Salem Five Direct

1-800-850-5000
www.salemfivedirect.com

Salem Five Direct is an online division of Salem Five Cents Savings Bank, an innovative bank located in Salem, Massachusetts with over 150 years of banking experience. On the Salem Five Direct website you will find unique bank product offerings developed exclusively for clients seeking to conduct business on the internet. These offers will not be available through the Salem Five branch network and will change from time to time. The Salem Five Direct mission is to offer unprecedented value to our direct banking customers through exclusive product features at highly competitive prices.


See Rates for: Checking | Savings

Salem Five Direct Checking Account Rates

ApyMinMaxProduct
0.65%$50k$1meOne Checking

Salem Five Direct Savings Account Rates

ApyMinMaxProduct
1.10%-$1meOne Savings

Rates updated: 9/8/2010

Institution Statistics


FDIC Certificate #23296
BankRate ReportView
Year Established1855
Employees405
Primary RegulatorFDIC

Assets and Liabilities

Assets$2.70 billion
Loans$1.84 billion
Deposits$1.76 billion
Equity Capital$256.64 million
Loan Loss Allowance$16.76 million
Unbacked Noncurrent Loans$35.36 million
Real Estate Owned$6.86 million

Historic Data - June 2009

Assets$2.83 billion
Equity Capital$234.87 million
Loan Loss Allowance$16.76 million
Unbacked Noncurrent Loans$25.68 million
Real Estate Owned$9.12 million

Profit Margin - Quarterly

Net Interest Margin2.73%
Return on Assets0.55%
Return on Equity5.83%
Interest Income$61.50 million

Institution Health


Overall Score:
3 out of 5
3
Texas Ratio5
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of June 30, 2010 Salem Five Direct had $42.22 million in non-current loans and owned real-estate with $273.4 million in equity and loan loss allowances on hand to cover it. This gives Salem Five Direct a Texas Ratio of 15.44% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend2
The Texas Ratio for Salem Five Direct increased slightly from 13.83% as of June 30, 2009 to 15.44% as of June 30, 2010, resulting in a negative change of 11.64%. This indicates that the balance sheet and financial strength for Salem Five Direct has declined slightly in recent periods.
Deposit Growth2
In the past year, Salem Five Direct has decreased it's total deposits by -$136.57 million, resulting in -7.21% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Salem Five Direct has shown is below average.
Capitalization2
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Salem Five Direct has $2.7 billion in assets with $273.4 million in equity, resulting in a capitalization level of 10.12%, which is below average.
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