BANGOR – Bangor Savings Bank is buying Advanced Payroll Plus, a Maine-based payroll services firm with offices in Bangor and Portland, for an undisclosed amount.

Advanced Payroll Plus, founded in 1988, specializes in design and administration of PC-based payroll services, tax reporting and remittance services, and human resources and benefits administration and reporting systems.

“Together Bangor Savings Bank and Advanced Payroll Plus provide a complete package for Maine businesses – lending and corporate services, expertise in securities, insurance and investment management, and now payroll services and employee benefits administration,” said P. James Dowe Jr., president and CEO of Bangor Savings Bank. “All are available to businesses statewide by a locally owned and operated institution.”

Bangor Savings Bank has entered into an agreement to acquire the assets of Advanced Payroll Plus through the bank’s wholly owned subsidiary, Maine Information Services Inc. The acquisition is subject to final regulatory approval and scheduled to be completed by summer. Advanced Payroll Plus will continue to operate under its existing name and maintain its current offices in Bangor and Portland as well as its Web site at www.apayplus.com. Advanced Payroll Plus currently has 24 employees, including founder and president Alan Peters, who will become employees of Bangor Savings Bank.