Salem Five Cents Savings Bank

Headquarters

71 Washington St
Salem, MA 01970
See all branch locations →

Notable Rates APY Vs.Others
Savings N.A. 4.01% →
1-Year CD N.A. 4.50% →
2-Year CD N.A. 4.73% →
5-Year CD N.A. 4.75% →
30-Year Mortgage 6.94% 4.91% →
15-Year Mortgage 6.33% 4.39% →
HELOC 4.99% 1.93% →

2022 Overview

General Bank Information

Salem Five Cents Savings Bank is an FDIC insured institution located in Salem, MA. It was founded in 1855 and has approximately $6.26 billion in assets. Customers can open an account at one of its 35 branches.

FDIC Insured Yes
FDIC Certificate # 23296
Date Established 1855
Assets $ 6.26 billion
Loans $ 4.40 billion
Deposits $ 4.76 billion
Capital $ 718.72 million
 

For a more detailed analysis of Salem Five Cents Savings Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - November 28, 2022

Your Current Location: California, CA 92111

Online Only Savings Rates of Salem Five Direct

Online Savings Rates APY MIN MAX
eOne Savings
3.50% $100 $1,000 Learn More

Online Only CD Rates of Salem Five Direct

Online CD Rates APY MIN MAX
12 Month eCD Special
2.50% $10,000 - Learn More
24 Month CD eCD Special
3.25% $10,000 $500,000 Learn More
36 Month eCD Special
2.50% $10,000 - Learn More
There are currently no rates available for Salem Five Cents Savings Bank, but see these great savings and CD rates:

Advertiser Disclosure
Checking Rates APY MIN FEE
Free Checking 0.00% $0 $0.00 Learn MoreShow Less

Bank Online Offers

Salem Five Direct Lowers EOne Online Savings Rate to 0.61% APY
Oct 27, 2020

Salem Five has lowered their online savings rate from 0.80% to 0.61% APY today.


 

Loan Rates - November 28, 2022

Your Current Location: California, CA 92111

Home Equity Rates APR Rate Monthly Payment
Auto Loan Rates APR Rate Monthly Payment
5 Year 8.74% 8.74% $515.81
Refinance Mortgage Rates APR Rate Monthly Payment
Purchase Mortgage Rates APR Rate Monthly Payment

Monthly payments for mortgage products are based on a loan amount of $200,000. Home equity monthly payments are based on a loan amount of $50,000. Auto loan monthly payments are based on a loan amount of $25,000. Rates for each product are based on a variety of factors including credit score and loan amount. For specific requirements please check with the lender. Rates may change at any time.

Branches

Salem Five Cents Savings Bank branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

Your Location:
San Diego,California


Salem Five Cents Savings Bank Locations



Climate Initiatives

Salem Five Cents Savings Bank is encouraged to provide us with this information. When we receive this information from the bank, we will provide it here.

Financial Details

Salem Five Cents Savings Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Salem Five Cents Savings Bank. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
Salem Five Cents Savings Bank U.S. Bank Average
2.62% 4.06%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of June 30, 2022, Salem Five Cents Savings Bank had $19,465,000 in non-current loans and $915,000 in owned real estate. To cover these potential losses it had $718,716,000 in equity and $60,085,000 in loans loss reserves. That gives it a Texas Ratio of 2.62%.

Return on Equity
Salem Five Cents Savings Bank U.S. Bank Average
4.99% 9.98%

Salem Five Cents Savings Bank has a Return on Equity of 4.99% versus the BestCashCow average of 9.98%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Capitalization
Salem Five Cents Savings Bank U.S. Bank Average
11.49% 10.23%

Salem Five Cents Savings Bank has a Capitalization of 11.49% versus the BestCashCow average of 10.23. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

Salem Five Cents Savings Bank Balance Sheet Analysis

As of June 30, 2022, Salem Five Cents Savings Bank had assets of $6,256,985,000, loans of $4,404,724,000, and deposits of $4,757,104,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

June 30, 2022
ASSETS
Cash & Balances due from depository institutions $ 39.30 million
Interest-bearing balances $ 7.10 million
Total securities $ 1,530.24 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 4.40 billion
Loan loss allowance $ 60.09 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned $ 0.92 million
Goodwill and other intangibles $ 64.69 million
All other assets $ 172.43 million
     Total Assets $ 5.54 billion
LIABILITIES
Total deposits $ 4.76 billion
      Interest-bearing deposits $ 3.66 billion
      Deposits held in domestic offices $ 4.76 billion
      % insured (estimated) 66.66%
Federal funds purchased and repurchase agreements $ 78.48 million
Trading liabilities N.A.
Other borrowed funds $ 602.77 million
Subordinated debt N.A.
All other liabilities $ 99.92 million
      Total Liabilities $ 5.54 billion
      Shareholders’ Equity $ 718.72 million

Summary Income Statement

June 30, 2022
INCOME AND EXPENSES
Total Interest Income $ 87.42 million
Total Interest Expense $ 9.49 million
Net interest income $ 77.93 million
Provision for loan and lease losses $ 2.10 million
Total non interest income $ 23.58 million
Total non interest expense $ 61.66 million
Pre-tax Net Operating Income $ 37.75 million

Bank Loan Profile?

The top three loan types in Salem Five Cents Savings Bank’s loan portfolio are 1-4 Family Residential Loans, Commercial Real Estate, and Commercial and Industrial Loans.

Compared to other banks, Salem Five Cents Savings Bank’s loan portfolio does not show any specific loan specialty.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

%
Loans
%
Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 36.09
Multifamily
Mortgages
5.31
Credit Card Loans 0.00
Consumer Auto Loans 0.00
Small Business Loans 6.67
Construction and Development Loans 6.29
Commercial Real Estate 34.31
Commercial and Industrial Loans 14.00
Farm Loans 0.00

Customer Reviews for Salem Five Cents Savings Bank


  • January 8, 2018

    Another bad bank! Did a hard pull just to open a checking account with no overdraft and denied me. Never even bothered to send a letter or e-mail. Now I have another inquiry on my credit report for nothing. THANKS ALOT!

  • October 3, 2015

    Have a HELO at higher rate than yours!
    Can I transfer a $ 250,000 HELO from my credit union to SFCSB ??

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