CWM Member Highlight
Conscious Business is Good Business—and Bangor Savings Bank Has the Formula for Success
Bangor Savings Bank (BSB) is more than just a financial institution. It’s an organization rooted in community, employee, and environmental values. Founded in 1852 with the purpose of helping people secure homes by providing housing mortgages, the mutual savings bank has grown into a multi-service, multi-state organization that serves Maine and New Hampshire. Yet, throughout its growth as a company, BSB has stayed true to its mission to help employees, customers and communities thrive. In the competitive world of banking, having something that makes you stand out is important. For Bangor Savings Bank, along with its conscious business approach, it's the fact that it is a mutual savings bank.
As a mutual savings bank, contrary to traditional banks, BSB is able to focus on long-term goals and outcomes, with a specific concentration on investing in the community. This foundational structure aligns well with undertaking climate action work and socially conscious business, allowing the Bank to take care of its communities, customers, and employees, all of which creates benefits for the Bank as well.
It comes as no surprise that Bangor Savings Bank is a leader in sustainable and socially responsible business, especially after you see the initiatives it is undertaking and programs it offers. BSB believes in
serving all its stakeholders, of which it splits into four different pillars—its employees, customers, communities, and the environment. As mentioned, BSB calls this its "Conscious Business” approach
where it creates value for the business and all its stakeholders. BSB’s key initiatives in each pillar are:
1. Employee Wellbeing & Equity
● Diversity & Inclusion: Internal, employee-led Diversity, Equity, Inclusion, and Belonging (DEIB) Council. To help ensure all employees feel that they belong.
● Fair Compensation: Ongoing compensation studies and financial wellness impact measurement to ensure fair and equitable pay and benefits.
● Holistic Wellness: Programs cover Health & Wellness, Financial Wellness, Emotional Wellness and Professional Development.
● Education Access: Over $1.5 million reimbursed in tuition assistance, easing transitions into the workforce and setting employees up for success.
“We prioritize understanding employees as individuals and supporting them holistically—not just treating them as numbers,” noted Ryan Albert, Director of Human Resources and Employee Development at Bangor Savings Bank.
2. Customer Impact
● Customer Satisfaction: 8x J.D. Power Award winner for customer service excellence.
● Equity in Access: Expanded banking interpretation services, including American Sign Language.
3. Community Impact
● Community Investment: $2.2M+ in corporate giving and over 11,000 employee volunteer hours in 2023.
● Small Business Support: Helped finance 45 startups in 2023, creating 350 jobs and retaining 692.
4. Environmental Commitment
● Renewable Energy: Installed rooftop solar at several branches, including the largest array in Maine atop their Founders Place Campus garage—avoiding 1M+ lbs of CO2.
● Digital Transformation: Push for paperless e-statements improved both sustainability and customer experience.
Bangor Savings Bank has clearly invested significant time and energy into creating meaningful value for its stakeholders, and it's evident that the bank cares deeply about the work it does. As a BSB representative put it, “It’s the right thing to do, but it’s also good business sense when you have diverse ideas that help to move business forward.”
Bangor Savings Bank’s approach is not only values-driven—it’s strategic. Investing in employee wellness builds retention and engagement. Supporting small businesses strengthens local economies. Acting on climate creates operational resilience and brand trust. Furthermore, BSB utilizes the resources that ClimateWork Maine (CWM) offers to fill knowledge gaps and stay informed and agile.
“What’s been most helpful in our connection with CWM is that we’re aligned with like-minded organizations. Their best practices have been instrumental in our journey,” says Sandra Klausmeyer, Senior Vice President, Director of Strategic Initiatives at BSB, and Board Member at CWM.
This kind of knowledge-sharing is made possible because, as Klausmeyer noted, all members share a common ethos—valuing employees, customers, and communities—which makes it easy to adapt ideas across industries. Bangor Savings Bank understands that real impact does not come from one organization alone. It’s built through collective action, shared knowledge, and open conversations—another reason why it joined ClimateWork Maine. As they noted, “Maine is a special place—everyone’s willing to have a cup of coffee with anyone.” Bangor Savings Bank encouraged other companies, whether they are members or not, to look into CWM’s resources and use the network. It’s a powerful tool to not only connect with other professionals but also learn, ask questions, and see different perspectives.
As a leading member of ClimateWork Maine, Bangor Savings Bank brings invaluable insight and forward-thinking to every conversation and event. Its leadership not only drives progress within their own organization but also inspires a broader movement toward a more responsible and resilient business community.
Learn more at their website: https://www.bangor.com/
