Philip Soares Promoted to Team Leader of Commercial Real Estate

Takes over division following retirement of Joseph Greenough

Salem, MA., March 14, 2022 – Salem Five Bank has promoted Senior Vice President Philip Soares to Team Leader of its Commercial Real Estate Division, taking over for Joseph Greenough, who retired last month, the Bank announced today.

Soares has nearly 20 years’ experience in financial services and joined Salem Five in 2015, following several years at Citizens Bank. In his new role, he will oversee a team of lenders and relationship managers who serve the Bank’s portfolio of commercial real estate loan customers.

“I strongly believe that Phil’s the right person to build upon Joe’s success and make us even stronger, with a very talented and experienced commercial real estate team supporting him,” said Kevin Rourke, Senior Vice President in charge of Commercial Banking at Salem Five.

Soares is a graduate of the University of Massachusetts Amherst, where he earned a Bachelor of Business Administration in Finance degree.  He later earned a certificate in real estate finance from Boston University. Born and raised in Massachusetts, Soares now lives in Belmont with his wife and their two children.

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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