Sage Bank, for most of its history known as Lowell Co-operative 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.
| Company type | Privately held company |
|---|---|
| Industry | Banking |
| Founded | 1885 |
| Defunct | August 20, 2018 |
| Fate | Acquired by Salem Five Bank[1] |
| Headquarters | Lowell, 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] |
| Website | Archived official website at the Wayback Machine (archive index) |
History edit
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 edit
- ^ Lisinski, Chris (August 20, 2018). "Salem Five closes on acquisition of Sage Bank". Lowell Sun. Retrieved November 7, 2020.
- ^ a b "FDIC Bank Info: Sage Bank". Federal Deposit Insurance Corporation.
- ^ "Institution History for SAGE BANK (1006577)". Federal Financial Institutions Examination Council.
- ^ a b c "LowellBank Announces Intention To Change Name To Sage Bank" (Press release). PRNewswire. May 16, 2013.
- ^ "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.
- ^ "Lowell Co-op completes Omega merger". The Sun (Lowell). January 31, 2011.
- ^ Welker, Grant; Scott, Christopher (November 20, 2014). "Lowell's Sage Bank's leaders bolt". The Sun (Lowell).
- ^ Stendahl, Max (August 20, 2018). "Salem Five closes acquisition of Lowell's Sage Bank". www.bizjournals.com.
External links edit
- Official website (Archive)