Salem Five Bank Completes Acquisition of Sage Bank
Salem, Mass., August 20, 2018 – Salem Five Bank, a subsidiary of Salem Five Bancorp, announced the closing of its acquisition of Sage Bank (Lowell, MA). Sage Bank will operate as Salem Five Bank upon a full conversion expected to occur in the fall of 2018.
Salem Five’s President and CEO Ping Yin Chai remarked “The acquisition of Sage Bank adds to our growing presence in Middlesex County and we’re glad to have it finalized. We look forward to introducing leading products, services and technology to Sage Bank’s customers, as well as new customers throughout the Greater Lowell area.”
With this acquisition, Salem Five Bank, one of the largest banks headquartered in Massachusetts, now has total assets of approximately $5 billion with 36 locations serving customers across northeastern Massachusetts and southern New Hampshire.
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 $5 billion in assets and 35 retail branches in Essex, Middlesex, Norfolk and Suffolk counties and southern 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.