A focus on helping those most in need
Community Development at Bangor Savings Bank illustrates our commitment to the communities we serve in Maine and New Hampshire as well as our “You Matter More” promise. We approach community development through the execution of a purposeful and focused annual plan dedicated to fostering healthy communities, sustained economic growth, and the financial mobility for our citizens. We work collaboratively with the private and public sectors to identify and address needs, provide comprehensive and innovative financial solutions, and attract and deploy capital for community investment. Our work aligns with the priorities of the Community Reinvestment Act – providing lending, financial services, and financial investment to those most in need.
Working collaboratively with the private, public, and nonprofit sectors, the Bank has achieved the FDIC’s highest ”Outstanding” rating for lending, service, and investment in each of its last four, three-year CRA assessment periods. In Maine, the Bank continues to be distinguished as the number one mortgage lender for first-time home buyers and number one small business lender. The Bank continues to maintain CRA qualified investments and grants exceeding one percent of total bank assets.
The Bank engages in a comprehensive outreach and business development effort with governmental agencies, nonprofit organizations, regional economic development corporations, and other community organizations resulting in loans, investments, and financial services for community development purposes, particularly for the development or availability of affordable housing and economic development purposes.
Working with agencies such as the U.S. Department of Housing & Urban Development, USDA Rural Development, Veterans Administration, U.S. Small Business Administration, Federal Home Loan Bank, State and municipal housing authorities, State CAP agencies and CDFIs, the Bank delivers innovative and flexible lending and financial solutions while achieving compliance with all Federal and State community reinvestment, fair lending, equal credit opportunity, and consumer protection regulations.
Bangor Savings Bank and the Bangor Savings Bank Foundation contribute more than $2 million annually to organizations and communities throughout Maine and New Hampshire. Included is our “Community Matters More” campaign, which provides more than $100,000 in grants annually for non-profit community organizations throughout the two states.