Machias Savings Bank to open 11th branch, first in Bangor

BANGOR – Machias Savings Bank has purchased space on Outer Hammond Street and plans to open its 11th location – and first branch in Greater Bangor – as early as November.

“The great thing about the banking market is that it’s very fractured,” James Donnelly, Machias Savings regional vice president, said Thursday. “There are plenty of opportunities to go around.”

Donnelly said the bank already has built a strong client base in the Bangor area and now has a location to better accommodate those clients.

“We have had customers by referral that have been bringing us closer to Bangor,” he said. “Customers have been requesting a branch in Bangor for a while.”

Machias Savings will have to compete with Bangor Savings Bank, Bangor Federal Credit Union and Bansco Credit Union – which are all located on Hammond Street – but Donnelly said competition is a healthy thing.

“I don’t think we’re going to scare anybody,” he said. “But this [location] looks like it would be our cup of tea. We’ll be serving exactly the kinds of customers we look for.”

The location at 1158 Outer Hammond St., which has been empty for two years and at one time housed a Fleet Bank branch, is ideal, Donnelly said. The branch will be next door to the Target Industrial Circle in Bangor’s industrial area.

Five jobs will be created at the branch.

Machias Savings Bank opened its first location in 1869 and now has 11 locations across eastern Maine, including its home office in Machias. The previous closest branch to Bangor was Ellsworth. The last Machias Savings location to open was in Lincoln two years ago.

In 2003, Machias Savings Bank had $429.2 million in assets, liabilities and reserves.