Salem Five Launches Second Annual Holiday Toy Drive

Bruce Potter and Ping Yin Chai standing next to Salem Five Toy Drive dropbox

Salem Five and The Salvation Army join forces to benefit families in need

Salem, MA., November 21, 2022 – Salem Five Bank is again teaming up with The Salvation Army, Massachusetts Division to collect new, unwrapped toys for children in need across eastern Massachusetts this holiday season, the bank announced today.

All Salem Five branch locations, as well as its corporate headquarter in Salem and insurance headquarter in Woburn, will serve as drop-off locations starting today and lasting through the end of December. The Salvation Army will gather and distribute the toys to children throughout the region.
“There’s no time like the holidays to help people in need,” said Ping Yin Chai, President and CEO of Salem Five. “Based upon the success of last year’s toy drive, we decided to launch another this year so we could help make the holidays magical for even more young people in our region.”

With inflation and the lingering impact of the pandemic, many local families are struggling this year. As the largest private provider of social services, The Salvation Army remains focused on ensuring that children and families in need will have food on the table, Christmas gifts to unwrap, and be able to afford to pay the bills to keep them in their homes. Receiving toys during this special time of year can make the holidays a bit brighter for them by delivering hope and putting smiles on young faces.

“We are pleased to partner once again with Salem Five to better serve Essex and Middlesex counties this holiday season,” said Major Scott A. Kelly, General Secretary, The Salvation Army, Massachusetts Division. “With Salem Five’s branch network and passion for the cause, we are anticipating another strong turnout.”

For more information on the toy drive, including toy ideas and drop off locations, visit


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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About The Salvation Army

The Salvation Army annually serves more than 25 million people in America, helping them overcome poverty, addiction, and economic hardships through a range of social services. By providing food for the hungry, emergency relief for disaster survivors, rehabilitation for those suffering from drug and alcohol addiction, and clothing and shelter for people in need, The Salvation Army is doing the most good at 7,200 centers of operation around the country. During times of disaster, 100% of designated donations to The Salvation Army are used for immediate response and long-term efforts. In 2021, The Salvation Army was ranked No. 2 on the list of “America’s Favorite Charities” by The Chronicle of Philanthropy. For more information, visit Follow us on Twitter @SalvationArmyMA and #DoingTheMostGood.