Bangor Savings Bank Appoints Michael O'Connor as New Chief Financial Officer and Treasurer

Published on : 6/29/2023

Bangor, ME (June 29, 2023): Bangor Bancorp, MHC and its subsidiary Bangor Savings Bank appointed Michael O’Connor as Chief Financial Officer (CFO) and Treasurer at its June 28 annual meeting. Mike assumes the roles and responsibilities held by Kenneth Colpritt, who is retiring from the Bank later this fiscal year. This planned transition continues the financial stability and prudent governance that has maintained Bangor Savings Bank’s strength throughout its 171-year history.

“I want to thank Ken for his leadership and stewardship of Bangor Savings Bank for nearly two decades. He has worked to strategically modernize the Bank’s operations and accounting and finance functions, helping us meaningfully grow during his tenure,” said Bob Montgomery-Rice, President and CEO of Bangor Savings Bank. “We also congratulate Mike as he leads us into the future with the continued financial soundness and governance that our employees, customers, and communities value.”

Mike joined Bangor Savings Bank in 2018 as Senior Vice President and Controller. He serves on the Bank’s Leadership, Asset & Liability Management, and Information & Technology committees. Before joining the Bank, Mike was an auditor at a national accounting firm, controller for a regional construction contractor, and CFO for an international forest products company. He is a Certified Public Accountant (CPA) and Chartered Financial Analyst (CFA). Mike graduated with an accounting degree from Husson University in Bangor, Maine.

True to Bangor Savings Bank’s community focus, Mike is an active member in his local Maine community where he has coached youth sports and volunteered for several area nonprofit organizations. He has served on the United Way of Eastern Maine’s Financial Review committee and the Glenburn Town Council. Mike is a member of the Bangor Region YMCA’s Board of Directors and chairs its Finance committee.

Bangor Savings Bank’s retiring CFO Ken Colpritt, also a CPA, joined Bangor Savings Bank in 2003. During his tenure with the Bank, Ken served in many capacities, including Controller, Commercial Lender, and Director of Operations. He also served on the Bank’s Leadership, Asset & Liability Management, and Loan committees. Ken graduated from the University of Maine with a business administration and accounting degree.

A recognized and well-respected leader, Ken championed the Bank’s inclusive and caring culture that helps its employees thrive. During Ken’s tenure he oversaw the modernization of operations and accounting, including robust forecasting to lead Bangor Savings Bank through growth in many different economic conditions. As a direct reflection of his unwavering stewardship, Ken was recognized by his colleagues with the Bank’s Culture Award in May of 2016, for demonstrating the Bank’s values daily, being a collaborator, acting as a role model, and being an ambassador for the Bank’s culture.

Like Mike, Ken dedicates his time and resources to his local community. Among his many volunteer activities, Ken has coached and been a leader for local youth sports leagues and is a past Treasurer of the Greater Bangor Open in Maine.