Andrew Calamare joins Salem Five’s Board of Trustees

Calamare brings more than four decades of experience to Salem Five.

Salem, MA., May 5, 2025 – Andrew J. Calamare, a former Massachusetts Commissioner of Banks who went on to lead the Depositors Insurance Fund (DIF) until his retirement in December 2024, has been named to the Board of Trustees for Salem Five, the Bank announced today. 

Calamare brings decades of regulatory, financial and legal experience to the Board, having established himself as a steady hand during turbulent times and a trusted advisor to bank executives and others across the state. 

“We’re pleased to welcome someone of Andy’s caliber to our Board,” said Ping Yin Chai, President and CEO of Salem Five. “His experience and knowledge will benefit the Bank as we grow and further establish ourselves as Greater Boston’s leading commercial bank.”

Calamare earned his bachelor’s degree from College of the Holy Cross and later earned his Juris Doctor from the New England School of Law. After serving as the Massachusetts Commissioner of Banks in the late 1980s, Calamare went on to serve as president and CEO of the Life Insurance Association of Massachusetts. He later served as president of the Co-operative Central Bank and led its merger with DIF. He has also served as chairman of the Board of Directors of the Federal Home Loan Bank of Boston.

About Salem Five Bank

Salem Five Bancorp is 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 more than $8 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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