Salem Five

What Salem Five does

Salem Five (legally Salem Five Cents Savings Bank) is a Massachusetts-based mutual bank founded in 1855, operating as the state's largest mutual bank with $8.4 billion in total assets as of November 2025 and 501-1,000 employees. The institution provides a comprehensive suite of financial services spanning personal banking (checking, savings, money market, CDs), consumer and mortgage lending (home purchase, refinance, construction, HELOC, personal loans), business banking (SBA loans, lines of credit, cash management, merchant services), and commercial banking (middle market, construction, sponsor finance, aviation financing through subsidiary AirFleet Capital, bankruptcy/post-confirmation banking, and treasury management). Adjacent services are delivered through wholly owned subsidiaries including Salem Five Mortgage Company (operating across MA, ME, NH, RI, FL), Salem Five Insurance Services (personal and business insurance), and Salem Five Investment Services (securities and advisory through LPL Financial). In November 2025, the bank launched a private banking service as a proof of concept, hiring its first private banker to serve clients with assets over $5 million.

The bank's core technology is a traditional core banking platform augmented by digital channels including iOS and Android mobile apps, online banking, Zelle for P2P payments, digital wallet support (Apple Pay, Google Pay, Samsung Pay), card controls, and a proprietary Salem Five Secure Browser providing layered malware protection and one-time passcode authentication for corporate clients. Integration partnerships with Visa (Account Updater), Allpoint (55,000+ surcharge-free ATMs), and MassHousing (affordable housing lending) extend functional capability. The bank is an SBA Preferred Lender and was recognized as MassHousing's Top Lender Partner for FY25.

Salem Five's revenue model is the standard community bank construct: net interest income from loan spreads on mortgages, SBA loans, commercial loans, construction financing, and consumer lending, supplemented by fee income from deposit accounts, treasury/ cash management services, insurance commissions, and wealth management/advisory fees. Go-to-market is hybrid: relationship-based sales delivered through a network of branch locations and dedicated loan officers, business bankers, commercial relationship managers, insurance producers, and wealth advisors across Massachusetts, complemented by self-serve digital channels for account opening and routine transactions. As a mutual bank, Salem Five is owned by its depositors rather than external shareholders, aligning its governance with customer/depositor interests rather than equity return maximization.

Name

Salem Five

Legal name

Salem Five Cents Savings Bank

Website

https://salemfive.com

Company type

Private

Founded year

1855

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Salem Five is Massachusetts' largest mutual bank, founded in 1855, with $8.4 billion in assets offering personal, business, and commercial banking, mortgage lending across five states, insurance, wealth management, and newly launched private banking services.

Ownership category

akta.pro rank

Product category

Community Banking

SIC

State Commercial Banks (6022)

akta.pro primary industry

High-Net-Worth (HNW) Private Banking (FSABADAB)

akta.pro secondary industry

Condominium (HO-6) Insurance (FSAJACAC)

Keywords

• Community banking
• Commercial lending
• Residential mortgages
• Wealth management
• Personal insurance

Headquarters

HQ city

Salem

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Interest Income: Traditional banking revenue from interest spreads on loans including mortgages, personal loans, business loans, and commercial lending. The bank offers various loan products including fixed and adjustable rate mortgages, SBA loans, HELOCs, and commercial loans.
2. Deposit Products: Revenue from checking accounts, savings accounts, money market accounts, and CDs. The bank offers competitive CD rates including current 4.00% APY promotions for limited-time CD specials.
3. Fee-Based Services: Revenue from fee-based services including wire transfers, merchant services, cash management, business credit cards, and overdraft protection.
4. Insurance Products: Insurance products offered through Salem Five Insurance Services, LLC, including personal insurance (home, auto, life) and business insurance.
5. Wealth Management: Wealth management and investment services offered through LPL Financial and Salem Five Investment Services, LLC.
6. Private Banking: Private banking services targeting high-net-worth clients and existing customers with assets over $5 million. Recently launched as proof of concept.

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels7 records

Core offering

Salem Five is a mutual savings bank providing deposit accounts, lending products, digital banking, mortgage financing, business banking, commercial banking, wealth management, and insurance services across Massachusetts and surrounding states. The bank serves individual consumers, small to medium businesses, and commercial clients through branch locations, digital channels, and a network of loan officers and financial advisors under the Salem Five Bank brand and subsidiaries including Salem Five Mortgage Company, Salem Five Insurance Services, and Salem Five Investment Services.

Product overview

Salem Five is a Massachusetts-based mutual bank with $8.4 billion in assets, offering a comprehensive suite of banking products across personal, business, and commercial segments. The core banking platform encompasses deposit products (checking, savings, money market accounts, and CDs), lending products (mortgages, home equity lines, personal loans, and business lending), and digital banking services. The bank operates through multiple channels including branch locations, online banking, and mobile apps. Related services are delivered through subsidiaries including Salem Five Mortgage Company (home financing), Salem Five Insurance Services (insurance products), and Salem Five Investment Services (investment products through LPL Financial). Recent offerings include Private Banking services for high-net-worth clients.

Differentiator

Problem solved

Functional benefit

Brands

• Salem Five Mortgage Company: A wholly owned subsidiary providing home financing in Massachusetts, Maine, New Hampshire, Rhode Island, and Florida.

Products and services

• Personal Checking Accounts Personal checking accounts offered to individual consumers for everyday banking, featuring Visa Debit Card, digital banking access, Zelle payments, and card controls.
• Savings Accounts & CDs Personal savings accounts and Certificate of Deposit products for retail customers, including limited-time CD specials at competitive promotional rates (currently 4.00% APY for 5, 7, and 12-month terms).
• Money Market Accounts (Gold Star) Money market deposit accounts offering competitive interest rates with the stability of a Salem Five account. Gold Star Money Market available at select branches including Billerica with no monthly fees.
• Mortgages (Home Purchase, Refinance, Construction & Renovation, FHA, VA, USDA, Jumbo, Reverse) Comprehensive home financing products including purchase mortgages, refinances, construction and renovation loans, FHA loans, VA loans, USDA loans, jumbo loans, and reverse mortgages, offered through Salem Five Mortgage Company subsidiary across five states.
• Home Equity Line of Credit (HELOC) Revolving credit line (Star HELOC) secured by home equity, allowing homeowners to borrow funds as needed for home improvements, debt consolidation, or other expenses.
• Personal Loans (Auto and Student) Unsecured personal loans for personal banking customers, including auto loans and student loans.
• Personal Credit Card Visa-branded personal credit cards with features such as fraud protection and card management tools.
• Business Checking Accounts Business checking accounts including Business Forward Checking with 500 free monthly transactions, Visa Business Debit Card, and specialized business account options for SMBs, startups, and nonprofits.
• Business Lending (SBA Preferred Lender) Business lending products including SBA Preferred Lender loans with streamlined access, loans and lines of credit, and real estate financing for small and medium businesses.
• Cash Management Services Business cash management services for business clients including business mobile banking, wire transfers, remote deposit capture, and merchant services.
• Commercial Banking Services Comprehensive commercial banking services for corporate, institutional, and municipal clients including corporate checking, middle market banking, construction loans, sponsor finance, aviation financing (through AirFleet Capital subsidiary), bankruptcy banking, and treasury management.
• Private Banking Service Private banking service targeting high-net-worth clients and existing customers with assets over $5 million, providing personalized banking solutions. Launched in November 2025 as a proof-of-concept initiative with expansion plans if successful.
• Wealth Management Services Wealth management and financial planning services provided by Wealth Consultants and CFP® professionals to help customers prepare for life changes and make informed financial decisions.
• Insurance Services (Personal & Business) Personal and business insurance products (home, auto, life, business) offered through Salem Five Insurance Services, LLC subsidiary.
• Investment Services Investment services offered through LPL Financial or its affiliates (Salem Five Investment Services, LLC), providing securities and investment products separate from Salem Five Bank.
• Digital Banking Platform Online and mobile banking platform providing 24/7 account access, mobile deposit, real-time alerts, card controls, digital wallets (Apple Pay, Google Pay, Samsung Pay), and Zelle P2P payments.
• Salem Five Secure Browser Secure browser application for corporate online banking clients providing layered protection through secure site access, malware prevention, and one-time passcodes delivered via text. Available for Mac and Windows operating systems.

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature4 records

Partnerships

Five partnerships are on record, tiered core and minor.

• LPL FinancialcoreChannel Partner/ Reseller/ DistributorInvestment services and securities offered through LPL Financial or its affiliates. Products and services are separate from Salem Five Bank and include brokerage and investment advisory services.
• VisacoreTechnology or IntegrationVisa debit cards with Zero Liability Protection and Visa Account Updater (VAU) program for automatic card information updates with participating merchants.
• AllpointcoreTechnology or IntegrationSurcharge-free ATM network providing access to over 55,000 ATMs worldwide at popular stores like Target, CVS, and Walgreens.
• MassHousingcoreStrategic or Co-development PartnerState housing finance agency partnership for mortgage lending programs. Salem Five is recognized as MassHousing Top Lender Partner FY25.
• Joint Marketing Partners (Credit Card, Insurance, Employee Benefits, Identity Theft Protection, Education Loans)minorGTM or Marketing PartnerJoint marketing partners including credit card company (jointly branded card), insurance companies, employee benefits companies, identity theft protection services, and education loan providers.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Rockland Trust (Independent Bank Corp): Rockland Trust is a Massachusetts-headquartered community bank with a comparable branch-based model across southern New England, directly overlapping with Salem Five on personal banking, mortgages, commercial lending, and wealth services for SMB and consumer segments.
• East Boston Savings Bank: East Boston Savings Bank is a Massachusetts mutual savings bank with a similar deposit-led community banking model, competing with Salem Five for retail deposits, mortgages, and small business relationships in greater Boston and North Shore markets.
• Berkshire Hills Bancorp (Berkshire Bank): Berkshire Bank is a New England regional bank offering consumer banking, mortgages, commercial lending, and wealth management with Massachusetts branch overlap, serving as a close comparable for Salem Five's geography and product mix.
• Brookline Bancorp: Brookline Bancorp operates Massachusetts and Rhode Island community banks delivering deposit products, commercial lending, and mortgages through branch networks; comparable in scale, geography, and product breadth to Salem Five.
• Cambridge Savings Bank: Cambridge Savings Bank is a Massachusetts mutual bank offering personal banking, mortgages, commercial lending, and wealth management with significant branch overlap in greater Boston, directly competitive with Salem Five in core deposit gathering and relationship banking.
• Washington Trust Bancorp: Washington Trust is the largest community bank in Rhode Island with personal banking, mortgage, wealth management, and commercial banking; Salem Five Mortgage operates into Rhode Island, making it a regional comparable on product and customer profile.

Broad incumbents

• Citizens Financial Group: Citizens Financial is a large regional bank with deep Massachusetts branch presence offering consumer banking, mortgages, wealth management, and commercial banking across New England, representing the incumbent large-bank competition Salem Five faces in its core market.
• Bank of America: Bank of America maintains one of the largest Massachusetts branch and ATM footprints and full-service consumer, mortgage, wealth, and commercial capabilities; it is the dominant incumbent competitor across all of Salem Five's service lines.

Emerging players

• Rocket Mortgage: Rocket Mortgage is a national digital mortgage originator competing directly with Salem Five Mortgage Company for home purchase and refinance volume across MA, ME, NH, RI, and FL, with a fundamentally different digital-first operating model.

Regional players

• Northampton Co-operative Bank / Local MA Mutual Banks: Other long-standing Massachusetts mutual savings banks of similar community scale (e.g., Northampton Co-operative Bank, Legacy Banks, Hometown Bank) compete with Salem Five for retail deposits and mortgages in suburban Massachusetts geographies outside the immediate North Shore.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/SalemFive
• Facebookfacebook.com/salemfivebank

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Salem Five