Salem Five is headquartered in Salem and is the 8th largest bank in the state of Massachusetts. It is also the 230th largest bank in the nation. It was established in 1855 and as of December of 2013, it had grown to 514 employees at 30 locations. Salem Five's CD rates are 11% higher than the national average, and it has a A health rating.
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 screwed 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.
I just chatted with someone at Salem Five to see what the withdrawal penalty on a 5 year CD was and the guy told me 4% of the balance of the CD! That's too much for me.
We have been with Salem Five for last 6 yrs we are a small business and salem five has been charging us 6.50% interest rate on our mortage since 2007, we have made several requests for working with us and findinga a way to make our payment more affordable beacuse with the this economy our business has suffered a lot, Salem Five exec. would not return our call and they keep denying us for loan modification under HARP, we defaulted one month and they stopped accepting payment unless we pay in full, now they have send us forclousre notice and they want all the money including attorney fee and late fee in 30 days, I do not know what will they gain by putting us on street, both me and my husband work full time and all we are asking for is a lower interest rate so our mortage is more affordable, we are actively interviewing for a second job as well we both are college graduates and we are hoping to find something but in the meantime Salem Five is after our house and will not help in any way, every penny we have earned and saved we have put in thsi house and we will literally be on street with our two young boys.....my heart is bleeding right now, we do not deserve to get treated like this.
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, 2013 Salem Five had $35 million in non-current loans and owned real-estate with $374.1 million in equity and loan loss allowances on hand to cover it. This gives Salem Five a Texas Ratio of 9.36% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Salem Five decreased slightly from 11.92% as of December 31, 2012 to 9.36% as of December 31, 2013, resulting in a positive change of 21.50%.This indicates that the balance sheet and financial strength for Salem Five has improved slightly in recent periods.
In the past year, Salem Five has increased its total deposits by $454.03 million, resulting in 21.81% 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 excellent.
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 $3.38 billion in assets with $374.1 million in equity, resulting in a capitalization level of 11.06%, which is excellent.
|FDIC Certificate #||23296|
|Assets and Liabilities|
|Equity Capital||$351.05 million|
|Loan Loss Allowance||$23.06 million|
|Unbacked Noncurrent Loans||$30.16 million|
|Real Estate Owned||$4.84 million|
|Historic Data - December 2012|
|Equity Capital||$286.30 million|
|Loan Loss Allowance||$21.41 million|
|Unbacked Noncurrent Loans||$30.16 million|
|Real Estate Owned||$6.12 million|
|Profit Margin - Quarterly|
|Net Interest Margin||2.89%|
|Return on Assets||0.78%|
|Return on Equity||7.76%|
|Interest Income||$122.69 million|
Always verify rates and promotions with the bank or credit union. We are not Salem Five, we are a rate comparison website and can not provide official rates or promotions.
|0.15%||-||-||Gold Star Saver|
|0.05%||-||-||Statement Savings Account|
|0.15%||$100k||-||Star Money Market Account|
|0.12%||$100k||-||Advantage Money Market|
|0.10%||$100k||-||Online 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|
|0.02%||-||-||Gold Star Checking|
|0.02%||-||-||Smart Student Checking|
|2.00%||$10k||-||60 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|
|1.10%||$10k||-||36 Month eCD Special|
|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|
|2.00%||$2,500||-||60 Month IRA Special (Traditional,CESA,Roth,SEP)|
|1.25%||$2k||-||24 Month IRA Special (Traditional,CESA,Roth,SEP)|
|1.20%||$2k||-||60 Month Relationship IRA (Traditional,Roth,CESA,SEP)|
|1.15%||$500||-||60 Month IRA (Traditional,Roth,CESA,SEP)|
|1.10%||$2k||-||36 Month IRA Special (Traditional,CESA,Roth,SEP)|
|1.00%||$500||-||42 - 59 Month IRA (Traditional,Roth,CESA,SEP)|
|1.00%||$2k||-||18 Month IRA Special (Traditional,CESA,Roth,SEP)|
|1.00%||$2k||-||12 Month IRA Special (Traditional,CESA,Roth,SEP)|
|0.75%||$2k||-||36 Month Relationship IRA (Traditional,Roth,CESA,SEP)|
|0.65%||$500||-||30 - 41 Month IRA (Traditional,Roth,CESA,SEP)|
|0.60%||$2k||-||24 Month Relationship IRA (Traditional,Roth,CESA,SEP)|
|0.50%||$2k||-||18 Month Relationship IRA (Traditional,Roth,CESA,SEP)|
|0.40%||$500||-||18 - 29 Month IRA (Traditional,Roth,CESA,SEP)|
|0.35%||$2k||-||12 Month Relationship IRA (Traditional,Roth,CESA,SEP)|
|0.25%||$500||-||12 - 17 Month IRA (Traditional,Roth,CESA,SEP)|
|0.20%||$2k||-||9 Month Relationship IRA (Traditional,Roth,CESA,SEP)|
|0.15%||$500||-||182 - 364 Day IRA (Traditional,Roth,CESA,SEP)|
|0.10%||$500||-||91 - 181 Day IRA (Traditional,Roth,CESA,SEP)|