Bangor Savings’ earnings up 17%

BANGOR – Bangor Savings Bank has experienced another year of growth and increased profits, company officials were expected to announce Monday at the bank’s annual meeting.

The 153-year-old institution had a net income of $13.7 million during the 2004-2005 fiscal year, representing an increase of 17 percent from the prior year, bank officials said Monday. In 2003-2004, Bangor Savings Bank’s net income increased $11.73 million, up nearly 27 percent from the year before.

The bank’s fiscal year ended March 31.

The bank’s capital reached $160 million, a 7.3 percent increase of $10.9 million over the previous 12 months.

Outgoing Bangor Savings Bank CEO James Dowe said Monday that the bank’s efforts to expand its territory and to diversify its services and revenues have proved to be good strategies. In the past year, the bank has opened a new office in Lewiston and consolidated its Portland offices into one facility with more services.

“There are 1.2 million people in Maine, so our view is that we need to sell as many services as we can,” Dowe said. “All the trends we are reporting this year are headed in the right direction.”

On Monday, Dowe was expected to step down formally as CEO of the bank and to pass that title to James Conlon, who has been the bank’s executive vice president since 2003. Dowe will remain as president and a trustee of the bank through 2006, according to Chairman of the Board David Carlisle.

The bank’s growth strategy is not expected to change with the change of leadership, according to Dowe.

“We really see ourselves as having a statewide presence,” he said. “You’ve got to grow to thrive and survive.”

Conlon said the bank will continue to do what it can to provide competitive services to its customers.

“The marketplace is always changing, so we’ll always be looking into new opportunities,” Conlon said.

Bangor Savings Bank has 43 offices throughout the state and approximately 540 employees.