Bangor Savings Bank, which in December announced it would acquire Damariscotta Bank & Trust for $35 million, is continuing its rapid expansion with plans to open two new branches in 2020.
The bank plans to build full-service branches at 745 Roosevelt Trail in Windham and at 999 Elm St. in Manchester, New Hampshire, CEO and President Bob Montgomery-Rice told the Bangor Daily News on Tuesday.
Each branch will hire about 10 employees who will work onsite or in the field. Construction will be mid-summer to late fall, he said.
Bangor Savings also recently opened a branch in Auburn as part of its expansion into central Maine.
The Windham location, expected to start operations in early 2021, will be built on an existing Cross Insurance location. Upon completion the bank and insurance company will share the building. The branch will have consumer and commercial banking services and an ATM.
“Manchester is the economic hub of New Hampshire,” Montgomery-Rice said of the New Hampshire location. That walk-up location also will have consumer and commercial banking services and an ATM.
The Manchester location, which is expected to open in the fall of 2020, will be Bangor Savings’ seventh branch in New Hampshire. Bangor Savings completed its $45 million merger with Granite Bank of New Hampshire in 2018.
Bangor Savings has 57 branches and more than 950 employees in New England. When the planned merger with Damariscotta Bank is completed later this year, Bangor Savings will add that bank’s six branch offices in midcoast Maine.
With $4.75 billion in assets, Bangor Savings is Maine’s largest bank.
Montgomery-Rice said he expects Bangor Savings to pass $5 billion in assets and have more than 1,000 employees later this year.