LOWELL, Mass., May 16, 2013 /PRNewswire/ -- LowellBank, headquartered in Lowell, Massachusetts, today announced its intention to officially change its name to Sage Bank. The Bank has filed the necessary applications to facilitate and finalize the name change.
LowellBank was first incorporated in 1885 as Lowell Co-operative Bank and recapitalized though a supervisory stock conversion in January 2009. In 2010, LowellBank acquired the assets of Omega Mortgage Corporation. Today, LowellBank has a wide geographic presence through its Omega Mortgage division which maintains 22 residential lending locations in four states.
"In order to unify our residential lending and consumer and business banking, we chose a name without any geographical association, which will position us for future growth," stated Richard Bolton, chairman, president and CEO of LowellBank.
LowellBank currently employs 255 employees and recently was recognized by the Massachusetts Housing Finance Agency as their top producer to low-income borrowers for 2012. LowellBank closed in excess of $1B in home loans in 2012, making it one of the leading financial institutions that originates residential mortgages in the Commonwealth of Massachusetts. LowellBank was one of the top performing banks in the state in 2012 based upon a return on assets of 2.10% and return on equity of 23.05%. In December 2012, LowellBank launched the first interactive video teller machine in New England.
"We have made fantastic progress since the recapitalization of the bank," Bolton stated, "Our performance and growth is unprecedented, both locally and nationally."
As the Bank moves through the process of legally changing its name, the Bank's customers will be kept informed and will see no effect on their services. It is anticipated that the process will take several months to complete and the Bank's use of the name will happen in various stages throughout the remainder of the year.
"LowellBank has enjoyed a long history in Lowell, and we intend to remain headquartered here," Bolton continues. "We are excited about the change and believe our new name reflects our position as partners and advisors to our customers and differentiates us from other banks. We plan to capitalize on our successes and develop new opportunities to expand our business."
With assets in excess of $208 million, LowellBank has been serving the banking needs of the Greater Lowell community since 1885. Two full service banking locations and a Lending and Operations Center in Lowell, MA along with 22 Residential Mortgage Loan Offices within the Omega Mortgage Division, throughout Southern New Hampshire, Massachusetts, Rhode Island, and New Jersey, offer customers full commercial, residential and consumer products and services. All deposits are fully insured by the Federal Deposit Insurance Corporation (FDIC) and the Shareholder Insurance Fund (SIF). For more information, visit www.lowellbank.com.