Yolanda “Lannie” Moffatt will soon take the helm of Bangor Savings Bank, the largest bank based in Maine, as its 13th president and CEO.
Moffatt will succeed Bob Montgomery-Rice, who is retiring at the end of the summer after more than 20 years with the company.
The bank issues hundreds of millions in home loans each year and has invested across the state in affordable housing and other community development projects like the Bangor YMCA.
Moffatt has been with the bank for nearly two decades and most recently served as executive vice president and chief operating officer, according to an announcement from the company. Before that, she was chief experience officer, human resources director and customer care center manager. She previously worked for MBNA America and Fleet Bank.
Moffatt holds degrees from Husson University and Stonier Graduate School of Banking, as well as Leadership Maine, a year-long economic and community development program run by the Maine Development Foundation.
She serves on the board of trustees for the Maine Financial Institutions Insurance Trust and on the Maine Board of Accountancy, and has previously been involved with Heart of Maine United Way, the Bangor Humane Society and the Maine Discovery Museum.
Moffatt will also become president of the bank’s mutual holding company, Bangor Bancorp MHC.
Montgomery-Rice has led the bank for just over a decade as it’s expanded, completed several mergers and opened its headquarters on Bangor’s waterfront.
“Bob’s leadership has helped shape Bangor Savings Bank into the strong organization it is today,” Vincent Veroneau, chair of the bank’s board of directors, said Tuesday. “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.”
Bangor Savings Bank was founded in 1852 and has 69 branches across Maine and New Hampshire.