Salem Five Named to Best-In-State Banks 2022 List by Forbes

Results based on independent study conducted by Statista Inc.

Salem, MA., July 18, 2022 – Salem Five Bank has been named to Forbes’ list of Best-In-State Banks 2022. This prestigious award is presented by Forbes and Statista Inc., the world-leading statistics portal and industry ranking provider.

Forbes and Statista identified Best-In-State Banks 2022 based on an independent survey of approximately 26,000 U.S. consumers who were asked to rate banks at which they have or previously have had checking accounts. Survey participants made recommendations regarding overall satisfaction. The participants also assessed banks in the following areas: Trust, Terms & Conditions, Branch Services, Digital Services, Customer Service, and Financial Advice.

“We’ve made customer satisfaction a priority at Salem Five, so it’s great to know that our efforts are paying off,” said Ping Yin Chai, President and CEO of Salem Five. “We’re honored to be listed among the best in Massachusetts by Forbes and Statista and will continue to do even better.”

Among the top five banks in Massachusetts, Salem Five ranked highest in digital services – reinforcing the bank’s long-standing commitment to investing in technology to make banking more efficient for customers.


About Salem Five Bank

Salem Five Bancorp is the holding company of Salem Five (, a mutual bank founded in 1855. Whatever the need and whatever the goal, Salem Five’s banking, investment and insurance professionals have the expertise to move customers forward. Salem Five has more than $6 billion in assets and 33 retail branches in Essex, Middlesex, Norfolk and Suffolk counties. Divisions include Salem Five Mortgage Company, one of the largest mortgage lenders headquartered in New England; Salem Five Wealth Management & Trust, which offers fiduciary wealth management services to institutions and high-net-worth individuals, financial and retirement income planning, portfolio review and money management; and Salem Five Insurance Services, which provides personal and commercial insurance. Salem Five deposits are insured through the FDIC. 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.


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