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Salem, Mass., May 24, 2017 – Salem Five Bancorp, the parent company of Salem Five Bank, announced today the closing of its acquisition of Georgetown Bancorp, Inc. and Georgetown Bank.
Under the terms of the agreement, Georgetown Bank and its retail locations will operate as a division of Salem Five Bank until a full conversion in the spring of 2018. Georgetown Bank President Bob Balletto will help lead the transition and integration by serving as president of the Georgetown Bank division of Salem Five.
“This acquisition is an exciting step forward in Salem Five’s continued expansion throughout the region,” said Salem Five President and CEO Ping Yin Chai. “As a community bank, Salem Five has a strong sense of accountability and responsibility to our customers and their financial needs. We look forward to introducing the families, businesses, and communities that have relied on Georgetown Bank to our innovative technologies and personalized service.”
As a result of the acquisition, Salem Five Bank, one of the largest Massachusetts-headquartered banks, now has total assets of approximately $4.6 billion and 34 locations serving customers across Essex, Middlesex, Suffolk and Norfolk counties in northeastern Massachusetts. The acquisition also represents Salem Five Bank’s entry into Southern New Hampshire, with a retail location in Stratham.
Bancorp is the parent bank holding company of Salem Five (www.salemfive.com), 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 $4.7 billion in assets and 34 retail branches in Essex, Middlesex, Norfolk and Suffolk counties and 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.