Salem Five Cents Savings Bank

For information concerning Salem Five Direct online bank, please click here.

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 - June 19, 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 - June 19, 2024

MORTGAGE PURCHASE APR(%) MONTHLY PAYMENT
15 Year Fixed Conforming
5.42% $2,600.42
30 Year Fixed Conforming
6.84% $2,054.29
MORTGAGE REFINANCE APR(%) MONTHLY PAYMENT
15 Year Fixed Conforming
6.33% $2,657.31
30 Year Fixed Conforming
6.84% $2,054.29

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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Salem Five Cents Savings Bank Locations