Discover Bangor Savings Bank: Your Trusted Financial Partner

Bangor Savings Bank is a mutually-owned savings bank based in Bangor, Maine. It is the largest bank in Maine and the largest mutually-owned bank in the United States, with over $6 billion in assets. Bangor Savings Bank was founded in 1852 and has been providing financial services to the people of Maine for over 170 years.

Bangor Savings Bank is a full-service bank, offering a wide range of financial products and services, including checking and savings accounts, loans, mortgages, and investment services. The bank also offers a variety of online and mobile banking services, making it easy for customers to manage their finances from anywhere. Bangor Savings Bank is committed to providing its customers with the highest level of customer service and is consistently ranked as one of the best banks in Maine.

Bangor Savings Bank is a vital part of the Maine community. The bank supports a variety of local organizations and initiatives, and its employees are actively involved in volunteering and giving back to the community. Bangor Savings Bank is also a strong advocate for financial literacy, and offers a variety of programs and resources to help people learn about managing their finances.

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Bangor Savings Bank

Bangor Savings Bank, the largest bank in Maine and the largest mutually-owned bank in the United States, stands out for its:

• Community Focus
• Customer Service
• Financial Literacy
• History
• Innovation
• Local Support
• Mutual Ownership
• Size

Bangor Savings Bank's deep commitment to its community is evident in its extensive support of local organizations and initiatives, as well as its employees' active involvement in volunteering and giving back. The bank's dedication to customer service has earned it consistent recognition as one of the best banks in Maine, while its commitment to financial literacy empowers individuals and families to manage their finances effectively. Bangor Savings Bank's long history of over 170 years in Maine has shaped its deep understanding of the state's financial landscape and the needs of its residents. Its mutual ownership structure ensures that the bank's profits are reinvested in the community, further strengthening its local impact.

1. Community Focus

Bangor Savings Bank's community focus is deeply ingrained in its mission and operations. As a mutually-owned bank, Bangor Savings Bank is accountable to its depositors and the community it serves, rather than to outside shareholders. This unique structure allows the bank to prioritize the needs of its community over profit maximization. Bangor Savings Bank's commitment to community is reflected in its extensive support of local organizations and initiatives, as well as its employees' active involvement in volunteering and giving back.

One of the most significant ways that Bangor Savings Bank supports its community is through its partnerships with local nonprofits and organizations. The bank provides financial support, volunteers, and expertise to a wide range of organizations, including schools, hospitals, social service agencies, and arts and cultural organizations. These partnerships enable Bangor Savings Bank to address critical community needs and make a positive impact on the lives of Maine residents.

In addition to its financial support, Bangor Savings Bank also encourages its employees to volunteer their time and expertise to local organizations. Through its Employee Volunteer Program, the bank provides paid time off for employees to volunteer with organizations of their choice. This program has resulted in thousands of hours of volunteer service being donated to local communities across Maine.

Bangor Savings Bank's community focus is not just about giving back, but also about understanding the needs of the community and developing innovative solutions to address those needs. For example, the bank has developed a number of programs to help low- and moderate-income families achieve financial stability. These programs include financial literacy workshops, homebuyer education classes, and affordable loan products. By providing these programs, Bangor Savings Bank is helping to build a stronger and more equitable community.

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2. Customer Service

Customer service is a key differentiator for Bangor Savings Bank. The bank is consistently ranked as one of the best banks in Maine for its exceptional customer service, as evidenced by its high customer satisfaction ratings and positive feedback from customers.

• Personalized Service
  Bangor Savings Bank goes above and beyond to provide personalized service to its customers. The bank's employees are friendly, knowledgeable, and always willing to go the extra mile to help customers with their banking needs. For example, if a customer is having trouble understanding a particular financial product or service, a Bangor Savings Bank employee will take the time to explain it in a clear and concise way.
• Responsiveness
  Bangor Savings Bank is highly responsive to customer inquiries and requests. The bank's customer service representatives are available by phone, email, and chat, and they typically respond to inquiries within 24 hours. Bangor Savings Bank also has a strong social media presence, and the bank's customer service team is active on social media, responding to customer questions and concerns.
• Problem Resolution
  Bangor Savings Bank is committed to resolving customer problems quickly and efficiently. The bank's customer service representatives are trained to handle a wide range of customer issues, and they are empowered to make decisions on the spot. This allows Bangor Savings Bank to resolve most customer problems quickly and without hassle.
• Customer Feedback
  Bangor Savings Bank values customer feedback and uses it to improve its customer service. The bank regularly surveys its customers to get feedback on their experience with the bank. Bangor Savings Bank also has a customer advisory board, which provides the bank with feedback on new products and services, as well as on the bank's overall customer service.

Bangor Savings Bank's commitment to customer service is evident in all aspects of its operations. The bank's employees are dedicated to providing the highest level of customer service, and the bank's management team is committed to creating a customer-centric culture. As a result, Bangor Savings Bank has consistently been recognized for its exceptional customer service.

3. Financial Literacy

Financial literacy is the ability to understand and manage one's personal finances. It includes knowledge of budgeting, saving, investing, and borrowing. Financial literacy is important for everyone, regardless of age or income. However, it is especially important for low- and moderate-income individuals and families, who may not have access to traditional financial services and may be more vulnerable to financial scams.

• Budgeting
  Budgeting is the process of creating a plan for how you will spend your money. A budget helps you to track your income and expenses, so that you can make sure that you are living within your means. Budgeting can be a challenge, but it is an essential tool for managing your finances.
• Saving
  Saving is the process of setting aside money for future use. Savings can be used for a variety of purposes, such as emergencies, unexpected expenses, or retirement. Saving can be difficult, but it is important to start saving as early as possible.
• Investing
  Investing is the process of using money to make more money. There are many different ways to invest, such as stocks, bonds, and mutual funds. Investing can be a risky, but it can also be a rewarding way to grow your wealth.
• Borrowing
  Borrowing is the process of taking out a loan. Loans can be used for a variety of purposes, such as buying a house or car, or paying for education. Borrowing can be a helpful way to get the money you need, but it is important to understand the terms of your loan before you sign on the dotted line.

Bangor Savings Bank is committed to helping its customers achieve financial literacy. The bank offers a variety of financial literacy programs and resources, including:

• Financial literacy workshops
• Homebuyer education classes
• Affordable loan products
• Online financial literacy resources

4. History

Bangor Savings Bank has a long and rich history, dating back to its founding in 1852. The bank was founded by a group of Bangor businessmen who wanted to create a safe and sound financial institution that would serve the needs of the local community. Over the years, Bangor Savings Bank has grown and evolved, but it has always remained true to its original mission of providing its customers with the highest level of service and support.

One of the most important factors in Bangor Savings Bank's success has been its commitment to its customers. The bank has always put the needs of its customers first, and it has consistently gone the extra mile to provide them with the best possible service. This commitment to customer service has helped Bangor Savings Bank to build a loyal following of customers who have been with the bank for generations.

Another key factor in Bangor Savings Bank's success has been its commitment to the community. The bank has always been a strong supporter of the local community, and it has played a major role in the economic and social development of Bangor and the surrounding area. Bangor Savings Bank has provided financial support to a wide range of community organizations, and its employees have volunteered countless hours to local charities and non-profit organizations.

Bangor Savings Bank's history is a testament to the power of community banking. The bank has been able to thrive for over 170 years because it has always been committed to its customers and the community. Bangor Savings Bank is a true Maine institution, and it is an important part of the fabric of the community.

5. Innovation

Innovation is a key driver of success for any business, and Bangor Savings Bank is no exception. The bank has a long history of innovation, dating back to its founding in 1852. Bangor Savings Bank was the first bank in Maine to offer savings accounts, and it has continued to be a leader in innovation ever since.

• Digital Banking
  Bangor Savings Bank was one of the first banks in the country to offer online banking, and it continues to be a leader in digital banking innovation. The bank's mobile app is consistently ranked as one of the best in the industry, and it offers a wide range of features that make it easy for customers to manage their finances on the go.
  
  One of the most innovative features of Bangor Savings Bank's mobile app is its "Snap Deposit" feature. This feature allows customers to deposit checks by simply taking a picture of them with their smartphone. This is a huge convenience for customers, as it eliminates the need to go to a physical bank branch or ATM to deposit checks.
  
  
• Financial Literacy
  Bangor Savings Bank is also a leader in financial literacy innovation. The bank offers a variety of financial literacy programs and resources, including financial literacy workshops, homebuyer education classes, and affordable loan products. These programs and resources help customers to understand and manage their finances, which can lead to greater financial security and stability.
  
  One of the most innovative financial literacy programs offered by Bangor Savings Bank is its "Money Smart" program. This program is designed to help low- and moderate-income individuals and families improve their financial literacy skills. The program includes a series of workshops that cover topics such as budgeting, saving, investing, and borrowing. The program has been shown to be effective in helping participants to improve their financial knowledge and skills.
  
  
• Product Innovation
  Bangor Savings Bank is also constantly innovating new products and services to meet the needs of its customers. For example, the bank recently launched a new "Smart CD" product that offers customers a higher interest rate if they agree to keep their money in the CD for a longer period of time. This product is ideal for customers who are looking for a safe and secure way to grow their savings.
  
  Another example of Bangor Savings Bank's product innovation is its "MyFi" program. This program allows customers to get a personalized financial plan from a financial advisor at no cost. This program is a great way for customers to get help with their financial goals, such as saving for retirement or buying a home.
  
  
• Process Innovation
  Bangor Savings Bank is also committed to process innovation. The bank is constantly looking for ways to improve its processes and make it easier for customers to do business with the bank. For example, the bank recently implemented a new "express lending" program that allows customers to get a loan decision in minutes. This program is a huge convenience for customers, as it eliminates the need to wait days or weeks for a loan decision.
  
  Another example of Bangor Savings Bank's process innovation is its "mobile mortgage" program. This program allows customers to apply for a mortgage entirely online. This program is a great option for customers who want to save time and hassle when applying for a mortgage.
  
  

Innovation is a key part of Bangor Savings Bank's DNA. The bank has a long history of innovation, and it continues to be a leader in the industry. Bangor Savings Bank's commitment to innovation has helped the bank to grow and prosper, and it has also helped the bank to better serve its customers.

6. Local Support

Local Support is a key component of Bangor Savings Bank's success. The bank has a long history of supporting the local community, and its employees are actively involved in volunteering and giving back. This support has helped Bangor Savings Bank to build a strong reputation in the community, and it has also helped the bank to attract and retain customers.

One of the most important ways that Bangor Savings Bank supports the local community is through its partnerships with local nonprofits and organizations. The bank provides financial support, volunteers, and expertise to a wide range of organizations, including schools, hospitals, social service agencies, and arts and cultural organizations. These partnerships enable Bangor Savings Bank to address critical community needs and make a positive impact on the lives of Maine residents.

In addition to its financial support, Bangor Savings Bank also encourages its employees to volunteer their time and expertise to local organizations. Through its Employee Volunteer Program, the bank provides paid time off for employees to volunteer with organizations of their choice. This program has resulted in thousands of hours of volunteer service being donated to local communities across Maine.

Bangor Savings Bank's commitment to Local Support is also evident in its lending practices. The bank is a major lender to small businesses in Maine, and it has a variety of programs to help small businesses start and grow. Bangor Savings Bank also offers a variety of affordable loan products for low- and moderate-income families, helping them to achieve their financial goals.

Local Support is essential to Bangor Savings Bank's success. The bank's commitment to the community has helped it to build a strong reputation, attract and retain customers, and make a positive impact on the lives of Maine residents.

7. Mutual Ownership

Bangor Savings Bank is a mutually-owned savings bank, which means that it is owned by its depositors and not by shareholders. This unique ownership structure gives Bangor Savings Bank several advantages over traditional banks, including:

• Alignment of Interests
  As a mutually-owned bank, Bangor Savings Bank's interests are aligned with the interests of its depositors. This means that the bank is focused on providing its depositors with the best possible products and services, rather than on maximizing profits for shareholders.
• Long-Term Perspective
  Mutual ownership also gives Bangor Savings Bank a long-term perspective. The bank is not subject to the short-term pressures of quarterly earnings reports, which allows it to make decisions that are in the best interests of its depositors over the long term.
• Local Focus
  As a mutually-owned bank, Bangor Savings Bank is committed to its local community. The bank's profits are reinvested in the community through loans to local businesses and individuals, and through support for local non-profit organizations.
• Financial Stability
  Mutual ownership also contributes to Bangor Savings Bank's financial stability. The bank's depositors have a vested interest in the bank's success, which gives the bank a strong foundation during economic downturns.

Overall, Bangor Savings Bank's mutual ownership structure gives the bank a number of advantages that benefit its depositors and the community as a whole.

8. Size

The size of Bangor Savings Bank is a key factor in its success. As the largest bank in Maine and the largest mutually-owned bank in the United States, Bangor Savings Bank has a number of advantages over smaller banks, including:

• Economies of Scale
  Bangor Savings Bank's large size allows it to achieve economies of scale, which means that it can offer its products and services at a lower cost than smaller banks. For example, Bangor Savings Bank can negotiate lower interest rates from its lenders and offer lower fees to its customers.
• Greater Access to Capital
  Bangor Savings Bank's large size also gives it greater access to capital, which allows it to make larger loans to businesses and individuals. This access to capital is especially important in Maine, where many small businesses and individuals have difficulty obtaining financing from traditional banks.
• Wider Range of Products and Services
  Bangor Savings Bank's large size allows it to offer a wider range of products and services than smaller banks. For example, Bangor Savings Bank offers a variety of investment products and services, as well as a variety of loan products. This allows customers to meet all of their financial needs at one bank.
• Stronger Financial Stability
  Bangor Savings Bank's large size also contributes to its financial stability. The bank has a large deposit base, which provides it with a strong foundation during economic downturns. Additionally, the bank's mutual ownership structure means that it is not subject to the short-term pressures of quarterly earnings reports, which allows it to make decisions that are in the best interests of its depositors over the long term.

Overall, the size of Bangor Savings Bank is a key factor in its success. The bank's large size allows it to offer a wider range of products and services, as well as lower costs and greater access to capital. This makes Bangor Savings Bank a valuable resource for businesses and individuals in Maine.

Frequently Asked Questions about Bangor Savings Bank

Bangor Savings Bank, the largest bank in Maine and the largest mutually-owned bank in the United States, stands out for its community focus, customer service, financial literacy, history, innovation, local support, mutual ownership, and size. Here are answers to some frequently asked questions about Bangor Savings Bank:

Question 1: What is Bangor Savings Bank?

Bangor Savings Bank is a mutually-owned savings bank based in Bangor, Maine. It is the largest bank in Maine and the largest mutually-owned bank in the United States, with over $6 billion in assets.

Question 2: What are the benefits of banking with Bangor Savings Bank?

There are many benefits to banking with Bangor Savings Bank, including:

• Community Focus: Bangor Savings Bank is committed to supporting the local community through partnerships with local organizations, employee volunteerism, and affordable loan products.
• Customer Service: Bangor Savings Bank is consistently ranked as one of the best banks in Maine for its exceptional customer service, as evidenced by its high customer satisfaction ratings and positive feedback from customers.
• Financial Literacy: Bangor Savings Bank is committed to helping its customers achieve financial literacy through a variety of financial literacy programs and resources.
• History: Bangor Savings Bank has a long and rich history, dating back to its founding in 1852. The bank has been a key player in the economic and social development of Bangor and the surrounding area.
• Innovation: Bangor Savings Bank is a leader in innovation, offering a wide range of digital banking services, financial literacy programs, and new products and services.
• Local Support: Bangor Savings Bank is committed to supporting the local community through financial support, volunteerism, and affordable loan products for small businesses and low- and moderate-income families.
• Mutual Ownership: Bangor Savings Bank is a mutually-owned bank, which means that it is owned by its depositors and not by shareholders. This unique ownership structure gives the bank several advantages, including alignment of interests with depositors, a long-term perspective, a local focus, and financial stability.
• Size: Bangor Savings Bank is the largest bank in Maine, which gives it several advantages, including economies of scale, greater access to capital, a wider range of products and services, and stronger financial stability.

Question 3: Is my money safe with Bangor Savings Bank?

Yes, your money is safe with Bangor Savings Bank. The bank is a member of the Federal Deposit Insurance Corporation (FDIC), which insures deposits up to $250,000. Additionally, Bangor Savings Bank has a long history of financial stability and is committed to the safety and security of its customers' money.

Question 4: How do I open an account with Bangor Savings Bank?

You can open an account with Bangor Savings Bank online, by phone, or at any of the bank's branches. To open an account online, visit the bank's website at bangorsavings.com. To open an account by phone, call the bank's customer service line at 1-800-433-2324. To open an account at a branch, visit any of the bank's 57 branches located throughout Maine and New Hampshire.

Question 5: What types of accounts does Bangor Savings Bank offer?

Bangor Savings Bank offers a variety of accounts, including checking accounts, savings accounts, money market accounts, certificates of deposit (CDs), and individual retirement accounts (IRAs). The bank also offers a variety of loan products, including personal loans, home loans, and business loans.

Question 6: What are the benefits of mutual ownership?

There are several benefits to mutual ownership, including:

• Alignment of Interests: Mutual ownership aligns the bank's interests with the interests of its depositors, ensuring that the bank is focused on providing its depositors with the best possible products and services.
• Long-Term Perspective: Mutual ownership gives the bank a long-term perspective, allowing it to make decisions that are in the best interests of its depositors over the long term.
• Local Focus: Mutual ownership ensures that the bank's profits are reinvested in the local community, supporting local businesses and individuals.
• Financial Stability: Mutual ownership contributes to the bank's financial stability, providing depositors with a safe and secure place to keep their money.

Bangor Savings Bank is a strong and stable financial institution that offers a wide range of products and services to meet the needs of its customers. The bank's commitment to community, customer service, and financial literacy make it a valuable resource for businesses and individuals in Maine and New Hampshire.

To learn more about Bangor Savings Bank, visit the bank's website at bangorsavings.com.

Tips from Bangor Savings Bank

Bangor Savings Bank, the largest bank in Maine and the largest mutually-owned bank in the United States, is committed to providing its customers with the highest level of service and support. Here are a few tips from Bangor Savings Bank to help you manage your finances and achieve your financial goals:

Creating a budget is one of the most important things you can do to manage your finances. A budget will help you track your income and expenses, so that you can make sure that you are living within your means. There are many different ways to create a budget, so find one that works for you and stick to it.

Saving money is essential for financial security. Even if you can only save a small amount each month, it will add up over time. There are many different ways to save money, so find one that works for you and make it a habit.

Investing is a great way to grow your wealth over time. There are many different investment options available, so it is important to do your research and find one that meets your needs. If you are not sure how to get started, talk to a financial advisor.

Credit can be a helpful tool, but it is important to use it wisely. Only borrow what you can afford to repay, and make sure to pay your bills on time. If you find yourself getting into debt, contact a credit counselor for help.

Identity theft is a serious crime that can have a devastating impact on your finances. There are many things you can do to protect your identity, such as shredding sensitive documents, using strong passwords, and being careful about what information you share online.

Retirement may seem like a long way off, but it is important to start planning for it as early as possible. The sooner you start saving, the more time your money will have to grow. There are many different retirement savings options available, so talk to a financial advisor to find one that meets your needs.

If you are struggling to manage your finances, don't be afraid to get help. There are many resources available, such as credit counseling, financial planning, and debt management. Talking to a financial professional can help you get back on track and achieve your financial goals.

By following these tips, you can improve your financial health and achieve your financial goals. Bangor Savings Bank is committed to helping you succeed, so please don't hesitate to contact us if you have any questions or need assistance.

Conclusion

Bangor Savings Bank stands as a testament to the power of community banking. With its unwavering commitment to its customers, the community, and financial literacy, Bangor Savings Bank has built a strong and lasting legacy in Maine and beyond. The bank's unique mutual ownership structure ensures that its profits are reinvested in the local community, creating a virtuous cycle of growth and prosperity.

As Bangor Savings Bank looks to the future, it remains committed to its core values of community, customer service, and innovation. The bank is constantly exploring new ways to serve its customers and meet the evolving needs of the community. Bangor Savings Bank is confident that it will continue to play a vital role in the economic and social development of Maine for many years to come.