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Salem, Mass., October 18, 2017 – Salem Five announced today that Brian Shaughnessy has joined its team as Senior Vice President of Finance. Shaughnessy will be based out of the bank’s corporate office in Salem where he will oversee Salem Five’s finance and facility operations.
Prior to joining Salem Five, Shaughnessy was the Chief Financial Officer at Northeast Bancorp, the parent company of Northeast Bank. In this role, he managed all financial operations for the publicly traded company, including strategic planning, financial operations and investor relations. Before that, Shaughnessy spent ten years at the auditing firm KPMG, where he oversaw several large financial audit teams as a senior manager in their financial services group.
“Brian has extensive experience in banking and finance and a proven track record managing a number of different teams and departments,” said Ken Klipper, Chief Financial Officer at Salem Five. “This, coupled with his extensive knowledge of financial operations, makes him an ideal fit to oversee our complex business lines.”
Shaughnessy, a Certified Public Accountant, earned his bachelor’s degree and master’s degree in accounting from Bentley University. He lives in Reading, Mass. with his wife and two sons.
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.