Banks & Credit Unions
Banks come in all sizes. Tiny, local banks will always know their customers’ names, but lack the resources to offer a full suite of services at competitive rates. In contrast, huge corporations can leverage powerful resources, but lack commitment to community and a personal touch.
Salem Five is just the right size. With over 160 years of service to the greater Boston area, 36 local stores, and assets in excess of $5 billion, we offer a full suite of products and services at the best rates around—and, when you come into your branch, we’ll still know your name and how you take your coffee.
Through our subsidiaries, Salem Five Mortgage Company, LLC and Salem Five Insurance Agency, LLC, we meet the diverse financial needs of individual consumers, small businesses, and middle market companies throughout our region.
Salem Five is a mutual savings bank
Salem Five is owned and operated for the benefit of its customers. As an FDIC insured mutual bank with no stock holders, we’re accountable to our customers, employees, and communities.
Mutual banks work to control risk and act as a stable influence in local markets because most of our customers, both commercial and consumer, live and do business in our community. Since we’re not publicly held and have no stockholders, we can make business decisions with a long-term perspective, building mutually beneficial relationships and maintaining a great degree of flexibility.