Salem Five Cents Savings Bank

71 Washington Street
Salem, MA 01970

 

2018 Overview

General Bank Information

FDIC Insured Yes
FDIC Certificate # 23296
Date Established 1855
Assets $4.72 billion
Loans $3.49 billion
Deposits $3.43 billion
Capital $0.48 billion

Salem Five Cents Savings Bank is an FDIC insured institution located in Salem, MA. It was founded in 1855 and has approximately $4.72 billion in assets. Customers can open an account at one of its 35 branches.

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.

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 46.98
Multifamily
Mortgages
3.80
Credit Card Loans 0.00
Consumer Auto Loans 0.00
Small Business Loans 5.33
Construction and Development Loans 5.69
Commercial Real Estate 26.95
Commercial and Industrial Loans 13.80
Farm Loans 0.00

Deposit Rates - September 20, 2018

Your Current Location: Virginia, VA 20146

CD Rates APY MIN MAX
3 Mo CD 10K
0.10% $2,500 - Learn MoreShow Less
6 Mo CD 10K
0.15% $2,500 - Learn MoreShow Less
Savings Rates APY MIN MAX
Fixed IRA Rates APY MIN MAX
Fixed IRA 0K
0.25% $500 - Learn MoreShow Less
Special: 12 Mo FIRA
0.70% $2,000 - Learn MoreShow Less
Special: 13 Mo FIRA
1.00% $2,000 - Learn MoreShow Less
Special: 18 Mo FIRA
2.00% $2,000 - Learn MoreShow Less
Special: 24 Mo FIRA
2.00% $2,000 - Learn MoreShow Less
Special: 30 Mo FIRA
2.25% $2,000 - Learn MoreShow Less
Special: 36 Mo FIRA
3.00% $2,000 - Learn MoreShow Less
Special: 48 Mo FIRA
2.50% $2,000 - Learn MoreShow Less
Special: 60 Mo FIRA
2.00% $2,000 - Learn MoreShow Less
Variable IRA Rates APY MIN MAX
Var IRA 0K
0.05% $500 - Learn MoreShow Less
MM Rates APY MIN MAX
MM 2.5K
0.02% $2,500 $4,999 Learn MoreShow Less
MM 10K
0.05% $10,000 $24,999 Learn MoreShow Less
MM 25K
0.05% $25,000 $49,999 Learn MoreShow Less
Int Checking Rates APY MIN MAX
Int Ckg 0K
0.01% $100 - Learn MoreShow Less

Online Only CD Rates of Salem Five Direct

Online CD Rates APY MIN MAX
18 Month CD
2.00% $10,000 - Learn MoreShow Less
36 Month CD
2.00% $10,000 - Learn MoreShow Less
48 Month CD
2.50% $10,000 - Learn MoreShow Less
Checking Rates APY MIN FEE
Free Checking 0.00% $0 $0.00 Learn MoreShow Less

Bank Online Offers

Loan Rates - September 20, 2018

Your Current Location: Virginia, VA 20146

Home Equity Rates APR Rate Monthly Payment
Auto Loan Rates APR Rate Monthly Payment
5 Year 5.74% 5.74% $480.30 Learn MoreShow Less
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:
Ashburn,Virginia


Salem Five Cents Savings Bank Locations

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
2.55% 7.92%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its the bank’s 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 March 31, 2018, Salem Five Cents Savings Bank had $11,799,000 in non-current loans and $1,249,000 in owned real estate. To cover these potential losses it had $481,874,000 in equity and $30,263,000 in loans loss reserves. That gives it a Texas Ratio of 2.55%.

Return on Equity
Salem Five Cents Savings Bank U.S. Bank Average
10.01% 9.35%

Salem Five Cents Savings Bank has a Return on Equity of 10.01% versus the BestCashCow average of 9.35%. 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
10.2% 12.01%

Salem Five Cents Savings Bank has a Capitalization of 10.2% versus the BestCashCow average of 12.01. 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 March 31, 2018, Salem Five Cents Savings Bank had assets of $4,722,855,000, loans of $3,494,679,000, and deposits of $3,432,086,000. 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

ASSETS
Cash & Balances due from depository institutions $0.06 billion
Interest-bearing balances $0.03 billion
Total securities $0.97 billion
Federal funds sold and reverse repurchase $0.00 billion
Net loans and leases $3.49 billion
Loan loss allowance $0.03 billion
Trading account assets $0.00 billion
Bank premises and fixed assets $0.00 billion
Other real estate owned $0.00 billion
Goodwill and other intangibles $0.05 billion
All other assets $0.12 billion
     Total Assets $4.24 billion
LIABILITIES
Total deposits $3.43 billion
      Interest-bearing deposits $2.96 billion
      Deposits held in domestic offices $3.43 billion
      % insured (estimated) 78.06%
Federal funds purchased and repurchase agreements $0.04 billion
Trading liabilities $0.00 billion
Other borrowed funds $0.73 billion
Subordinated debt $0.00 billion
All other liabilities $0.04 billion
      Total Liabilities $4.24 billion
      Shareholders’ Equity $0.48 billion

Summary Income Statement

INCOME AND EXPENSES
Total Interest Income $0.04 billion
Total Interest Expense $0.01 billion
Net interest income $0.03 billion
Provision for loan and lease losses $0.00 billion
Total non interest income $0.01 billion
Total non interest expense $0.03 billion
Pre-tax Net Operating Income $0.02 billion

Frequently Asked Questions About Salem Five Cents Savings Bank

Branches and Savings

Is Salem Five Cents Savings Bank FDIC insured?

Yes. It is covered under FDIC Certificate #23296.

Why does Salem Five Cents Savings Bank pay such low interest on savings accounts?

See the best online savings rates here. See the best local savings rates here.

Why are Salem Five Cents Savings Bank CD rates not competitive?

See the best online CD rates here. See the best local CD rates here.

Is Salem Five Cents Savings Bank a commercial bank?

Yes

Where are Salem Five Cents Savings Bank locations?

See branch locations nearby.

Is Salem Five Cents Savings Bank open on Saturdays?

Is Salem Five Cents Savings Bank open on Sundays?

What time does Salem Five Cents Savings Bank open?

What time does Salem Five Cents Savings Bank close?

Are Salem Five Cents Savings Bank ATMs Open 24/7?

Do Salem Five Cents Savings Bank ATMs accept cash deposits?

Can Salem Five Cents Savings Bank customers use other ATMs?

Do Salem Five Cents Savings Bank branches have notaries?

Will Salem Five Cents Savings Bank notarize my document?

What address for Salem Five Cents Savings Bank should I put for incoming ACH transfers?

Will the Salem Five Cents Savings Bank branch print checks?

Do Salem Five Cents Savings Bank checks expire?

Does Salem Five Cents Savings Bank require US citizenship to open account?

Can Salem Five Cents Savings Bank close my account?

Does Salem Five Cents Savings Bank Report to credit bureaus?

Does Salem Five Cents Savings Bank Use Equifax?

What is Salem Five Cents Savings Bank's ACH Routing Number?

What is Salem Five Cents Savings Bank's SWIFT code?

Products

Does Salem Five Cents Savings Bank offer mortgages?

Compare mortgage rates here.

Does Salem Five Cents Savings Bank offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does Salem Five Cents Savings Bank offer personal loans?

Compare personal loan rates here.

Does Salem Five Cents Savings Bank offer student loans?

Will Salem Five Cents Savings Bank cash a check?

Will Salem Five Cents Savings Bank redeem a savings bond?

Does Salem Five Cents Savings Bank cash savings bonds?

Will Salem Five Cents Savings Bank cash money orders?

Can Salem Five Cents Savings Bank issue a money order?

Does Salem Five Cents Savings Bank do currency exchange?

Background on The Bank

Who owns Salem Five Cents Savings Bank?

How long has Salem Five Cents Savings Bank been around?

Can Salem Five Cents Savings Bank transfer to other banks?

Does Salem Five Cents Savings Bank have quick pay?

Does Salem Five Cents Savings Bank accept rolled coins?

Will Salem Five Cents Savings Bank accept loose change?

Where is Salem Five Cents Savings Bank headquarters?

Customer Reviews for Salem Five Cents Savings Bank


  • DMuessig

    January 08, 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!

  • Brian McDonnell

    October 03, 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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