the sustained focus on the same regions of Maine, the same customer base, and the same relentless commitment to customer service that the Bank has been focusing on in recent years.
    Conlon spoke to a large audience of bank employees, Corporators, trustees and business leaders. He said, “We are proud of our work and honored to serve the people and businesses of Maine. For 160 years, we have been focused on serving the financial needs of Maine people and communities.  We look forward to continuing our mission for another 160 years.”