Old bank, new times : Bangor Savings strategy calls for southern expansion and new technology
Newly appointed president and soon-to-become CEO of Bangor Savings Bank, Bob Montgomery-Rice, explains the rationale for expanding branches into southern Maine and adding more technology to the bank's selection of services. The bank will have 57 branches by April, extending from Houlton to York. Mobile banking represents three times the transactions at branch teller stations, so application security and monitoring accounts for abnormal account patterns is a priority. The bank is also including microchips in its credit cards and later in its debit cards, to achieve compliance with credit card companies MasterCard and Visa. Other recent changes within the banking community include the generational change of leadership. Maine Bankers Association President Christopher Pinkham reports that, due primarily to retirements, there have been eleven new CEOs within the last year. Additionally executives and board members are younger and more women are included than have been in the past. Another challenge the bank faces is that some banks within the industry have no branches at all, but exist completely online so banks have to find ways to remain relevant to their customer base. As customers have come to expect more of teller services, Bangor Savings is responding by increasing teller pay and benefits. Bangor Savings is also a mutual savings bank, which has the advantage of taking a long-term view of its business. It has a mutual holding company, Bangor Bancorp, which allows for future acquisitions and the option to raise capital by issuing securities or selling stock while protecting the bank's assets.
Banks and banking
Valigra, Lori, "Old bank, new times : Bangor Savings strategy calls for southern expansion and new technology" (2015). Maine News Index – MaineBiz. 6275.
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