Salem Five Cents Savings Bank
Headquarters
71 Washington St
Salem, MA 01970
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2024 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 $7.54 billion in assets. Customers can open an account at one of its 35 branches.
| FDIC Insured | Yes |
| FDIC Certificate | # 23296 |
| Date Established | 1855 |
| Assets | $ 7.54 billion |
| Loans | $ 5.57 billion |
| Deposits | $ 5.38 billion |
| Capital | $ 852.80 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 21, 2024
Your Current Location: Ohio, OH 43085
Online Only Savings Rates of Salem Five Direct
| Online Savings Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| eOne Savings
|
4.25% | $0 | $1,000,000 |
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|
Online Only CD Rates of Salem Five Direct
| Online CD Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| 6 Month CD Special
|
4.20% | $10,000 | $500,000 |
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|
| 9 Month CD Special
|
4.20% | $10,000 | $500,000 |
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|
| 12 Month eCD Special
|
4.00% | $10,000 | $500,000 |
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|
| 18 Month CD eCD Special
|
4.00% | $10,000 | $500,000 |
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|
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 21, 2024
Your Current Location: Ohio, OH 43085
| Home Equity Rates | APR | Rate | Monthly Payment | |
|---|---|---|---|---|
| Line of Credit See Table |
4.99% | 4.99% | Varies | |
Compare with 7.24 RATE Line of Credit from Third Federal Savings and Loan
See All Home Equity Rates |
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| Auto Loan Rates | APR | Rate | Monthly Payment | |
|---|---|---|---|---|
| 5 Year | 8.74% | 8.74% | $515.81 |
| Refinance Mortgage Rates | APR | Rate | Monthly Payment | |
|---|---|---|---|---|
| 15 Year Fixed Conforming See Amortization Table |
6.33% | 5.75% | $2,657.31 | |
| 30 Year Fixed Conforming See Amortization Table |
6.77% | 6.65% | $2,054.29 |
| Purchase Mortgage Rates | APR | Rate | Monthly Payment | |
|---|---|---|---|---|
| 15 Year Fixed Conforming See Amortization Table |
5.42% | 5.42% | $2,600.42 | |
| 30 Year Fixed Conforming See Amortization Table |
6.77% | 6.65% | $2,054.29 | |
Compare with 6.494% APR and 6.375% 30-Year Fixed RATE from Pure Rate Mortgage
See All Mortgage Rates |
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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:
Columbus,Ohio
Salem Five Cents Savings Bank Locations around zip code 43085
| Branch | Distance | Map | View Lobby Hours |
|---|---|---|---|
| 635.93 | A | View Lobby Hours | |
| 640.60 | B | View Lobby Hours | |
| 645.95 | C | View Lobby Hours | |
| 649.75 | D | View Lobby Hours | |
| 650.46 | E | View Lobby Hours | |
| 651.18 | F | View Lobby Hours | |
| 651.64 | G | View Lobby Hours | |
| 654.11 | H | View Lobby Hours | |
| 654.18 | I | View Lobby Hours | |
| 654.25 | J | View Lobby Hours | |
| 654.50 | K | View Lobby Hours | |
| 655.23 | L | View Lobby Hours | |
| 656.38 | M | View Lobby Hours | |
| 656.90 | N | View Lobby Hours | |
| 657.43 | O | View Lobby Hours | |
| 657.74 | P | View Lobby Hours | |
| 660.78 | Q | View Lobby Hours | |
| 661.52 | R | View Lobby Hours | |
| 661.60 | S | View Lobby Hours | |
| 661.70 | T | View Lobby Hours | |
| 663.02 | U | View Lobby Hours | |
| 663.92 | V | View Lobby Hours | |
| 664.04 | W | View Lobby Hours | |
| 664.05 | X | View Lobby Hours | |
| 664.41 | Y | View Lobby Hours | |
| 664.83 | Z | View Lobby Hours |
Climate Policy and 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.
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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 |
|---|---|
| 2.38% | 4.48% |
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, 2024, Salem Five Cents Savings Bank had $11,936,000 in non-current loans and $9,895,000 in owned real estate. To cover these potential losses it had $852,796,000 in equity and $64,645,000 in loans loss reserves. That gives it a Texas Ratio of 2.38%.
Return on Equity
| Salem Five Cents Savings Bank | U.S. Bank Average |
|---|---|
| 5.95% | 10.46% |
Salem Five Cents Savings Bank has a Return on Equity of 5.95% versus the BestCashCow average of 10.46%. 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 |
|---|---|
| 11.31% | 10.84% |
Salem Five Cents Savings Bank has a Capitalization of 11.31% versus the BestCashCow average of 10.84. 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, 2024, Salem Five Cents Savings Bank had assets of $7,537,032,000, loans of $5,571,289,000, and deposits of $5,380,347,000. 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, 2024| ASSETS | |
|---|---|
| Cash & Balances due from depository institutions | $ 38.61 million |
| Interest-bearing balances | $ 5.64 million |
| Total securities | $ 1,550.57 million |
| Federal funds sold and reverse repurchase | N.A. |
| Net loans and leases | $ 5.57 billion |
| Loan loss allowance | $ 64.65 million |
| Trading account assets | N.A. |
| Bank premises and fixed assets | N.A. |
| Other real estate owned | $ 9.90 million |
| Goodwill and other intangibles | $ 74.08 million |
| All other assets | $ 172.43 million |
| Total Assets | $ 6.68 billion |
| LIABILITIES | |
|---|---|
| Total deposits | $ 5.38 billion |
| Interest-bearing deposits | $ 4.42 billion |
| Deposits held in domestic offices | $ 5.38 billion |
| % insured (estimated) | 81.54% |
| Federal funds purchased and repurchase agreements | $ 75.94 million |
| Trading liabilities | N.A. |
| Other borrowed funds | $ 602.77 million |
| Subordinated debt | N.A. |
| All other liabilities | $ 99.92 million |
| Total Liabilities | $ 6.68 billion |
| Shareholders’ Equity | $ 852.80 million |
Summary Income Statement
June 30, 2024| INCOME AND EXPENSES | |
|---|---|
| Total Interest Income | $ 171.25 million |
| Total Interest Expense | $ 91.74 million |
| Net interest income | $ 79.51 million |
| Provision for loan and lease losses | $ 1.35 million |
| Total non interest income | $ 26.29 million |
| Total non interest expense | $ 70.81 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 | 28.54 | ✓ | ||
| Multifamily Mortgages |
4.19 | ✓ | ||
| Credit Card Loans | 0.00 | ✓ | ||
| Consumer Auto Loans | 0.00 | ✓ | ||
| Small Business Loans | 5.93 | ✓ | ||
| Construction and Development Loans | 4.98 | ✓ | ||
| Commercial Real Estate | 27.13 | ✓ | ||
| Commercial and Industrial Loans | 11.07 | ✓ | ||
| Farm Loans | 0.00 | ✓ | ||
Customer Reviews for Salem Five Cents Savings Bank
DMuessig
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!
Is this review helpful? Yes:1 / No: 0
Brian McDonnell
October 3, 2015
Have a HELO at higher rate than yours!
Can I transfer a $ 250,000 HELO from my credit union to SFCSB ??
Is this review helpful? Yes:0 / No: 1
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