Bangor Savings Bank

What Bangor Savings Bank does

Bangor Savings Bank is a mutual savings bank founded in 1852 and headquartered in Bangor, Maine, operating under the Bangor Bancorp MHC holding company structure. The bank serves individuals, small and medium businesses, and community organizations across Maine, New Hampshire, and Massachusetts through a network of 70 full-service retail branches complemented by online and mobile banking channels (Bangor Online and Bangor Mobile). It reported $7.2B in total assets, $5.5B in deposits, and $15.3M in net income for FY24, with $1.1B in total loan production (including $450M in residential mortgages) and a 5-year cumulative loan production exceeding $9B.

The bank operates a modern, cloud-based core banking platform supporting personal and commercial deposit accounts, mortgage and consumer lending, proprietary everblue credit card products on the Mastercard network, merchant solutions, Bangor Payroll & HR services for businesses, and Bangor Wealth Management with $2.7B in AUM. It has built a Banking as a Service (BaaS) infrastructure, formalized in 2025 through partnerships with Helix and Crew, that enables fintech companies to embed banking services on the bank's rails. The bank has also invested in AI capabilities through a two-year 'Accelerating Insights' partnership with Northeastern University's Roux Institute and its Experiential AI Solutions Hub, producing a custom recommendation engine and an enterprise-wide AI/data literacy program.

Revenue is generated through net interest income on lending (residential, commercial, consumer), deposit-based net interest margin, transaction fees from merchant card processing (2,500+ clients, $1.3B+ annual sales volume) and credit card interchange, subscription-based fees from Bangor Payroll (4,700+ business clients) and wealth management, and emerging fee income from BaaS/fintech partnerships. The go-to-market is a hybrid of relationship-based community banking through branch and dedicated relationship managers, self-serve digital channels, and fintech partnership distribution, with a community-impact overlay (over $3.5M in annual contributions, 11,000+ volunteer hours, 18 consecutive years of Outstanding CRA ratings) that reinforces brand and regulatory positioning.

Name

Bangor Savings Bank

Legal name

Bangor Savings Bank

Website

https://bangor.com

Company type

Private

Founded year

1852

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Bangor Savings Bank is a mutual community bank founded in 1852, serving consumers, small/medium businesses, and community organizations across Maine, New Hampshire, and Massachusetts through 70 retail branches and digital channels, offering deposits, mortgages, proprietary everblue credit cards, wealth management, payroll/HR, merchant services, and fintech Banking-as-a-Service partnerships.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (522180), Savings Institutions and Other Depository Credit Intermediation (52218)

SIC

Savings Institutions, Not Federally Chartered (6036), Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

Mutual Savings Banks & Mutual Thrifts (FSABAEAD)

akta.pro secondary industries

BaaS Platforms & Sponsor Bank Enablement (FSAGALAA), Embedded Deposit Accounts & Digital Wallet Infrastructure (FSAGALAE), Student & Youth Banking (FSABAAAH), SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

Keywords

• Retail banking services
• Commercial banking
• Mortgage lending
• Wealth management
• Business banking services

Headquarters

HQ city

Bangor

HQ country

United States

HQ region

North America

Offices10 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Interest Income from Lending: Bangor Savings Bank generates primary revenue through interest income from its loan portfolio, including residential mortgages ($450 million production in FY24), commercial loans, business financing, consumer loans, and home equity products. The bank earned $15.3 million net income in FY24.
2. Deposit-Based Revenue: Revenue generated from deposit balances ($5.5 billion at end of FY24), including checking, savings, money market, and CD accounts. Interest paid to depositors represents a primary cost structure.
3. Non-Interest Income - Merchant Solutions: Fee income from merchant card processing services with over 2,500 business clients processing more than $1.3 billion in sales volume annually.
4. Non-Interest Income - Payroll & HR Services: Bangor Payroll & HR services serving over 4,700 business clients, providing recurring subscription-based revenue for payroll processing, HR technologies, and related services.
5. Wealth Management Fees: Investment management, financial planning, and trust services through Bangor Wealth Management and Bangor Wealth Management of New Hampshire, managing $2.7 billion in client assets with 13% growth in FY24.
6. Credit Card Revenue: Revenue from the everblue credit card suite including interchange fees, interest income, and associated transaction fees on consumer and business credit cards.
7. Banking as a Service (BaaS) Revenue: Revenue from fintech partnerships through BaaS arrangements, enabling non-bank businesses to offer banking services on the bank's infrastructure, creating diversified deposit base and fee income.

Pricing tiers

Go-to-market motion3 records

Distribution channels9 records

Marketing channels8 records

Core offering

Bangor Savings Bank is a mutual community savings bank that provides personal and business deposit products (checking, savings, money market, CDs), consumer and commercial lending (residential mortgages, home equity, personal, vehicle, education, and business loans), credit and debit cards including the proprietary everblue suite, wealth management and trust services, merchant card processing, payroll and HR solutions, and cash management services. It also operates a Banking as a Service (BaaS) platform that enables fintech companies to embed banking services on the bank's regulatory and infrastructure backbone.

Product overview

Bangor Savings Bank is a regional community bank offering a comprehensive suite of financial products and services through multiple channels. The core banking business includes personal and business checking/savings accounts, mortgage lending, and wealth management services. The bank has developed proprietary credit card products under the everblue® brand (Cash Back Plus, Low Rate, Credit Building for personal use; Business Rewards Plus for business), a teen debit card called pling®, and a local rewards program called Buoy Local. Supporting infrastructure includes Bangor Mobile (iOS/Android app), Bangor Online Banking, Bangor Payroll (HR/payroll services), and Merchant Solutions (payment processing via Global Payments, Clover, Toast). The bank operates a Banking as a Service (BaaS) platform for fintech partners and has invested in AI capabilities including a recommendation engine developed with Northeastern University's Experiential AI Solutions Hub. The bank has 69 branches in Maine and New Hampshire with over $7 billion in assets.

Differentiator

Problem solved

Functional benefit

Brands

• everblue: Credit card suite offering personal and business credit cards with rewards, cash back, and low-rate options. Includes everblue Cash Back Plus, everblue Low Rate, everblue Credit Building, and everblue Business Rewards Plus.
• Buoy Local
• pling
• Bangor Wealth Management
• Bangor Payroll

Products and services

• Benefit Checking
• Benefit Plus Checking
• Benefit Promise Account
• Benefit 62 Checking
• Personal Savings Products
• everblue Cash Back Plus
• everblue Low Rate
• everblue Credit Building
• everblue Business Rewards Plus
• pling Teen Debit Card
• Buoy Local Rewards
• Mortgage Lending
• Home Equity Lines of Credit
• Personal and Vehicle Loans
• Education Loans
• Business Checking and Savings Accounts
• Merchant Solutions
• Bangor Payroll & HR
• Cash Management Solutions
• Business Financing
• Cannabis Business Banking
• Banking as a Service (BaaS)
• Bangor Wealth Management
• Bangor Wealth Online
• Bangor Online Banking
• Bangor Mobile App
• Prepaid VISA Gift Cards
• SpendTrack
• Commercial and Small Business Insurance

Quantifiable outcome

• $450 million in residential mortgage loan production supporting 487 first-time homebuyers in FY24
• +6 more outcomes

Named customers11 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration14 records

AI capability7 records

Feature8 records

Partnerships

17 partnerships are on record, tiered core and minor.

• HelixcoreTechnology or Integration · 12 November 2025Helix partnered with Bangor Savings Bank to expand its Banking as a Service (BaaS) capabilities. Bangor Savings Bank provides the regulatory and infrastructure backbone while Helix delivers the technology platform and user interface for embedded banking services.
• CrewcoreTechnology or Integration · 5 November 2025Crew, a Utah-based fintech, partnered with Bangor Savings Bank to offer interest-bearing checking accounts as part of its pre-spend banking platform. The partnership enables Crew to leverage Bangor Savings Bank's banking infrastructure to provide banking services to its users, with reports of increased user activity and transaction volume following the partnership launch.
• Northeastern University's Roux InstitutecoreStrategic or Co-development Partner · 1 October 2024Bangor Savings Bank and Northeastern University's Roux Institute launched 'Accelerating Insights,' a two-year partnership focused on data literacy training and workforce development. The program equips bank employees with skills in data fluency and responsible AI use. The partnership also includes talent access through Northeastern's co-op program, bringing students and graduates to support bank operations. Roux Institute experts work embedded within the bank providing customized guidance on AI implementation.
• Northeastern University's Experiential AI (EAI) Solutions HubcoreTechnology or Integration · 1 October 2024Bangor Savings Bank was one of the first partners in Northeastern's AI Solutions Hub program. The bank worked with the Institute for Experiential AI and Roux Institute to develop a customized recommendation engine that supports strategic initiatives and operations by empowering employees to deliver personalized recommendations and enhance customer engagement.
• MastercardcoreTechnology or IntegrationMastercard provides payment processing infrastructure and card network services for Bangor Savings Bank's debit and credit card products. The bank participates in Mastercard Start Path Emerging Fintech program and issues Mastercard-branded cards including everblue credit cards and debit cards.
• MaineHousingcoreStrategic or Co-development PartnerBangor Savings Bank partners with Maine State Housing Authority for down payment assistance programs (up to $14,000), first-time homebuyer programs, and affordable housing lending. The bank has been named MaineHousing's Top Lender for 16 consecutive years.
• New Hampshire HousingcoreStrategic or Co-development PartnerBangor Savings Bank partners with New Hampshire Housing for down payment assistance programs (up to $25,000) and first-generation homebuyer programs. The partnership has financed affordable housing developments including a $3.7M project for 48 affordable rental units in Manchester, NH.
• MassHousing (Massachusetts Housing Finance Authority)coreStrategic or Co-development PartnerBangor Savings Bank partners with MassHousing for down payment assistance programs (up to $30,000) for Massachusetts residents, supporting homeownership across the bank's service area.
• Federal Home Loan Bank of BostoncoreStrategic or Co-development PartnerBangor Savings Bank partners with Federal Home Loan Bank of Boston for affordable housing program applications, supporting 10 applications and Low-Income Tax Credit fund projects for affordable housing development.
• SBA (Small Business Administration)coreStrategic or Co-development PartnerBangor Savings Bank is a SBA 504 lender and has been named Top SBA 504 Lender in Maine and Top SBA Underserved Community Lender in New Hampshire, supporting small business lending through SBA programs.
• Avesta HousingminorStrategic or Co-development PartnerAvesta Housing received sponsorship from Bangor Savings Bank to help residents find and stay in affordable homes through their Homeownership Fund.
• Maine Affordable Housing CoalitionminorStrategic or Co-development PartnerBangor Savings Bank collaborates with the Maine Affordable Housing Coalition to improve housing systems and provide safe, affordable housing options.
• VOA Northern New EnglandminorStrategic or Co-development PartnerPartnership with Volunteers of America Northern New England to provide safe, affordable housing through collaborative efforts.
• USDA Rural DevelopmentcoreStrategic or Co-development PartnerBangor Savings Bank has been named USDA Rural Development's Top Lender of the Year, partnering on rural housing and development programs.
• BlackRock (iShares)coreTechnology or IntegrationBangor Savings Bank offers iShares ETFs through its investment platform, including iShares Core MSCI EAFE ETF (IEFA), iShares Core S&P Small-Cap ETF (IJR), iShares MBS ETF (MBB), and iShares 0-3 Month Treasury Bond ETF (SGOV) as part of its investment product lineup.
• PIMCOcoreTechnology or IntegrationBangor Savings Bank offers PIMCO Multi Sector Bond Active ETF (PYLD) as part of its investment product lineup for customers.
• State Street (SPDR)coreTechnology or IntegrationBangor Savings Bank offers SPDR Gold MiniShares Trust (GLDM) as part of its investment product lineup, providing customers access to gold investments.

Scale indicators21 records

Recent moves10 records

Expansion highlights7 records

Broad incumbents

• M&T Bank: Northeast-focused regional bank with commercial, retail, and wealth services. Operates in overlapping New England and Mid-Atlantic geographies, including SBA lending.
• KeyBank: Large regional bank with retail and commercial presence in the Northeast, including community banking and SBA lending directly comparable to Bangor's commercial banking franchise.
• Live Oak Bancshares: Digital-forward community bank with strong SBA lending franchise and fintech partnerships; relevant comparable for Bangor's combination of community banking and embedded finance ambitions.
• Citizens Bank: Major regional bank competing for deposits, mortgages, and small business banking across New England. Operates commercial banking and wealth management arms analogous to Bangor's offerings.
• TD Bank (TD Bank, N.A.): Large regional bank with significant branch presence across Maine and New Hampshire, directly competing for retail and small business deposits in Bangor's core markets.

Direct peers

• Norway Savings Bank: Maine-based mutual savings bank offering retail, commercial, and wealth services across Northern New England. Comparable mutual ownership structure and regional community banking focus.
• Camden National Bank: Maine-headquartered community bank serving Northern New England with retail and commercial banking, wealth management, and similar community-focused model. Closest direct comparable in geography, size, and product mix to Bangor Savings Bank.
• Bath Savings Institution: Maine-chartered mutual savings bank with retail and commercial banking. Closely matches Bangor's mutual savings charter and Northern New England footprint.

Others

• Bangor Bancorp MHC: Mutual holding company parent of Bangor Savings Bank; structurally and regulatorily comparable to other mutual MHCs in the U.S. community banking sector (though typically not a commercial competitor).

Emerging players

• Cross River Bank: BaaS sponsor bank partnering with fintechs to deliver embedded banking products — directly comparable to Bangor's BaaS strategy with Helix and Crew, but at significantly larger scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/bangorsavings
• YouTubeyoutube.com/channel/UC6hwOwRZiNJGfBnmLgMxSAA
• Facebookfacebook.com/bangorsavingsbank
• LinkedInlinkedin.com/company/bangor-savings-bank
• Instagraminstagram.com/bangorsavings

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles22 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bangor Savings Bank