Bangor Savings Bank posted growth last year in a time when many financial institutions were floundering.
Maine’s largest independent bank grew its income 2.2 percent last fiscal year, which ended March 31, to nearly $17 million. Assets increased 2.6 percent to $2.32 billion.
Jim Conlon, the bank’s president and chief executive officer, attributes the bank’s success to the customers who see it as a sense of stability in a tough economic climate.
“And because of their trust, we generated over $300 million in home loans this year. This gives us great pride in knowing that we have helped so many Maine families realize the American dream of owning a home,” Conlon said.
In the past year, the company gave $1.2 million in sponsorships and grants to programs like the Salvation Army’s Santa’s Helper Campaign.
Conlon highlighted at the annual meeting today that four new bank branches will open this year in the Portland area, hiring 22 employees.
The bank will also be upgrading its Internet banking and online financial management tools.
The bank currently has 53 branches and more than 600 employees throughout the state.
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