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Salem Five

Salem Five Locations
71 Washington Street
Salem, MA 01970
800.850.5000
www.salemfive.com

FDIC

Salem Five is headquartered in Salem and is the 9th largest bank in the state of Massachusetts. It is also the 249th largest bank in the nation. It was established in 1855 and as of December of 2012, it had grown to 486 employees at 24 locations. Salem Five's CD rates are 11% higher than the national average, and it has a 4-star health rating.

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Money Market & 15-Month CD New-Branch Specials At Burlington, MA (Forum) - 5/23/2012

Salem Five is advertising the following 2 new-branch deposit specials: 1.15% APY money market account with rate guaranteed through 2012. Checking account is required 1.15% APY 15-month CD. Minimum deposit $10K ($2K for an IRA) Specials are only avai

Salem Five CD and Savings Account Promo Updates - 4/27/2011

Salem Five Bank increased the rate of its 2-year CD special from 1.50% to 1.75% APY. Its other two special CD rates remain the same and not too competitive: 2.50% APY for 5 years and 1.10% APY for 14 ...

Update on Salem Five Bank's CD Specials - Available Nationwide - 1/12/2011

Salem Five Bank increased the rate of its 2-year CD special from 1.50% to 1.75% APY. Its other two special CD rates remain the same: 2.75% APY for 5 years and 1.35% APY for 14 months. Minimum deposit ...

Competitive CD Specials at Salem Five Bank - Available Nationwide - 12/15/2010

Salem Five Bank is offering three special CDs: a 2.75% APY 5-year CD, a 1.50% APY 2-year CD and a 1.35% APY 14-month CD. Minimum deposit is $10K for a regular CD and $2K for an IRA CD. These CD rates ...

2010




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See Rates for: Checking | Savings | Money Market | CD | IRA

Salem Five Checking Account Rates

ApyMinMaxProduct
0.02%--Star Checkinig
0.02%--Gold Star Checking
0.02%--Smart Student Checking

Salem Five Savings Account Rates

ApyMinMaxProduct
0.15%--Gold Star Saver
0.15%--Star Savings
0.05%--Statement Savings Account

Salem Five Money Market Rates

ApyMinMaxProduct
0.20%$100k-Star Money Market Account
0.20%$100k-Online Money Market
0.20%$100k-Advantage Money Market
0.05%$500-IRA Money Market
0.05%$500-Roth IRA Money Market
0.05%$500-CESA Money Market
0.05%$500-SEP IRA Money Market

Salem Five CD Rates

ApyMinMaxProduct
1.50%$10k-36 Month eCD Special
1.30%$25k-60 Month Callable CD - 12 Month Lock
1.25%$10k-24 Month eCD Special
1.20%$10k-60 Month Relationship CD
1.15%$500-60 Month CD
1.00%$500-42 - 59 Month CD
1.00%$10k-18 Month eCD Special
1.00%$10k-12 Month eCD Special
0.90%$25k-36 Month Callable CD - 6 Month Lock
0.90%$25k-36 Month Callable CD - 12 Month Lock
0.75%$10k-36 Month Relationship CD
0.65%$500-30 - 41 Month CD
0.60%$10k-24 Month Relationship CD
0.50%$10k-18 Month Relationship CD
0.40%$500-18 - 29 Month CD
0.35%$10k-12 Month Relationship CD
0.25%$500-12 - 17 Month CD
0.20%$10k-9 Month Relationship CD
0.20%$10k-9 Month No Penalty CD
0.15%$2,500-182 - 364 Day CD
0.10%$2,500-91 - 181 Day CD

Salem Five IRA Rates

ApyMinMaxProduct
1.50%$2k-36 Month CESA Special
1.50%$2k-36 Month IRA Special
1.50%$2k-36 Month Roth IRA Special
1.50%$2k-36 Month SEP IRA Special
1.25%$2k-24 Month CESA Special
1.25%$2k-24 Month IRA Special
1.25%$2k-24 Month Roth IRA Special
1.25%$2k-24 Month SEP IRA Special
1.20%$2k-60 Month Relationship IRA
1.20%$2k-60 Month Relationship Roth IRA
1.20%$2k-60 Month Relationship CESA
1.20%$2k-60 Month Relationship SEP IRA
1.15%$500-60 Month IRA
1.15%$500-60 Month Roth IRA
1.15%$500-60 Month CESA
1.15%$500-60 Month SEP IRA
1.00%$500-42 - 59 Month IRA
1.00%$500-42 - 59 Month Roth IRA
1.00%$500-42 - 59 Month CESA
1.00%$500-42 - 59 Month SEP IRA
1.00%$2k-18 Month CESA Special
1.00%$2k-18 Month IRA Special
1.00%$2k-18 Month Roth IRA Special
1.00%$2k-18 Month SEP IRA Special
1.00%$2k-12 Month CESA Special
1.00%$2k-12 Month IRA Special
1.00%$2k-12 Month Roth IRA Special
1.00%$2k-12 Month SEP IRA Special
0.75%$2k-36 Month Relationship IRA
0.75%$2k-36 Month Relationship Roth IRA
0.75%$2k-36 Month Relationship CESA
0.75%$2k-36 Month Relationship SEP IRA
0.65%$500-30 - 41 Month IRA
0.65%$500-30 - 41 Month Roth IRA
0.65%$500-30 - 41 Month CESA
0.65%$500-30 - 41 Month SEP IRA
0.60%$2k-24 Month Relationship IRA
0.60%$2k-24 Month Relationship Roth IRA
0.60%$2k-24 Month Relationship CESA
0.60%$2k-24 Month Relationship SEP IRA
0.50%$2k-18 Month Relationship IRA
0.50%$2k-18 Month Relationship Roth IRA
0.50%$2k-18 Month Relationship CESA
0.50%$2k-18 Month Relationship SEP IRA
0.40%$500-18 - 29 Month IRA
0.40%$500-18 - 29 Month Roth IRA
0.40%$500-18 - 29 Month CESA
0.40%$500-18- 29 Month SEP IRA
0.35%$2k-12 Month Relationship IRA
0.35%$2k-12 Month Relationship Roth IRA
0.35%$2k-12 Month Relationship CESA
0.35%$2k-12 Month Relationship SEP IRA
0.25%$500-12 - 17 Month IRA
0.25%$500-12 - 17 Month Roth IRA
0.25%$500-12 - 17 Month CESA
0.25%$500-12 - 17 Month SEP IRA
0.20%$2k-9 Month Relationship IRA
0.20%$2k-9 Month Relationship Roth IRA
0.20%$2k-9 Month Relationship CESA
0.20%$2k-9 Month Relationship SEP IRA
0.15%$500-182 - 364 Day IRA
0.15%$500-182 - 364 Day Roth IRA
0.15%$500-182 - 364 Day CESA
0.15%$500-182 - 364 Day SEP IRA
0.10%$500-91 - 181 Day IRA
0.10%$500-91 - 181 Day Roth IRA
0.10%$500-91 - 181 Day CESA
0.10%$500-91 - 181 Day SEP IRA

Rates updated: 5/25/2013

Data for Q4 2012


Institution Statistics


Salem Five Cents Savings Bank
FDIC Certificate #23296
BankRate ReportView
Year Established1855
Employees486
Primary RegulatorFDIC

Assets and Liabilities

Assets$3.00 billion
Loans$2.15 billion
Deposits$2.08 billion
Equity Capital$286.30 million
Loan Loss Allowance$21.41 million
Unbacked Noncurrent Loans$30.56 million
Real Estate Owned$6.12 million

Historic Data - December 2011

Assets$2.88 billion
Equity Capital$285.38 million
Loan Loss Allowance$19.70 million
Unbacked Noncurrent Loans$32.51 million
Real Estate Owned$5.46 million

Profit Margin - Quarterly

Net Interest Margin3.15%
Return on Assets0.99%
Return on Equity10.61%
Interest Income$119.98 million

Institution Health


Overall Score:
4 out of 5
4
Texas Ratio4
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 December 31, 2012 Salem Five had $36.69 million in non-current loans and owned real-estate with $307.71 million in equity and loan loss allowances on hand to cover it. This gives Salem Five a Texas Ratio of 11.92% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend3
The Texas Ratio for Salem Five held steady from 12.37% as of December 31, 2011 to 11.92% as of December 31, 2012, resulting in a positive change of 3.66%.This indicates that the balance sheet and financial strength for Salem Five has held steady in recent periods.
Deposit Growth4
In the past year, Salem Five has increased its total deposits by $62.53 million, resulting in 3.1% 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 has shown is above average.
Capitalization4
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 has $3 billion in assets with $307.71 million in equity, resulting in a capitalization level of 10.27%, which is above average.
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Mistakes, Mistakes & More Mistakes!
1 stars - cdinvestor - Friday, December 14, 2012 - 11:14 PM

I've had nothing but trouble with Salem Five.  Here is my experience, you be the judge.

First mistake: they started to withhold interest - when I asked why they said I must have inadvertently "checked off I was subject to backup withholding on my W9".

The next time they ****ed up was when they unexpectedly lowered my interest rate without informing me -- after they had assured me several months before that the rate was good thru a certain period. I never would have noticed but learned on the internet that other people had complained of the very same thing. That's when I checked my statement. The problem is that you won't know that your interest rate has been changed in the 30 days previous until you receive your next statement - so it was pretty deceptive. I phoned and demanded to speak to a supervisor who quickly "fixed the problem" when she heard me say I was going to complain online. 

The last time was the final straw. After I'd been with them for a considerable time they informed that my SS# was incorrect and if I didn't send in the proper one within a certain time span I would go into backup withholding.  It was their error.  Obviously someone had mistyped my information.  They refused to admit it but "couldn't locate the original W9". Then to make matters worse they "never received" the form they sent me to fill out.  How odd -- I drove straight to the local post office and mailed it in one of their postage-free envelopes. How could they lose something like that?! I now have to worry about identity fraud.

In the past 35 years I've had dozens of accounts at many different banks & CU's and have never had a problem.  I am obsessively careful when filling out bank documents.

Needless to say, after all this I closed my account.

4
 
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