BANGOR — Bangor Bancorp, MHC, and its subsidiary, Bangor Savings Bank, announced it ended its fiscal year of 2021 with $6.18 billion in assets, an increase of 27.1%, and grew its net income by almost 13% to $40.03 million.

The results were released mid-June at the Bank’s Annual Meeting of Corporators.

For small businesses, Bangor Savings Bank delivered Paycheck Protection Program loans, securing nearly $600 million in economic relief for small businesses throughout Northern New England.

The bank merged with Damariscotta Bank & Trust, increasing its service to customers across the midcoast. In Concord, N.H., the bank announced the opening of the first Bangor Wealth Management of New Hampshire office.

The bank has also added two members to its Board of Trustees. These two additions to the board include Susan Hammond and Laurie Lachance.

Hammond is an executive director and founder of the Four Directions Development Corporation, a Native-governed CDFI that serves the state’s four Wabanaki tribes. She also serves on the board of Maine Community Foundation and the Maine Venture Fund.

Lachance is the first female president of Thomas College, and was appointed co-chair of Maine’s Economic Recovery Committee. Lachance is an inductee of the state’s Women’s Hall of Fame and serves on several boards, including MEMIC.

“The strength of our culture and the resilience of our employees gave us the ability to grow through the challenges of the last fiscal year,” said Bangor Savings Bank President and CEO Bob Montgomery-Rice.

“The culmination of our efforts over the past year place us in a strong position for the future as we preserve and strengthen our presence throughout the region. Our team is committed to deepening relationships, serving our communities and ensuring that every customer feels they matter more.”

The bank saw significant outcomes through this recent fiscal year. Among these outcomes, the bank donated $1.2 million in pandemic response and DEI initiatives, opened 32,000 new core deposit accounts and increased its net income to $40.03 million.

“Our success relies on the strength of local businesses, communities and customers” said Montgomery-Rice, “It is thanks to the cumulative efforts of devoted employees, trusted community leaders and loyal customers that we’ve been able to respond to the most urgent needs of the communities we serve.”

Bangor Savings Bank completed its $35 million merger with Damariscotta Bank & Trust, expanding its footprint through the midcoast region. The acquisition allowed Bangor Savings to add branches in Damariscotta, New Harbor, Union and Warren. The bank also opened two New Hampshire branches in Manchester and Concord, as well as one Maine branch in Windham.

Amid the pandemic housing boom, the bank originated a record $1.71 billion in residential mortgage loans and was named MaineHousing’s top lender for first-time buyers for the 13th year running.  To help customers adapt and navigate the challenges of COVID-19, the bank provided a COVID-19 Resource Center and a team of lenders and specialists.

Bangor Savings Bank delivered nearly 8,000 Paycheck Protection Program loans worth nearly $600 million, equating to more than 10 years’ worth of Small Business Administration loans. The bank’s PPP loans retained nearly 57,800 jobs, additionally making the bank Maine’s top SBA lender.

Bangor Savings Bank’s Green Dot training program, established in 2018, laid groundwork for the bank’s decision to strengthen its DEI efforts this year and beyond.
In addition to the $1.2 million distributed to pandemic relief and nonprofits focused on DEI efforts, the bank gifted $110,00 to produce “Elevating Voices” alongside Maine Public Television, a pilot series focusing on diversity in Maine businesses.

In total, $198 million of the bank’s assets were invested in qualified affordable housing and community development loans and investments. The bank and its foundation invested more than $3.4 million in sponsorships, investments and partnerships. Helping create more livable and prosperous communities through charitable giving and strategic investments is a pillar of Bangor Savings Bank’s business model.

The 2021 Bangor Savings Bank annual report is available online.