Bangor Savings Bank

Bangor Savings Bank is a state-chartered bank in Maine. The company, which is headquartered in downtown Bangor, Maine, was founded in 1852 and has 54 branches across the state. As of October 2015, the bank was the second largest Maine-based bank after Camden National Bank. Bangor Savings Bank had roughly $3.1 billion in assets.[1]

Bangor Savings Bank
Bank
IndustryFinancial services
Founded1852
HeadquartersBangor, Maine, USA
ProductsSavings; checking; consumer loans; mortgages; credit cards
Total assets$3.5 Billion USD
Websitebangor.com

In Fall 2015, the bank announced four branches would close in early 2016. Staff were reassigned to nearby branches within 12 miles of the closed branch.[2] In January 2016, Bangor Savings Bank announced that it was raising the company-wide minimum wage to $13 per hour. In doing so, it raised the base wage for 240 of the companies 740 employees.[3] As of November 2016, the company's minimum wage has increased to $14 per hour.

In October 2017, Bangor Savings Bank acquired Granite Bank of New Hampshire. The acquisition was unanimously approved by boards of directors of both banks. This will bring the total assets of BSB to $4 billion and 59 branches in NH and Maine when the transaction is complete in 2018.[4]

References
  1. Anderson, J. Craig (October 16, 2015). "Merger of Camden National and Bank of Maine creates state's biggest community bank". Portland Press Herald. Retrieved 28 April 2016.
  2. Gagnon, Dawn (December 4, 2015). "Bangor Savings to close 4 branches as part of consolidation". Bangor Savings Bank. Retrieved 28 April 2016.
  3. Fishell, Darren (January 25, 2016). "Bangor Savings sets lowest wage at $13, giving 240 a raise". Bangor Daily News. Retrieved 28 April 2016.
  4. "Bangor Savings to acquire Granite Bank of New Hampshire". 24 October 2017.


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