Sage Bank
| Company type | Privately owned |
|---|---|
| Industry | Banking |
| Predecessor | Lowell Co-operative Bank |
| Founded | 1885 |
| Defunct | 2018 |
| Fate | Acquired by Salem Five Bank |
| Headquarters | Lowell, Massachusetts , United States |
Key people | Richard E. Bolton Jr. (former President, CEO, Chairman), Dean L. Kenney (former Executive VP, CFO) |
Number of employees | 68 (2018) |
Sage Bank, originally established as Lowell Co-operative Bank, was a privately owned financial institution located in Lowell, Massachusetts. Prior to its acquisition by Salem Five Bank in 2018, the bank operated two branches within Lowell.
History
The bank was founded in 1885 under the name Lowell Co-operative Bank. In January 2009, it transitioned from a mutual co-operative structure to a stock co-operative bank through a supervisory stock conversion process.
Sage Bank grew its operations in December 2010 by acquiring the assets of Omega Mortgage Corporation. The institution adopted the name Sage Bank in 2013.
In November 2014, several senior leaders, including President, CEO, and Chairman Richard E. Bolton Jr., along with Executive Vice President and CFO Dean L. Kenney, stepped down amid shareholder disagreements concerning the bank’s future strategic plans.
By August 2018, prior to its sale to Salem Five Bank, Sage Bank managed assets totaling $147 million and had a workforce of 68 employees.
External links
- (Archive)