Salem Five Cents Savings Bank
Salem, Massachusetts, Essex County
$8.8B in total assets, the 189th largest of 4,309 US banks and 5th of 95 headquartered in Massachusetts.
- FDIC certificate
- 23296
- Established
- 1855
- Owned by
- Salem Five Bcorp
- Primary regulator
- FDIC
- Website
- http://www.salemfive.com
At a glance
Compared with 46 banks headquartered in Massachusetts with $1 billion to $10 billion in assets, as of June 30, 2026.
| Measure | This bank | Percentile | Peer range, middle 90% | Peer median |
|---|---|---|---|---|
| Total assets | $8.8B | 98% | $1.9B | |
| Loans | $6.8B | 98% | $1.5B | |
| Deposits | $6.0B | 98% | $1.6B | |
| Return on assets | 0.96% | 80% | 0.72% | |
| Net interest margin | 2.58% | 13% | 3.04% | |
| Efficiency ratio | 56.0% | 6% | 69.8% | |
| Equity to assets | 11.47% | 63% | 10.84% | |
| Loans to deposits | 113% | 93% | 100% |
Growth
Total assets grew 8.8% a year over the last 5 years and 8.4% a year over 10 years, including 2 acquisitions in the last 10 years.
Acquisitions
| Closed | Acquired bank | Assets at acquisition |
|---|---|---|
| Aug 2018 | Sage Bank Lowell, MA | $143M |
| May 2017 | Georgetown Bank Georgetown, MA | $322M |
| Nov 2013 | Stoneham Savings Bank Stoneham, MA, an affiliate under the same holding company | $328M |
| Feb 2006 | Heritage Co-operative Bank Salem, MA | $271M |
Where they operate
34 branches in 4 counties.
Largest markets by deposits
| County | Deposits | Market share | Rank |
|---|---|---|---|
| Essex County, MA | $4.7B | 15.0% | 1 of 32 |
| Middlesex County, MA | $1.1B | 1.4% | 20 of 42 |
| Norfolk County, MA | $94M | 0.2% | 31 of 35 |
| Suffolk County, MA | $77M | 0.0% | 26 of 36 |
Deposits by branch from the FDIC Summary of Deposits, June 2026. Rank among all banks with branches in that county.
Branch history since 2016
Net gain of 4 branches since 2016 (30 to 34, +13.3%). 10 opened, 6 acquired, 12 closed or sold.
| Period | What happened | Opened or acquired | Closed or sold | Net change | Branches at end |
|---|---|---|---|---|---|
| Start of 2016 | Starting point | 30 | |||
| 2016 | Opened Needham | 1 | 0 | +1 | 31 |
| 2017 | Acquired Georgetown Bank | 4 | 0 | +4 | 35 |
| 2018 | Acquired Sage BankOpened Middleton, closed Middleton and North Andover | 3 | 2 | +1 | 36 |
| 2019 | Opened 3 in MassachusettsClosed 3 in 2 states | 3 | 3 | 0 | 36 |
| 2020 | Opened 3 in MassachusettsClosed 3 in Massachusetts | 3 | 3 | 0 | 36 |
| 2021 | Opened WilmingtonClosed Burlington and Peabody | 1 | 2 | −1 | 35 |
| 2022 | Closed Lowell | 0 | 1 | −1 | 34 |
| 2023 | Opened Beverly | 1 | 0 | +1 | 35 |
| 2024 | Closed Lynn | 0 | 1 | −1 | 34 |
Balance sheet and earnings
Loans by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| 1-4 family residential | 39% | 46% | |
| Commercial real estate | 30% | 26% | |
| Business (C&I) | 13% | 8% | |
| Construction and land | 7% | 7% | |
| Multifamily | 5% | 10% | |
| Consumer | 3% | 2% | |
| Other | 3% | 1% |
Deposits by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| Other interest-bearing | 54% | 52% | |
| Time deposits | 28% | 31% | |
| Noninterest-bearing | 18% | 16% |
Brokered deposits are 0.0% of deposits (peers 3.9%).
Return on assets
Trailing four quarters, with the peer median.
Credit and capital
| This bank | Peer median | |
|---|---|---|
| Noncurrent loans | 0.35% | 0.59% |
| Net charge-offs, annualized | 0.00% | 0.01% |
| Reserves to loans | 1.21% | 0.84% |
| Leverage ratio | 10.52% | 11.19% |
Noncurrent loans exclude government-guaranteed portions.
Related banks
Similar size in Massachusetts
Largest competitors in Essex County, MA
Figures as of June 30, 2026 from the bank's Call Report, FDIC structure and branch data, and the Federal Reserve. Short link: bankingstats.com/salem-five-cents