BANGOR, Maine — Bangor Savings Bank has purchased a Portland-based gift card company.
Bank President Bob Montgomery-Rice announced the acquisition last week during an event at a Portland brewery.
Buoy Local provides gift cards that can be redeemed only at select Maine restaurants, retailers, gift shops, spas and other businesses. The intent is to encourage people to spend their money locally. A list of about 100 businesses, primarily in Bangor and Portland, accept the card.
The company says about $185,000 has been spent using the cards since it launched in late 2013.
Bangor Savings Bank and Buoy Local have partnered since 2014. Initially, the bank provided card processing services for Buoy Local. Last year, the bank started marketing the gift cards in an effort to expand the program into the Bangor market.
“We believe that Buoy Local fits perfectly with our brand and our support of Maine’s small business customers,” 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.”
The terms of the acquisition were not disclosed, but it will have no impact on existing cards or cardholders. Merchants will continue to honor the balance of cards, according to a news release.