Bangor Savings Bank names Moffatt as next president and chief executive officer

Portland, ME According to Bangor Savings Bank and its board of directors, Yolanda Moffatt has been selected as the bank’s next president and chief executive officer. Moffatt will succeed Bob Montgomery-Rice on September 1, 2026. Montgomery-Rice is retiring from the position of president and CEO, effective August 31, 2026, after more than 20 years of service to the bank, including more than a decade as president and CEO.

The transition reflects a thoughtful succession planning effort designed to ensure continuity, preserve Bangor Savings Bank’s mutual model, culture, and values, and position the organization for continued growth. It also reinforces the bank’s longstanding commitment to serving customers and communities across Northern New England. Over the coming months, Montgomery-Rice will work closely with Moffatt, serving as a resource to help ensure a smooth and successful transition.

Moffatt, who will also become president of the bank’s mutual holding company, Bangor Bancorp, MHC, will become the bank’s 13^th president and CEO since its founding in 1852. She brings more than 30 years of financial services experience, including nearly 20 years at Bangor Savings Bank. Most recently serving as executive vice president and chief operating officer, she has played a key role in shaping the bank’s strategy, culture, and operations. 

Known for her people-focused approach and operational expertise, Moffatt brings experience in mergers and acquisitions, multi-state operations, and deep institutional knowledge. Prior to joining Bangor Savings Bank, she held positions with MBNA America and Fleet Bank. She is active in community and industry organizations, including the Maine Financial Institutions Insurance Trust Board of Trustees and the Maine Board of Accountancy, and is a graduate of Leadership Maine, Stonier Graduate School of Banking, and Husson University.

Montgomery-Rice became president and CEO in 2015 and has led the Bank through a period of significant growth and innovation. During his tenure, Bangor Savings Bank strengthened its position as Maine’s largest community bank, expanded across Maine and New Hampshire, completed strategic acquisitions, including the mergers with Granite Bank and Damariscotta Bank & Trust, opened Founders Place, which serves as the bank’s headquarters, and continued investing in employees, technology, talent development, and the customer experience.

“It has been one of the greatest privileges of my career to serve Bangor Savings Bank alongside such an extraordinary team,” said Montgomery-Rice. “Together, we have grown the Bank, strengthened our communities, and remained true to the values that have guided this organization since its founding. I have tremendous confidence in Lannie, her commitment to our employees and customers, and her ability to lead the Bank forward.”

“Bob’s leadership has helped shape Bangor Savings Bank into the strong organization it is today,” said Vincent Veroneau, chair of the board of directors. “On behalf of the board, we are grateful for his contributions. The board’s selection of Lannie reflects our absolute confidence in her leadership and the depth of our internal team. This transition guarantees uninterrupted commitment for our employee culture, our customers, and our strategic growth in the years ahead.” 

“I am honored by the board’s confidence and grateful for the opportunity to serve as Bangor Savings Bank’s next president and CEO,” Moffatt said. “We have an exceptional team, a strong culture, and a deep connection to our customers and communities. I take great pride in our people and all we have accomplished together, and I look forward to the opportunities ahead.”

Bangor Savings Bank has served the people, businesses, and communities of Northern New England for over 174 years. As a mutual bank, the organization remains focused on making long-term decisions that support its employees, customers, and communities while continuing to deliver on its You Matter More® promise.