Sage Bank

Sage Bank is a defunct bank formerly headquartered in Lowell, Massachusetts. Until its 2018 acquisition by Salem Five Bank, the bank operated two branches, both of which were located in Lowell.

Sage Bank
TypePrivately held company
IndustryBanking
FateAcquired by Salem Five Bank[1]
Founded1885 (1885)
DefunctAugust 20, 2018 (2018-08-20)
HeadquartersLowell, Massachusetts, United States
Key people
 Diane Walker, President
Kenneth Bishop, Chairman
Total assets$147.097 million (2017)[2]
Total equity$11.287 million (2017)[2]
WebsiteArchived official website at the Wayback Machine (archive index)

History

The bank was established in 1885 as Lowell Co-operative Bank.[3]

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.[4][5]

In December 2010, the bank acquired the assets of Omega Mortgage Corporation.[4][6]

In 2013, the bank changed its name to Sage Bank.[4]

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.[7]

In August 2018, Salem Five Bank closed its acquisition of Lowell-based Sage Bank, an entity with $140 million in assets and 68 employees.[8]

References
  1. Lisinski, Chris (August 20, 2018). "Salem Five closes on acquisition of Sage Bank". Lowell Sun. Retrieved November 7, 2020.
  2. "FDIC Bank Info: Sage Bank". Federal Deposit Insurance Corporation.
  3. "Institution History for SAGE BANK (1006577)". Federal Financial Institutions Examination Council.
  4. "LowellBank Announces Intention To Change Name To Sage Bank" (Press release). PRNewswire. May 16, 2013.
  5. "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.
  6. "Lowell Co-op completes Omega merger". The Sun (Lowell). January 31, 2011.
  7. Welker, Grant; Scott, Christopher (November 20, 2014). "Lowell's Sage Bank's leaders bolt". The Sun (Lowell).
  8. Stendahl, Max (August 20, 2018). "Salem Five closes acquisition of Lowell's Sage Bank". www.bizjournals.com.
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