Bangor Savings Marks 14th Bank in Treasury Prime’s Network

Banking-as-a-Service (BaaS) startup Treasury Prime is partnering with Bangor Savings Bank to enable it to work with businesses to embed financial services into their platforms.

The addition of Bangor Savings marks bank number 14 for the Treasury Prime network, “a key differentiator in the crowded BaaS market,” according to a Thursday (Sept. 29) press release.

The bank can offer Treasury Prime’s BaaS offerings to the companies it partners with across the financial services industry for expanded revenue opportunities and low-cost deposits.

“Bangor Savings Bank’s long-held culture of innovation and deep technical experience makes them an ideal partner. By adding Bangor Savings to our one-of-a-kind network of banks, we’ll be able to help them quickly and cost-effectively support financial service partners,” Treasury Prime Co-founder and CEO Chris Dean said in the announcement. “

“For enterprises, this partnership means even greater flexibility as they look to innovate and scale,” Dean added.

See also: Treasury Prime: API Banking Will Be ‘Table Stakes’ in Five Years

Bangor Savings Bank is one of the first banks on the Jack Henry core platform to leverage Treasury Prime’s BaaS offerings, per the release. Treasury Prime recently partnered with Jack Henry core banks FB Financial Corp (FirstBank) and Third Coast Bank.

By teaming with Treasury Prime, the bank can support its FinTech partners “by providing them with banking services to have an even broader community impact through their efforts,” Bangor Savings Bank Chief Innovation Officer Jamey Doughty said in the release.

Read more: Study Finds Fewer Than 10% of Consumers Use FinTechs as a Primary Bank

Headquartered in Silicon Valley and co-founded in 2017 by Dean and company President Jim Brusstar, Treasury Prime provides BaaS offerings and an API to enable FinTechs, banks and corporate partners to innovate, adapt, grow and scale.

Bangor Savings Bank has more than $7 billion in assets and more than 65 branches in Maine and New Hampshire, and business and/or loan production offices in Maine, New Hampshire and Massachusetts.

In its 170th year, Bangor Savings offers retail banking to consumers, small business banking services, and commercial, corporate, payroll administration, and merchant services.