BANGOR – P. James Dowe, president and chief executive officer of Bangor Savings Bank, has been named 2003 Business Leader of the Year by Mainebiz, a biweekly business publication based in Portland and distributed statewide.

The March 3 issue of Mainebiz profiles Dowe and cites the accomplishments which led to his selection.

Since becoming CEO in 1995, Dowe has led the transformation of what was essentially a community bank into the second largest locally owned bank in the state.

“Dowe urged the bank’s board to support a successful offer to purchase 28 Fleet branches in 1998, and he has helped engineer the bank’s diversification into financial services and insurance products,” Mainebiz said in a press release announcing the award.

The publication also cited the bank’s acquisition of Advanced Payroll Plus, a Bangor-based payroll services firm, and Bangor Savings’ 150th anniversary celebration in 2002 as significant milestones.

The bank’s growth also occurred while Dowe strengthened the bank’s ties to the community, according to Mainebiz Editor Scott Sutherland, who listed Maine Public Broadcasting, the University of Maine System and Bangor Public Library as entities that benefited from the bank’s support. In particular, Sutherland referred to the Bangor Savings Bank Foundation, which Dowe helped establish in 1997 and which has since donated more than $1 million to educational, cultural and philanthropic organizations around the state.

“It’s his genuine interest in the welfare and future of Maine that really sets Jim Dowe apart,” said Sutherland. “He isn’t afraid to think big or to suggest unconventional approaches for addressing some of Maine’s toughest problems.”