Bangor names Moffatt as next CEO.
The longtime Bangor Savings Bank executive will succeed Bob Montgomery-Rice, who is retiring after more than two decades with the Maine institution.
Bangor Savings Bank will turn to one of its longtime executives to lead the $7 billion-asset mutual bank, naming Yolanda “Lannie” Moffatt as its next president and chief executive officer as the institution prepares for the retirement of its longtime leader.
Moffatt, who has spent nearly 20 years at Bangor Savings Bank and more than three decades in financial services, will take over Sept. 1. Bob Montgomery-Rice, who has served as president and CEO since 2015, will retire Aug. 31 after more than 20 years with the bank.
The transition gives Bangor Savings, one of Maine’s largest community banks, an internally developed successor with deep knowledge of its operations and culture at a time when the bank has expanded beyond its home market.
Moffatt, currently the bank’s executive vice president and chief operating officer, will also become president of Bangor Bancorp, MHC, the bank’s mutual holding company. She will be the 13th president and CEO of Bangor Savings Bank, which was founded in 1852.
Her career at the bank has included work involving strategy, operations, mergers and acquisitions and multistate banking. Before joining Bangor Savings, she held positions at MBNA America and Fleet Bank. She is also involved with the Maine Financial Institutions Insurance Trust Board of Trustees and the Maine Board of Accountancy.
The bank said the succession process was intended to preserve its mutual ownership structure, culture and values while maintaining its growth strategy across Northern New England. Montgomery-Rice is expected to work with Moffatt during the transition.
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“It has been one of the greatest privileges of my career to serve Bangor Savings Bank alongside such an extraordinary team,” Montgomery-Rice said. He added that he had confidence in Moffatt’s commitment to employees and customers and in her ability to lead the bank.
Montgomery-Rice’s tenure coincided with a period of expansion for Bangor Savings. The bank strengthened its position as Maine’s largest community bank, expanded into New Hampshire and completed acquisitions including Granite Bank and Damariscotta Bank & Trust.
It also opened Founders Place, its headquarters, and invested in technology, employees, talent development and customer experience.
For a regional bank, the expansion has created a broader footprint while retaining its mutual model. Bangor Savings now operates 69 branches in Maine and New Hampshire, along with business and loan production offices in Maine, New Hampshire and Massachusetts.
Vincent “Vin” Veroneau, chairman of the bank’s board, said Moffatt’s selection reflected the board’s confidence in her leadership and the strength of the bank’s internal team.
“Bob’s leadership has helped shape Bangor Savings Bank into the strong organization it is today,” Veroneau said. “The Board’s selection of Lannie reflects our absolute confidence in her leadership and the depth of our internal team.”
Moffatt said she was honored by the board’s decision and pointed to the bank’s employees, culture and relationships with customers and communities as foundations for its next chapter.
“We have an exceptional team, a strong culture, and a deep connection to our customers and communities,” Moffatt said.
The leadership change comes with Bangor Savings in its 174th year. The bank says its mutual structure allows it to make long-term decisions focused on employees, customers and communities rather than shareholders.
With more than $7 billion in assets, Bangor Savings provides retail, business and commercial banking services, as well as wealth management, investment and financial planning. Its operations extend across Maine, New Hampshire and Massachusetts.
For Montgomery-Rice, the coming retirement closes a long chapter at an institution that has grown considerably during his tenure. For Moffatt, the challenge will be to carry that momentum forward while maintaining the community-bank identity that Bangor Savings says has guided it since its founding.
“I take great pride in our people and all we have accomplished together, and I look forward to the opportunities ahead.”
– Yolanda “Lannie” Moffatt
Incoming President & CEO
Bangor Savings Bank
Ken McCarthy is manager of marketing communications at Tyfone, where he monitors the credit union industry and contributes to conversations shaping its future. He previously covered credit unions and community banking for American Banker and S&P Global Market Intelligence. He holds a journalism degree from Point Park University and has more than 15 years of experience covering financial services. He is also the author of three literary fiction novels.
