Salem Five Cents Savings Bank
- Bank Name:Salem Five Cents Savings Bank
- Bank Class:State Chartered - FED Nonmember Bank
- Member FDIC:Certificate #23296
- Routing Number:ACH & Wire - 211370558
- Locations:33 Branches in Massachusetts
- Web Address:salemfive.com
Salem Five Cents Savings Bank Information
Salem Five Cents Savings Bank was founded in March 1855 and is based in Salem, Massachusetts. The bank operates as a subsidiary of Salem Five Bancorp. According to the Federal Deposit Insurance Corporation records and based on the institution's charter type, Salem Five Cents Savings Bank is classified as a commercial bank, state charter and Fed nonmember, supervised by the FDIC. Salem Five Cents Savings Bank is a FDIC-insured bank with certificate number of 23296. The assigned Fed RSSD ID of Salem Five Cents Savings Bank is 618807.
Salem Five Cents Savings Bank currently operates with 33 branches located in Massachusetts. Salem Five Cents Savings Bank is the 10th largest bank in Massachusetts. The bank does not have any offices outside Massachusetts. As of today, Salem Five Cents Savings Bank is the 235th largest bank in US by branch count.
A routing number is a nine-digit code used to identify a financial institution. The bank has one routing number in our database and the routing number for Salem Five Cents Savings Bank is 211370558. This routing number is necessary to process ACH transfers, wire transactions, direct deposits, bill payments, and other monetary transfers within the US.
The full address of bank headquarters is 71 Washington Street, Salem, MA 01970. You can visit the official website of the bank at https://www.salemfive.com for more information and online banking service if available. For a comprehensive list of Salem Five Cents Savings Bank branches, including detailed information such as hours of operation, contact numbers, addresses, available services, and more, please narrow your search by selecting a location from the map or list below.
Map Of Branch Locations
Bank Offices In Massachusetts
History Of Salem Five Cents Savings Bank
Salem Five Cents Savings Bank, founded in the early 19th century, has undergone several transformations throughout its history. On January 2, 1981, the bank became insured by the Federal Deposit Insurance Corporation (FDIC), marking a significant milestone in its operations. In 2006, it transitioned to a stock savings bank and expanded its presence by acquiring Heritage Co-operative Bank in Salem, Massachusetts. The main office moved to 71 Washington Street in Salem on January 27, 2007. Over the following years, the bank evolved its trust powers from limited to full as of October 5, 2018. It further expanded through acquisitions, including Stoneham Savings Bank in November 2013, Georgetown Bank in May 2017, and Sage Bank in August 2018. Most recently, on September 30, 2022, Salem Five Cents Savings Bank changed its organization type to a trust company and reclassified itself as a state-chartered bank, stepping away from membership in the Federal Reserve System.
Below is a list of some important events in bank's history, including mergers and acquisitions.
09-30-2022Changed Organization Type to Trust Company.
09-30-2022Changed Bank Class to State Chartered Bank, not member of the Federal Reserve System (FRS).
10-05-2018Changed Trust Powers to Full.
08-17-2018Acquired Sage Bank in Lowell, MA.
05-23-2017Acquired Georgetown Bank in Georgetown, MA.
Reviews & Complaints
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Not really sure about this bank yet. it seems like it takes much longer for deposits to post than previous bank. payments made are on hold longer than previous bank. my deposits used to be in my account by 5am, not anymore. definetly not the bank i was used too. it has only been 3 months, so, we will see.... Read more