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W W W. M A I N E B I Z . B I Z 21 A U G U S T 2 1 , 2 0 1 7 F O C U S G R E AT E R B A N G O R Dufour, who grew up in Old Town. "We nd that Bangor is a good employment market for us." As a mutual savings bank with no stockholders and no obligation to pub- lish quarterly earnings, Bangor Savings Bank has the freedom to make invest- ments without an immediate payback. It's been spending money lately on new branches, including two in Portland, one in Augusta, one in Brunswick and a Portsmouth loan production o ce in July where developer Latulippe is eye- ing "two or three" downtown locations for its rst branch outside of Maine. Like others in the sector it's also investing in technology, becoming Maine's rst bank — and one of only two in New England so far — to pro- vide dual-technology debit cards with chips as well as higher-security near- eld communication (NFC) known as tap and pay. It was also the rst local nancial institution in Maine to o er customers all three mobile wallet solu- tions — Android, Apple and Samsung Pay — for credit and debit card uses. Since it was founded in , Bangor Savings has made only two acquisi- tions of note: the purchase of Fleet Bank of Maine branches that opened the door to statewide expansion, and last year's buy of Portland gift card rm Buoy Local, which it plans to turn into a statewide program via a mobile application due to be rolled out in com- ing months. " e reason we bought the business is because it's very brand- centric and aligned with our own. It just needs to be energized and scaled up," says Jamey Doughty, senior vice presi- dent and director of product manage- ment and digital banking. While the move outside the tradi- tional banking realm may seem unusual, consultant Erin Hurley of Hurley Solutions Inc. in Portland says it makes sense. "Banks across the country are seeking ways to diversify their business model, generate non-interest income, and deepen existing relationships with clients so as to remain relevant," she says. "So I am not surprised by this acquisi- tion, and I suspect we will see more from other banks in the not too distant future." But she doesn't see any risk of Bangor Savings itself falling prey to a takeover because of its set-up as a mutual savings bank. "Given there is no stock, the risk of a takeover is minimized, which can be an attractive attribute for customers seeking a bank that will remain relatively unchanged in name and mission." R C , M a i n e b i z s e n i o r w r i t e r, c a n b e r e a c h e d a t @ . a n d @ BANGOR MAINE 1 College Circle 207.941.7100 PRESQUE ISLE On the NMCC campus 207.760.1176 WESTBROOK 340 County Road 800.562.1294 ONLINE online.husson.edu 855.902.9965 Learn about how our Corporate Partners Program can strengthen your business. Husson offers... ■ Prior Learning Assessment – Earn up to 30 credits toward your Bachelor's degree! ■ Undergraduate, graduate, and stackable certificate programs ■ Affordable tuition – Assistance navigating financial aid and tuition reimbursement plans ■ Flexible class options – Online, afternoons, evenings and weekends ■ Convenient locations – Bangor, Westbrook, Presque Isle and Online Our graduates are ready to add value to today's organizations. Invest in your employees... And reap the returns. William Watson, MBA, Director of Corporate Partnerships 207.659.6551 | watsonw@husson.edu THE VALUE OF A BUCK. OF A BUCK. You understand the value of a dollar. Early mornings. Late nights. Tenacity, wit, and a work ethic that means you never quit, you never settle. Neither do we. Our team honors your lifelong effort with the same level of dedication — and the same work ethic — that it took to realize your dreams. First Advisors PERFORMANCE YOU CAN TRUST First Advisors Investment Management. Retirement Planning. Trust Services | firstadvisorsonline.com | 866-563-1900 PROTECTING DREAMS | Securities and investment products are not bank deposits, are not insured by the FDIC or any other government agency, are not obligations of, nor guaranteed by, any bank or bank affiliate, and may involve investment risk, including the possible loss of value or principal amount invested.

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