BANGOR SAVINGS BANK
PPP Lender · 7,971 loans · $594.2M total · 23 states served
BANGOR SAVINGS BANK was one of the thousands of SBA-approved lenders that participated in the Paycheck Protection Program. During the program period (April 2020 – May 2021), the lender originated 7,971 PPP loans totaling $594.2M, representing approximately 0.07% of all loans nationwide.
BANGOR SAVINGS BANK served borrowers across 23 states. The largest concentration of activity was in Maine, where the lender originated 6,939 loans totaling $492.6M. Other states with significant activity included New Hampshire, Massachusetts, Vermont.
The average loan size for this lender was $74,548. This figure reflects the mix of borrower types — large companies, small businesses, sole proprietors, and non-profits — that applied through this institution. Lenders were responsible for collecting and verifying borrower certifications and submitting loan applications to the SBA's E-Tran system.
Among the largest named borrowers that received loans through BANGOR SAVINGS BANK were: HUSSON UNIVERSITY (ME) — $5,965,000; EOS KINGSTON RESORT HOLDINGS LLC (NY) — $4,699,700; COMMUNITY HEALTH AND COUNSELING SERVICES (ME) — $4,476,600; and PRESERVATION MANAGEMENT, INC. (ME) — $4,403,300.
PPP lenders were compensated through processing fees paid by the SBA rather than by borrowers. Fees ranged from 1% to 5% of the loan amount depending on loan size. Lenders were not required to take credit risk — the SBA provided a 100% guaranty on each loan. This structure incentivized broad participation but also contributed to documented cases of lender fraud and over-processing of applications.
Borrower names for loans under $150,000 are withheld under FOIA Exemption 6. As a result, the named recipients shown below represent only a fraction of this lender's total portfolio. The full loan count and amount figures include all loans in the SBA's data regardless of disclosure status.
Activity by State
| State | Loans | Total Approved | Forgiveness Rate |
|---|---|---|---|
| Maine | 6,939 | $492.6M | 98.8% |
| New Hampshire | 880 | $71.4M | 99.7% |
| Massachusetts | 47 | $5.5M | 100.0% |
| Vermont | 29 | $855,588 | 100.0% |
| New York | 20 | $20.4M | 100.0% |
| Florida | 13 | $306,551 | 100.0% |
| California | 8 | $206,860 | 100.0% |
| District of Columbia | 5 | $303,718 | 100.0% |
| Connecticut | 5 | $117,127 | 100.0% |
| Delaware | 4 | $1.4M | 100.0% |
| New Jersey | 3 | $37,800 | 100.0% |
| Virginia | 2 | $193,676 | 100.0% |
| Texas | 2 | $21,633 | 100.0% |
| Pennsylvania | 2 | $17,638 | 100.0% |
| Minnesota | 2 | $13,848 | 100.0% |
| Maryland | 2 | $273,649 | 100.0% |
| Colorado | 2 | $353,907 | 100.0% |
| Tennessee | 1 | $4,156 | 100.0% |
| Ohio | 1 | $20,800 | 100.0% |
| Nevada | 1 | $32,500 | 100.0% |
| New Mexico | 1 | $54,200 | 100.0% |
| North Carolina | 1 | $3,600 | 100.0% |
| Alabama | 1 | $73,447 | 100.0% |