Sage Bank

Sage Bank
Privately held company
Industry Banking
Founded 1885 (1885)
Headquarters Lowell, Massachusetts
Key people
 Diane Walker, President
Kenneth Bishop, Chairman
Total assets $147.097 million (2017)[1]
Total equity $11.287 million (2017)[1]
Website www.sagebank.com

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

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]

References

  1. 1 2 "FDIC Bank Info: Sage Bank". Federal Deposit Insurance Corporation.
  2. ↑ "Institution History for SAGE BANK (1006577)". Federal Financial Institutions Examination Council.
  3. 1 2 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).
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