Bangor Savings Bank is investing $2.8 million to build a new branch in Auburn and is seeking another location to open within one to two years as part of its effort to expand in central Maine.
“We are looking for other locations in central Maine. It’s one place we need to fill out,” said Bob Montgomery-Rice, CEO of Bangor Savings. “I hope our next location will be in Windham. That’s on our short list of locations.”
He said customer requests are what help determine location choices.
The bank already has a branch at 882 Lisbon St. in Lewiston that Montgomery-Rice described as in the top 25 of the bank’s 58 locations in Maine in terms of assets by deposits. That branch has seven full-time employees.
The bank also has locations in Waterville and Augusta.
The new branch, at 170 Turner St. in Auburn, is under construction and is slated for completion in December or January. A condemned building that was torn down previously stood at the location.
The Auburn branch, with 5,600 square feet, is relatively large for the bank, Montgomery-Rice said. It will be full-service, with a lobby that takes up half the size of the location, as well as ATMs and a drive-through teller window.
The branch will be home to about 10 new hires when it opens and will have up to 13 people when it is fully built out.
“What’s different about this location is we created more space for the business side of our banking business,” he said. “We will have five positions to service primarily businesses. That happens in about half of our locations.”
The Lewiston branch does not have space for those positions and is at capacity, with no room for expansion.
“We feel there’s enough going on in the area to warrant having someone in commercial banking, payroll, merchant services and home mortgage services,” he said. “That’s additive to the franchise. It’s not transfers.”
He does expect some of the business conducted in Lewiston to move to Auburn but said that is typical of bank locations that span both sides of a river.
Bangor Savings is one of the top banks in Maine with assets of $4.4 billion as of Dec. 31, 2018. It will release audited results in June. Its fiscal year ended March 31, 2019.