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The Accounting and Financial Services Division plays a critical internal support role by performing a wide variety of functions such as; tracking and assessing the Bank's financial status and managing its cash flow, coordinating reconciliations, accounts payable and receivable, maintaining the Bank's assets and liabilities, and working closely with Bank management, regulatory agencies, and other interested parties to demonstrate and ensure the Bank's reputation for quality and integrity.
Salem Five has quickly become one of the premier New England based commercial lenders. Our mission is to offer a wide variety of competitively priced products tailored to meet the needs of our customers. The commitment to personal service demonstrated by the team helps ensure a smooth and successful process for them.
Compliance, Legal, Security and Records Management are independent functional areas of the company that work together as a team. The Compliance Department provides guidance to company management and staff on the relevant laws and regulations. They assure that the company maintains proper policies and procedures to comply with those laws. The Legal Department manages contracts and responds to various legal demands upon the company.
Our Customer Contact Center Team functions in a high energy, dynamic, fast-paced environment. Handling questions, solving problems, and researching answers for customers on the phone, through the Internet, and on our Salem Five website. These knowledgeable, customer sales and service professionals provide information about all areas of the company. They are resources for information on all the company's products and services including bill pay and online banking.
The Default Management department ensures account management of delinquent loans throughout all stages of the process while protecting assets to minimize losses to the Bank, Mortgage Company, Investors and Mortgage Insurers. Pro-active account management establishes prompt identification of delinquent loans including early payment defaults, early intervention, consistent contact and follow-up with borrowers. Individual analysis of the circumstances of each default, and evaluation for potential loss mitigation.
Operations supports the sales and operational teams through high-quality delivery systems, nightly reconciliation of systems and an expedient new account opening process. Operations is also responsible for providing quality assurance services for all new accounts and account maintenance functions.
The mission of the Electronic Banking department is to develop and operate a highly competitive Salem Five digital banking offering. The goal is to create a differentiated convenience oriented, financial services offer to our customers and prospects. The Electronic Banking team continually works to enhance the Salem Five website so that we can effectively promote and selectively offer Salem Five's products and services online.
The ERM and Internal Audit Departments are key internal functions that support Salem Five’s strong commitment to ongoing risk assessment and sound internal control processes. Both of these teams work with a dynamic network of partners across the organization and are among the many mechanisms at the organization with the aim of continuous improvement. The ERM Department maintains the ERM framework, facilitates efforts to help ensure the organization manages risk within its risk appetite. Provides for oversight of several enterprise-wide programs (e.g., Business Continuity, Information Security, Records Management, and Vendor Management). The Internal Audit Department is an independent and objective assurance activity which adds value to the organization. Providing performance of risk-based evaluations of the effectiveness of governance, risk management, and control processes. Both departments support the organization in the achievement of its goals and objectives by tackling risk from an enterprise perspective and proactively advising on significant risk management issues.
The Facilities Department is also an important internal customer service team handling physical support functions required by all Salem Five locations including; mail pickup and delivery, department and physical setup, supply ordering, ergonomic reviews and general maintenance and repair.
The Human Resources team is a critical support group responsible for employee recruiting and selection, training and development, benefit administration, payroll processing, compensation development, and employee relations' initiatives. This team drives the company's overall ability to recruit, develop and reward and retain a motivated and high achieving team of employees.
The remit of the Information Technology (IT) department extends well beyond providing "service desk" support. At Salem Five, IT focuses on strategy and execution of change management and technology enablement to ensure the Bank is effectively leveraging all deployed systems. IT helps the Bank’s business lines achieve success by delivering a full range of operational services, network functions and integrated solutions, while also enhancing employee growth and corporate values. The IT department delivers enterprise solutions architecture, engineering, applications development & support, project management and IT security to improve operating efficiencies and empower the sales and services teams of the Bank.
Salem Five Boyle Insurance Services, LLC offers a complete selection of insurance products to fit your needs. Our Insurance Agents are qualified, experienced specialists that provide the best insurance solutions to protect your home, automobile, health, business and life.
Salem Five Investment Services, LLC is a full service brokerage firm offering objective, independent guidance with access to the most up-to-the-minute research and analysis to help our customers make the soundest investment decisions.
The Loan Operations Department provides services for all consumer loans including; mortgage loans, home equity loans, auto loans and overdraft protection. The staff is responsible for setting up new consumer loans, ensuring loans are properly billed and payments are posted promptly. They pay escrow items such as insurance or real estate taxes; and maintaining documents and files.
The Marketing Department is responsible for internal and external communications including coordination, development, and introduction of; products, promotions, public relations events, advertising and direct mail projects, press releases and media inquiries, target marketing campaigns, product brochures and support materials, brand development programs, market research initiatives, and marketing database management.
Salem Five Mortgage Company, LLC is an acknowledged mortgage industry leader in the New England region. A wide variety of functions go into delivering the right mortgage products to our customers. From originating loans, to preparing documentation with the customers, appraisers, and attorneys, preparing and conducting the closing, and reviewing the content of the loan for secondary market investing, a number of people work with the latest technology to make this process as customer-friendly as possible.
Our retail division is growing rapidly due to our physical expansion of geography. Salem-based retail administration coordinates the efforts of our Area and Market Managers, Store Managers, Customer Sales, Service Associates and Universal Bankers. Additionally to our Consumer and Business Lending and Retirement Services teams.
The Retirement Services Department is comprised of qualified and experienced Retirement Specialists available to help new and existing customers plan for their retirement by offering educational initiatives, personalized service, and guidance on the most effective tools available for retirement planning.