Treasury Prime Partners with Bangor Savings Bank for BaaS Expansion

Treasury Prime, a BaaS infrastructure provider, partnered with Bangor Savings Bank to expand the bank's reach through fintech-enabled banking services. The partnership was announced on September 29, 2022. Treasury Prime contributes its API-driven BaaS platform, which connects banks to fintech companies seeking to embed financial products.

Bangor Savings Bank gains the ability to serve new customers via fintech distribution channels without building its own technology stack. The deal represents Bangor Savings Bank's entry into the BaaS ecosystem, diversifying its revenue streams beyond traditional branch-based banking. Financial terms of the partnership were not disclosed.

The arrangement is part of a broader industry trend where mid-size and community banks are partnering with BaaS middleware providers to compete with larger institutions and neobanks.