Salem Five Bank to Acquire Sage Bank
Salem, Mass., April 30, 2018 –Salem Five Bank, a subsidiary of Salem Five Bancorp, and Sage Bank announced today that they have signed a definitive agreement whereby Salem Five Bank will acquire Sage Bank. Sage Bank is a closely held state-chartered cooperative stock bank with two retail locations in Lowell and mortgage offices throughout Middlesex County. Founded in 1885, Sage Bank has assets of $140 million and offers commercial loans, residential mortgages and consumer products and services. The transaction is expected to close in the third quarter of 2018.
“Sage Bank, like Salem Five, has a longstanding commitment to its customers.” said Salem Five President and CEO Ping Yin Chai. “We look forward to serving the families, businesses and communities that Sage Bank has supported throughout its history with excellent service, community-minded professionals and banking technology that we bring to all of our markets. The acquisition will allow us to better serve customers in northern Middlesex County, while also adding offices and team members to our strong mortgage division. We are pleased to be in Lowell and the surrounding communities that complement our existing footprint.”
In 2017, Salem Five completed the acquisition of Georgetown Bank, adding to its footprint in Essex County and expanding into Southern New Hampshire. Following the Sage Bank acquisition, Salem Five will have total assets of approximately $4.9 billion with 36 locations.
Sage Bank President Diane Walker added, “In becoming a part of Salem Five, Sage Bank will be able to offer our customers a broader array of products and services to support their banking needs. Some of our customers will appreciate the expanded network of branch locations where they can do their banking; others will take advantage of Salem Five’s insurance and investment offerings. This is an excellent affiliation of two institutions with deep roots in our representative communities.”
The boards of each bank have unanimously approved the transaction. The transaction is subject to stockholder and regulatory approval.
Elizabeth DiVito - The Castle Group for Salem Five
Phone (617) 337-9523
Polaris Public Relations for Sage Bank
Phone (617) 437-9990
Salem Five Bancorp is the parent bank holding company of Salem Five (www.salemfive.com), a mutual institution founded in 1855. Salem Five aims to make money less complicated and thereby make customers’ lives simpler and easier by offering sophisticated retail and commercial banking products, personalized service and innovative technology. Salem Five is one of the largest Massachusetts-headquartered banks with $4.7 billion in assets and 34 retail branches in Essex, Middlesex, Norfolk and Suffolk counties and New Hampshire. Divisions include Salem Five Mortgage Company, which has financed more homes than any other Massachusetts bank; Salem Five Financial which offers financial and retirement income planning, portfolio review and money management; and Salem Five Insurance Agency, which provides personal and commercial insurance. Salem Five deposits are insured through the FDIC and DIF. Salem Five Mortgage Company’s NMLS # is 4662. Equal Housing Lender. Securities are offered through LPL Financial, member FINRA/SIPC. Life insurance products are offered through LPL Financial or its licensed affiliates. Insurance and investment products are not FDIC insured, not bank guaranteed, may lose value, not a deposit, and not insured by any federal government agency.
About Sage Bank
With assets in excess of $140 million, Sage Bank (www.sagebank.com) has been serving the banking needs of the Greater Lowell community since 1885. With two full service banking centers, a lending and an operations center in Lowell, Massachusetts and a mortgage banking division with five residential lending centers throughout Massachusetts, Sage Bank offers customers commercial, residential and consumer products and services. All deposits are fully insured by the Federal Deposit Insurance Corporation (FDIC) and the Share Insurance Fund (SIF) of the Co-operative Central Bank.