Salem Five Cents Savings Bank

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Salem Five Cents Savings Bank is an FDIC insured institution headquartered at 71 Washington St, Salem, MA 01970.
It was founded in 1855 and has approximately $8 billion in assets. Customers can open an account at one of its 35 branches.

Deposit Rates - April 19, 2025

SAVINGS RATES	APY	MIN
SAV	0.01%	$10	Compare

CD RATES	APY	MIN
6 Mo CD	4.25%	$2,500	Compare
9 Mo CD	4.15%	$10,000	Compare
12 Mo CD	4.50%	$500	Compare
12 Mo CD	4.50%	$10,000	Compare
18 Mo CD	4.25%	$500	Compare
18 Mo CD	4.25%	$10,000	Compare
24 Mo CD	4.25%	$500	Compare
24 Mo CD	4.25%	$10,000	Compare
30 Mo CD	0.35%	$500	Compare
30 Mo CD	2.00%	$10,000	Compare
36 Mo CD	0.35%	$500	Compare
36 Mo CD	2.00%	$10,000	Compare
48 Mo CD	0.50%	$500	Compare
48 Mo CD	2.25%	$10,000	Compare
60 Mo CD	0.50%	$500	Compare
60 Mo CD	2.25%	$10,000	Compare

MM RATES	APY	MIN
Money Market	0.10%	$0	Compare
Money Market	0.10%	$10,000	Compare
Money Market	3.70%	$50,000	Compare

FIXED IRA RATES	APY	MIN
12 Mo FIRA	4.50%	$2,000
18 Mo FIRA	4.25%	$2,000
24 Mo FIRA	4.25%	$2,000
30 Mo FIRA	2.00%	$2,000
36 Mo FIRA	2.00%	$2,000
48 Mo FIRA	2.25%	$2,000
60 Mo FIRA	2.25%	$2,000

Loan Rates - April 19, 2025

MORTGAGE PURCHASE	APR(%)	MONTHLY PAYMENT
15 Year Fixed Conforming	5.42%	$2,600.42
30 Year Fixed Conforming	6.39%	$2,054.29

MORTGAGE REFINANCE	APR(%)	MONTHLY PAYMENT
15 Year Fixed Conforming	6.33%	$2,657.31
30 Year Fixed Conforming	6.39%	$2,054.29

See Other Mortgage Rates →

Overview 2025

General Bank Information

FDIC Insured	Yes
FDIC Certificate	# 23296
Date Established	1855
Assets	$ 7.84 billion
Loans	$ 5.89 billion
Deposits	$ 5.63 billion
Capital	$ 887.49 million

Summary Balance Sheet as of December 31, 2024

ASSETS
Cash & Balances due from depository institutions	$ 44.44 million
Interest-bearing balances	$ 16.61 million
Total securities	$ 1,538.15 million
Federal funds sold and reverse repurchase	N.A.
Net loans and leases	$ 5.89 billion
Loan loss allowance	$ 67.79 million
Trading account assets	N.A.
Bank premises and fixed assets	N.A.
Other real estate owned	$ 9.97 million
Goodwill and other intangibles	$ 72.00 million
All other assets	$ 172.43 million
Total Assets	$ 6.96 billion

LIABILITIES
Total deposits	$ 5.63 billion
Interest-bearing deposits	$ 4.58 billion
Deposits held in domestic offices	$ 5.63 billion
% insured (estimated)"	80.48%
Federal funds purchased and repurchase agreements	$ 83.36 million
Trading liabilities	N.A.
Other borrowed funds	$ 602.77 million
Subordinated debt	N.A.
All other liabilities	$ 99.92 millionn
Total Liabilities	$ 6.96 billion
Shareholders’ Equity	$ 887.49 million

Summary Income Statement as of December 31, 2024

INCOME AND EXPENSES
Total Interest Income	$ 354.66 million
Total Interest Expense	$ 192.32 million
Net interest income	$ 162.34 million
Provision for loan and lease losses	$ 5.40 million
Total non interest income	$ 55.90 million
Total non interest expense	$ 140.75 million
Pre-tax Net Operating Income	$ 37.75 million

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Branches

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