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April 24, 2018

Construction underway on Bangor Savings' new waterfront campus

Construction of the new five-story, 116,000-square-foot Bangor Savings Bank headquarters is underway at 11 Hamlin Way on Bangor's waterfront, with completion expected by the end of January 2019.

CEO Bob Montgomery-Rice gave the Bangor Daily News a walk-through of the new campus, saying that he sees the building as a sign that Bangor Savings is in the city to stay.

"It's exciting to see construction of our new headquarters along the banks of the Penobscot, where our story began so many years ago," he said.

The campus will also include a three-story, 35,250-square-foot building at 24 Hamlin Way and a parking garage for 350 to 400 cars.

Last August, Montgomery-Rice told Mainebiz that Bangor Savings, Maine's second-largest bank, needed a bigger headquarters after 16 straight years of earnings growth. For fiscal-year 2017, it posted record earnings of nearly $25 million, up 8.42% from 2016.

Out of 800 employees statewide, 370 are in Bangor — which Montgomery-Rice said could grow to 400 in the new site.

That's not the only construction Bangor Savings has had on tap over the past year. In 2017, the bank decided to renovate a former Bank of America building on Main Street in Biddeford, with plans to open a new branch with business offices in 2018. According to a news release, the building at 208 Main St. dates to 1915 and is within the Biddeford Main Street Historic District. It has been vacant since 2014.

Also in 2017, the bank began renovation on 79 Central St. in Millinocket. It will house a bank branch to replace its existing site at 96 Central St.

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