Salem Five Creates Leveraged Lending Team
New group will focus on lower middle market M&A deals
Salem, Mass., June 21, 2021 – Salem Five Bank has created a team to support private equity fund acquisitions, building on a service it first began offering in 2015 and has been steadily growing ever since, the bank announced today.
Led by its most seasoned commercial bankers, the Leveraged Lending Team fills a void in the New England region, where lower middle market M&A deals have been overlooked by the larger banks, while smaller community banks often lack the commercial expertise that has been a hallmark of Salem Five.
“We couldn’t be more excited about this opportunity to address a need in the marketplace and enhance the products and services that we provide to the business community,” said Kevin Rourke, Senior Vice President of Commercial Banking at Salem Five. “After working with acquisition financing for a few years, we became increasingly comfortable with the needs of borrowers and how we could help them with this type of niche financing.”
Since 2015, the team has successfully arranged nearly a dozen private equity acquisitions at Salem Five, along with multiple B2B corporate acquisitions. With a strong track record and the addition of new experienced lenders, the bank opted to expand this effort by establishing a team to specifically focus on these opportunities, providing an array of senior financing facilities to support platform acquisitions, portfolio company add-ons, recaps and re-financings.
About Salem Five Insurance and Salem Five Bancorp
Salem Five Insurance is a subsidiary of Salem Five Bancorp, which is also the holding company of Salem Five (www.salemfive.com), 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 almost $6 billion in assets and 35 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 Investment Services which offers financial and retirement income planning, portfolio review and money management; Salem Five Wealth Management & Trust offering fiduciary wealth management services to institutions and high-net-worth individuals, and Salem Five Insurance Services, 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.
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