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The bank was established in 1885 as Lowell Co-operative Bank. [3] In January 2009, the bank was recapitalized though a supervisory stock conversion, converting from a mutual co-operative bank to a stock co-operative bank. [4] [5] In December 2010, the bank acquired the assets of Omega Mortgage Corporation. [4] [6]
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The company provides online payments processing as well as products for face-to-face and telephone payments. It was known by the name Sage Payment Solutions while under the ownership of The Sage Group plc between 2006 and 2017. The company processes more than $30 billion for over 100,000 customers annually. [5]
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Eastern Bank was established on April 15, 1818, as Salem Savings Bank and became insured by the Federal Deposit Insurance Corporation on October 1, 1983. [5] On October 19, 1989, Eastern Savings Bank's parent company Lynn, Massachusetts-based Eastern Bank Corporation, renamed it Eastern Bank, and reorganized it into a mutual holding company, making it the first of its kind in Massachusetts.
During his time as CEO, Sage's market value doubled to £8bn and the firm acquired North American cloud-based financial software company Intacct in 2017 for $850m, and Fairsail, a British provider of cloud-based human resources software. [14] [15] Sage cloud revenues grew from £2m in 2014 to £486m of annualised recurring revenues in 2018 ...