Salem Five Charitable Foundation Awards $3,000 Grant

June 2017

Salem, Mass., June 30, 2017 – Continuing its long standing commitment to help build successful, self-sustaining communities, Salem Five Charitable Foundation recently awarded $3,000 grant to the Merrimack Valley Housing Partnership (MVHP).

MVHP is a nonprofit organization serving the Greater Lowell community whose mission is to promote affordable home ownership opportunities for low and moderate income earners.  The MVHP offers comprehensive training and counseling and promotes the use of special mortgage products and down payment assistance programs.

The $3,000 grant will be used to support Project Genesis, its home buyer training program. The program, offered in English, Spanish and Khmer, is taught by MVHP staff and volunteer real estate professionals and addresses all aspects of the home-buying process.

“At Salem Five, we understand the immense value that financial literacy and self-sufficiency can bring to a community and its citizens,” said Ping Yin Chai, president and CEO of Salem Five. “The Merrimack Valley Housing Partnership has developed a wonderful program to educate first-time home buyers in the Lowell and Lawrence communities. Our mortgage division works closely with many first-time homebuyers, so we well understand the need for homebuyer education programs. We applaud the work of MVHP in helping to pave the way to homeownership for residents of our communities.”

Chai serves on the board of MassHousing, a nine-member governing body that oversees the Commonwealth’s quasi-public affordable housing agency. Salem Five Mortgage is an industry leader, financing more homes statewide than any other Massachusetts-based bank.

 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. To learn more about the Salem Five Charitable Foundation, visit Salem Five Charitable Foundations.

Salem Five Bancorp is the parent bank holding company of Salem Five (, 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 $5 billion in assets and 35 retail branches in Essex, Middlesex, Norfolk and Suffolk counties and southern 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.


James Nelson
(978) 720-5370