Matt Marmen Recognized by Community Development Company

Matt Marmen Recognized by Community Development Company
Made List of Bay Colony's "Award of Excellence" Recipients

Salem, MA., July 29, 2023 – Matt Marmen, senior vice president in Salem Five’s Commercial Banking Division, received the prestigious “Massachusetts Banker of the Year Award” from Bay Colony Development Corp., the Bank announced today.

Bay Colony, a Certified Development Company (CDC), based its annual Award of Excellence on the number and amount of U.S. Small Business Administration 504 Loans issued during its 2023 fiscal year, which ended June 30th.

“Matt has been great to work with over the years, along with the rest of the commercial lending team and community business banking team at Salem Five,” said Erik Adams, executive vice president at Bay Colony.

As a CDC, Bay Colony’s purpose is to stimulate economic development through the creation and preservation of jobs by providing healthy companies with fixed asset financing at affordable rates and reasonable terms. It’s a private non-profit corporation that works with bank loan officers, accountants, real estate brokers, attorneys and their clients to identify and structure the most beneficial financing program appropriate to the needs of the project.

“Matt’s annually one of our top performers and has been a leader in partnering with Bay Colony to provide financial solutions for his customer base. Matt and the Bank have had a great working relationship with Bay Colony for many years, so it’s no surprise that his successful collaboration with them was recognized by the organization,” said Kevin Rourke, who leads the Commercial Banking Division at Salem Five.

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 $7 billion in assets and 34 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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