Salem Five expanding in northern Mass. with Sage Bank purchase
Salem Five Bancorp in Massachusetts has agreed to buy Sage Bank in Lowell, Mass.
The $4.7 billion-asset Salem said in a press release Monday that it expects to close the purchase of the $140 million-asset Sage in the third quarter. It did not disclose the price of the deal.
Sage is a closely held, state-chartered cooperative stock bank with two branches.
“Sage Bank, like Salem Five, has a longstanding commitment to its customers,” Ping Yin Chai, Salem Five’s president and CEO, said in the release. “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.”
Salem Five expanded into southern New Hampshire with last year’s purchase of Georgetown Bank.