Salem Five Announces “Bright Minds” Scholarship Winners

Three recent high school grads are the first recipients of the bank’s new scholarship program


Salem, Mass., November 13, 2020 – Three recent North Shore high school graduates are the recipients of the newly created Salem Five Charitable Foundation’s Bright Minds Scholarships, which provides up to $12,000 per student for higher education expenses over a four-year period.

Facilitated by the Stephen Phillips Memorial Scholarship Fund in Salem, the Bright Minds Scholarship was created by Salem Five as part of its commitment to giving back to the communities it serves.  In this instance, the scholarship program is intended to help to defray the cost of higher education for academically successful students in Essex and Middlesex counties.

Each of the students selected are eligible to receive up to $3,000 annually, provided they remain in good academic standing, among other criteria.  The Salem Five Executive Committee partnered with Phillips to extensively review applicants and determine the award’s recipients.  This year’s recipients are:

  • Lubbi Angel, a graduate of Lynn Vocational Technical High School, who is attending Mount Holyoke College;
  • Sarah Curley, a graduate of the Essex Agricultural and Technical School, who is attending UMass-Lowell;
  • Deandre Mai, a graduate of Lynn English High School, who is attending UMass-Lowell.

“We were impressed with all of the candidate finalists presented by the team at Phillips, but Lubbi, Sarah and Deandre were particularly remarkable, based on their academic achievements, their extracurricular activities and the quality of their essays,” said Salem Five President and CEO Ping Yin Chai.  “We’re thrilled to help these three students offset the cost of college and we’re confident that they will emerge four years from now as promising young professionals in their respective professions.”

For nearly 30 years, Phillips has been offering four-year scholarships to New England students who display academic achievement, a commitment to serving others, a strong work ethic, and leadership qualities..


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. Divisions include Salem Five Mortgage Company, which has financed more homes than any other Massachusetts bank; Salem Five Investment Services 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.


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