Salem Five Financials
For nearly 170 years, Salem Five has maintained a commitment to stability and security while meeting the complex financial needs of families and businesses throughout New England.
What You Need
Salem Five is owned and operated for the benefit of its customers. As an FDIC insured mutual bank with no stockholders, we’re accountable to our customers, employees, and communities.
Mutual banks are 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. This charter of mutuality creates and nurtures our customer focused approach in all we do.
"As a mutual bank with no stockholders, we strive to improve each year and grow the organization to better serve consumers, businesses and communities in the region. The Bank will continue to put customers' needs first, continue to hire best-in-class-talent, and invest in technology to accomplish our mission."
- Ping Yin Chai, President & CEO
Over the years, Salem Five has received numerous awards for its service and technology. Most recently, Salem Five was named among the “Best In-State Banks” by Forbes. This prestigious award is based on an independent survey of approximately 26,000 U.S. consumers who rated banks at which they have or previously held checking accounts, providing an overall satisfaction score in categories that include Trust, Branch Services, Digital Services and Financial Advice.
Another distinction Salem Five has earned is VERIBANC's highest rating – “Green with 3 Stars” – for the quarter ending December 31, 2022. VERIBANC is a leading provider of bank safety ratings and research. The rating’s effective date is 2/24/23. Please contact VERIBANC, (800) 442-2657, to determine if this is the most recent rating. Moreover, Salem Five has received the highest rating from Bauer Financial – five stars – for 54 consecutive quarters dating back to 2009. Bauer has been analyzing and reporting on the financial condition of the nation’s banking industry since 1983 and is a source for unbiased, independent bank and credit union ratings. For more information, please contact Bauer at (800) 388-6686.