Salem Five Announces Latest “Bright Minds” Scholarship Winners

Three recent high school grads are recipients of the bank’s third annual scholarship program

Salem, MA., November 14, 2022 – Three recent North Shore high school graduates are the 2022 recipients of the 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 in 2020 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:

  • Diego Echeverri of Lawrence, who is attending UMass-Amherst;
  • Jeremy Perez of Tewksbury, who is attending Lasell University;
  • Ava Vasquez of Methuen, who is attending Worcester State University.

“Each year the team at Phillips has introduced us to talented and dedicated students and this year was no different. Diego, Jeremy and Ava are extremely talented young people and we hope that these scholarships will help them achieve their professional goals,” said Salem Five President and CEO Ping Yin Chai.

For nearly 30 years, Phillips has been offering four-year scholarships renewable for up to four years to New England students who display academic achievement, a commitment to serving others, a strong work ethic, and leadership qualities. Starting in 2020, Salem Five and Phillips have collaborated on the Bright Minds Scholarship, which has awarded more than $50,000 in scholarships from the Salem Five Charitable Foundation to nine area college students.


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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