LowellBank in Massachusetts to Become Sage Bank

LowellBank in Lowell, Mass., plans to change its name to Sage Bank.

The $208 million-asset bank has filed an application for the change with regulators, it said last week. Executives wanted to get away from the geographically limiting name, though they plan to keep the bank's headquarters in Lowell.

"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," Chairman and Chief Executive Richard Bolton said in a news release.

LowellBank has two branches in Massachusetts and 22 mortgage-origination offices in New Hampshire, Rhode Island, New Jersey and its home state.

Bolton became president and CEO of the bank after leading its recapitalization in 2009.