Salem Five Closes on Acquisition of Sage Bank
LOWELL -- Salem Five Bank has closed on its deal to acquire Lowell’s Sage Bank, company officials announced in a press release, making the transaction announced in May official.
Sage has two retail locations in Lowell and multiple mortgage offices across the county, and they will operate as Salem Five Bank following a full conversion in the fall.
Following the acquisition, Salem Five has 36 branches -- including another in Tewksbury -- and assets totaling almost $5 billion.
“The acquisition of Sage Bank adds to our growing presence in Middlesex County and we’re glad to have it finalized,” said Salem Five President and CEO Ping Yin Chai. “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.”
The deal was announced in May, when boards of both banks unanimously approved it. Officials announced the deal’s closure Monday.
Originally founded in 1885, Sage Bank had made headlines in recent years after it agreed to pay nearly $1.2 million into a settlement fund after the Department of Justice alleged the bank frequently charged black and Hispanic clients more for home mortgage loans than it did white clients.
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