Bangor Savings Bank announced Thursday that it is purchasing Buoy Local, the Portland-based gift-card company, and intends to expand its services statewide.
The two companies began working together about two years ago, when the Portland startup tapped Bangor Savings to help expand its services into the Bangor market.
The Buoy Local gift card is a single gift card, redeemable only at Maine businesses, such as restaurants, retailers, gift shops, spas, and with service providers like tour operators and photographers.
More than 100 businesses in Portland and Bangor accept the gift card and more than $185,000 has been spent with Buoy Local gift cards since the company was founded in November 2013, the bank said in a release announcing the acquisition.
Terms were not disclosed.
“We believe that Buoy Local fits perfectly with our brand and our support of Maine’s small business customers,” Bangor Savings President and CEO Bob Montgomery-Rice said.
“We care about Maine’s communities and local merchants, and we know that promoting the notion of shopping locally is important in helping Maine’s small businesses thrive.”
Buoy Local founders Kai Smith and Sean Sullivan will remain as consultants through the transition.
The bank intends to bring the gift-card program to hundreds of retail merchants, local chambers of commerce and downtown associations.
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