BANGOR – Bangor Savings Bank’s depositors have approved the reorganization of the institution from a mutual savings bank to a mutual holding company structure, the bank has announced.

The vote was made official at a Dec. 21 meeting of depositors at the bank’s Eames Learning Center in Bangor.

Bangor Savings Bank sent voter proxy statements to its depositors in November, asking that they be returned by Dec. 21. Under federal banking regulations, bank customers were allowed one vote for every $100 on deposit. About 63 percent of eligible depositor votes were cast in favor of the plan, and about 6.3 percent were cast in opposition. The remaining 30.7 percent of eligible depositor votes were not submitted.

“We are extremely pleased with the outcome of the vote. This is the right move for the bank to make, as the mutual holding company structure allows us to remain an independent, mutual company while also allowing more opportunities for future growth,” said Jim Conlon, president and CEO of Bangor Savings Bank.

Bangor Savings Bank is currently a mutual savings bank, meaning it is regulated under state and federal law for the benefit of its depositors. A local board of trustees makes major decisions independently of the legal owners.

Under the proposed structure, Bangor Savings Bank would create a mutual holding company, Bangor Bancorp, which would own Bangor Savings Bank. The bank would become a stock bank but would issue 100 percent of its stock to the mutual holding company.

The reorganization will facilitate future acquisitions and give the bank the option to raise capital by issuing securities or selling stock, although no stock sales are planned for the future, Conlon said. A majority stock sale would require approval from the bank’s depositors.

Bangor Savings Bank will continue to operate under the name “Bangor Savings Bank” and its headquarters will remain in Bangor.

There will be no change in the officers and staff of the bank as a result of this reorganization, Conlon said. The institution will continue its deposit-taking, lending and normal banking operations, and the terms of customer accounts – including deposit insurance – will remain unaffected.

Under the proposed structure, the bank’s current nine-member board of trustees will serve as the directors of the mutual holding company. The trustees have approved the plan unanimously.

With the voting complete, the bank will seek formal regulatory approval of its plan of reorganization, which it expects to receive. The bank will file applications with the Federal Reserve, Federal Deposit Insurance Corp. and Maine Bureau of Financial Institutions this week. The regulatory approval process can take up to 120 days. The actual corporate reorganization may take place 15 days after final approval.