Salem Five Cents Savings Bank

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Salem Five Cents Savings Bank is an FDIC insured institution headquartered at 71 Washington St, Salem, MA 01970.
It was founded in 1855 and has approximately $7 billion in assets. Customers can open an account at one of its 35 branches.

Deposit Rates - April 26, 2024

CD RATES	APY	MIN
6 Mo CD	4.50%	$2,500	Compare
12 Mo CD	0.25%	$500	Compare
18 Mo CD	0.25%	$500	Compare
24 Mo CD	0.25%	$500	Compare
30 Mo CD	0.35%	$500	Compare
36 Mo CD	0.35%	$500	Compare
48 Mo CD	0.50%	$500	Compare
60 Mo CD	0.50%	$500	Compare

Loan Rates - April 26, 2024

MORTGAGE PURCHASE	APR(%)	MONTHLY PAYMENT
15 Year Fixed Conforming	5.42%	$2,600.42
30 Year Fixed Conforming	7.27%	$2,054.29

MORTGAGE REFINANCE	APR(%)	MONTHLY PAYMENT
15 Year Fixed Conforming	6.33%	$2,657.31
30 Year Fixed Conforming	7.27%	$2,054.29

See Other Mortgage Rates →

Overview 2024

General Bank Information

FDIC Insured	Yes
FDIC Certificate	# 23296
Date Established	1855
Assets	$ 7.29 billion
Loans	$ 5.33 billion
Deposits	$ 5.13 billion
Capital	$ 821.15 million

Summary Balance Sheet as of June 30, 2023

ASSETS
Cash & Balances due from depository institutions	$ 44.25 million
Interest-bearing balances	$ 10.31 million
Total securities	$ 1,553.29 million
Federal funds sold and reverse repurchase	N.A.
Net loans and leases	$ 5.33 billion
Loan loss allowance	$ 63.41 million
Trading account assets	N.A.
Bank premises and fixed assets	N.A.
Other real estate owned	$ 12.25 million
Goodwill and other intangibles	$ 76.47 million
All other assets	$ 172.43 million
Total Assets	$ 6.47 billion

LIABILITIES
Total deposits	$ 5.13 billion
Interest-bearing deposits	$ 4.09 billion
Deposits held in domestic offices	$ 5.13 billion
% insured (estimated)	80.27%
Federal funds purchased and repurchase agreements	$ 96.09 million
Trading liabilities	N.A.
Other borrowed funds	$ 602.77 million
Subordinated debt	N.A.
All other liabilities	$ 99.92 millionn
Total Liabilities	$ 6.47 billion
Shareholders’ Equity	$ 821.15 million

Summary Income Statement as of June 30, 2023

INCOME AND EXPENSES
Total Interest Income	$ 298.62 million
Total Interest Expense	$ 127.87 million
Net interest income	$ 170.76 million
Provision for loan and lease losses	$ 4.80 million
Total non interest income	$ 48.05 million
Total non interest expense	$ 133.43 million
Pre-tax Net Operating Income	$ 37.75 million

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Branches

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