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Salem, Mass., December 1, 2017 – Continuing its longstanding commitment to supporting organizations that serve local communities, the Salem Five Charitable Foundation recently awarded $40,000 in grants to 20 local nonprofits. The funds are the proceeds from the Foundation’s annual golf tournament, held earlier this year at the Salem Country Club. Each organization received its grant at a special breakfast event hosted by Salem Five on November 10.
The grant recipients were:
“A dedication to serving the communities where we live and work is at the heart of our values at Salem Five,” said Ping Yin Chai, president and CEO of Salem Five. “These grants are particularly meaningful to us, as the recipients were personally nominated by Salem Five employees who also volunteer at these organizations.”
The Salem Five Charitable Foundation awards grants to an average of 300 local nonprofits annually, with a priority on organizations that support economic self-sufficiency, workforce development and financial literacy. These focus areas embody the bank’s overarching purpose to help those in its community make smart decisions about financial challenges and opportunities, maintain quality employment, and ultimately, be able to financially sustain themselves and their families. Learn more about the Salem Five Charitable Foundation.
Bancorp is the parent bank holding company of Salem Five (www.salemfive.com), a mutual institution founded in 1855. Salem Five aims to make money less complicated and thereby make customers’ lives simpler and easier by offering sophisticated retail and commercial banking products, personalized service and innovative technology. Salem Five is one of the largest Massachusetts-headquartered banks with $4.7 billion in assets and 34 retail branches in Essex, Middlesex, Norfolk and Suffolk counties and New Hampshire. Divisions include Salem Five Mortgage Company, which has financed more homes than any other Massachusetts bank; Salem Five Financial which offers financial and retirement income planning, portfolio review and money management; and Salem Five Insurance Agency, which provides personal and commercial insurance. Salem Five deposits are insured through the FDIC and DIF. Salem Five Mortgage Company’s NMLS # is 4662. Equal Housing Lender. Securities are offered through LPL Financial, member FINRA/SIPC. Life insurance products are offered through LPL Financial or its licensed affiliates. Insurance and investment products are not FDIC insured, not bank guaranteed, may lose value, not a deposit, and not insured by any federal government agency.