Sage Bank

Sage Bank is a bank headquartered in Lowell, Massachusetts. It operates 2 branches, both of which are in Lowell.

Sage Bank
Privately held company
IndustryBanking
Founded1885 (1885)
HeadquartersLowell, Massachusetts, United States
Key people
 Diane Walker, President
Kenneth Bishop, Chairman
Total assets$147.097 million (2017)[1]
Total equity$11.287 million (2017)[1]
Websitewww.sagebank.com

History

The bank was established in 1885 as Lowell Co-operative Bank.[2]

In January 2009, the bank was recapitalized though a supervisory stock conversion, converting from a mutual co-operative bank to a stock co-operative bank.[3][4]

In December 2010, the bank acquired the assets of Omega Mortgage Corporation.[3][5]

In 2013, the bank changed its name to Sage Bank.[3]

In November 2014, Richard E. Bolton Jr., the president, CEO, and chairman, and Dean L. Kenney, the executive vice president and chief financial officer, both resigned after a shareholder dispute and disagreement with the direction of the bank.[6]

In August 2019, Salem Five Bank closed its acquisition of Lowell-based Sage Bank, an entity with $140 million in assets and 68 employees. [7]

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References
  1. "FDIC Bank Info: Sage Bank". Federal Deposit Insurance Corporation.
  2. "Institution History for SAGE BANK (1006577)". Federal Financial Institutions Examination Council.
  3. "LowellBank Announces Intention To Change Name To Sage Bank" (Press release). PRNewswire. May 16, 2013.
  4. "Decision of January 28, 2009 In the matter of Lowell Co-operative Bank, Lowell, Massachusetts application for approval of a supervisory conversion from a mutual co-operative bank to a stock co-operative bank". Massachusetts. January 28, 2009.
  5. "Lowell Co-op completes Omega merger". The Sun (Lowell). January 31, 2011.
  6. Welker, Grant; Scott, Christopher (November 20, 2014). "Lowell's Sage Bank's leaders bolt". The Sun (Lowell).
  7. https://www.bizjournals.com/boston/news/2018/08/20/salem-five-closes-acquisition-of-lowell-s-sage.html
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