EXPLORE
CAREER AREAS

The Accounting and Financial Services Division plays a critical internal support role by performing a wide variety of functions such as:

• Tracking and assessing the Bank's financial status and managing its cash flow
• Coordinating reconciliation
• Handle accounts payable and receivable
• Maintaining the Bank's assets and liabilities, and working closely with Bank management
• Regulatory agencies, and other interested parties to demonstrate and ensure the Bank's reputation for quality and integrity

Salem Five has quickly become one of the premier New England based commercial lenders. Our mission is to offer a wide variety of competitively priced products tailored to meet the needs of our customers. The commitment to personal service demonstrated by the team helps ensure a smooth and successful process for them.

The Legal and Operational Risk Management department is responsible for identifying risks throughout the institution, for developing controls to mitigate those risks, and for ensuring appropriate risk management throughout the institution. 

In addition, they react to real-time incidents to mitigate financial or reputational damages and to close identified gaps, ultimately serving to enhance Salem Five's profitability, reputation, and efficiency, while also providing the best possible support services to our customers.

To achieve this, the Legal and Operational Risk Management team is comprised of nine teams that specialize in specific areas:

• General Counsel
• Enterprise Risk Management
• Internal Audit
• Compliance
• Information Security
• Fraud Risk and Investigations
• BSA/AML
• Physical Security
• Customer Complaints and Resolution Management 

Our Customer Contact Center Team functions in a high energy, dynamic, fast-paced environment.

This team of service professionals fields questions and solves problems across nearly all of the bank’s product lines and operates in multiple communication channels including phone, email, and online/web chat.

The Contact Center also serves as the primary resource for all digital banking tools including online and mobile banking, bill pay, e-payments, online account opening and more.

Deposit and Payment Operations (DPO) is responsible for a variety of tasks while supporting business lines.

• Some duties include functions related to regulatory compliance on deposit account statements, debit cards, wire and ACH processing.
• DPO is also responsible for the creation of new deposit products, deposit rate changes and rate sheets, reconciliation and settlement of daily monetary activity,  various research requests as well as providing quality assurance services for new cards, new deposit accounts, and new person records.

The mission of the Digital Delivery department is to develop and operate a highly competitive Salem Five digital banking offering for both consumers and businesses. The team is highly focused on delivering solutions that meet one or more of our key strategic principals:

• Reducing customer friction
• Driving towards competitive parity
• Advancing the “mobile first” strategy
• Introducing industry related emerging technologies.

This department is responsible for all customer facing digital banking tools including; online account acquisition and opening, consumer and business online/mobile banking, eStatements, digital debit card controls, and ePayments (i.e. Bill Pay, Zelle, Transfers).

The ERM and Internal Audit Departments are key internal functions that support Salem Five’s strong commitment to ongoing risk assessment and sound internal control processes.  Both of these teams work with a dynamic network of partners across the organization and are among the many mechanisms at the organization with the aim of continuous improvement.  The ERM Department maintains the ERM framework, facilitates efforts to help ensure the organization manages risk within its risk appetite. Provides for oversight of several enterprise-wide programs (e.g., Business Continuity, Information Security, Records Management, and Vendor Management).  The Internal Audit Department is an independent and objective assurance activity which adds value to the organization. Providing performance of risk-based evaluations of the effectiveness of governance, risk management, and control processes.  Both departments support the organization in the achievement of its goals and objectives by tackling risk from an enterprise perspective and proactively advising on significant risk management issues.

The Facilities Department is primarily responsible for the physical environment (and your comfort) at the corporate office, bank branches, and our other remote offices encompassing roughly 275,000 square feet at 60 locations in an area around Boston that’s almost the size of Rhode Island.

In addition to its real estate, design, construction, and maintenance and repair functions, the department is also responsible for managing:

• The Bank’s office supplies program
• Furniture procurement
• Ergonomic reviews
• Mail and courier deliveries, and other administrative items

If you need something facilities-related or aren’t exactly sure who to contact, feel free to submit a Facilities (not IT Helpdesk) Request via the intranet’s Support Center.

The Human Resources team is a critical support group of professionals responsible for partnering with management on strategic priorities and serves as a resource for employees. The team actively supports its employees through various department functions to include:

• Employee recruiting and selection
• Training and development
• Benefit administration
• Payroll processing
• Compensation management
• Mentoring
• Performance management
• Career development
• Employee relations' initiatives and events

The Human Resources team along with the Learning and Development team in partnership with management drives the company's overall ability to recruit, develop, reward and retain a motivated and high achieving team of employees.

The role of technology is as an enterprise enabler that empowers an organization to better serve its clients.

Technology provides insights into the marketplace of technology and ultimately provide recommendations as to where technology can help transform the firm into a digital first enterprise.

Technology delivers enterprise solutions architecture, engineering, applications development & support, project management and IT security to improve operating efficiencies and empower the sales and services teams to meet the goals and objectives of the Bank.

Salem Five Insurance Services, LLC offers a complete selection of insurance products to fit your needs. Our Insurance Agents are qualified, experienced specialists that provide the best insurance solutions to protect your home, automobile, business and life.

Salem Five Investment Services, LLC is a full service brokerage firm offering objective, independent guidance with access to the most up-to-the-minute research and analysis to help our customers make the soundest investment decisions.

Mortgage and Consumer Loan Servicing Department (MCLS):
Mortgage & Consumer Loan Servicing provides service for all consumer and residential loans.  MCLS is responsible for a broad range of tasks starting with new loan boarding to the core system and all servicing continuing throughout the loan lifecycle ending with liquidation or payoff of residential and consumer loans.  The Contact Center provides tier one support to residential and consumer loan customers and MCLS provides expanded support for any complex issues that can’t be handled by the Contact Center.  MCLS is responsible for both the data integrity on the core system and the document storage for all residential and consumer loans.

Commercial Loan Servicing Department (CLS):
The Commercial Loan Servicing Department provides services for all commercial loans.  CLS is responsible for a broad range of tasks starting with new loan boarding to the core system and all servicing continuing throughout the loan lifecycle ending with liquidation or payoff of a commercial loan.

Escrow Servicing:
The Escrow Loan Servicing team provides service and support for any Commercial, Residential or Consumer loan secured by real estate.  The escrow services offered include but are not limited to: homeowner insurance, flood insurance, mortgage insurance, real estate taxes, and water & sewer liens.

Investor Reporting:
Salem Five services many mortgages owned by Investors including but not limited to Fannie Mae (FNMA) and Freddie Mac (FHLMC).  As part of our servicing relationship with investors there is a complex accounting process that takes place with each investor monthly to reconcile all new loans sold to investors, all customer payments on investor loans, and all liquidation or payoff processing on these investor loans.

Default Management:
The Default Management department works closely with customers who have difficulty meeting their monthly obligations while protecting the Bank’s assets to mitigate both risk and loss to the Bank, Mortgage Company, Investors and Mortgage Insurers. The Default Management Team focuses on pro-active account management, excellent customer service and consistent customer outreach to ensure prompt identification of customer concerns, assistance with delinquent loans and early payment defaults and to work with customers to identify and evaluate loss mitigation solutions for short-term or long-term financial hardship. 

The Marketing Department is responsible for internal and external communications activities, including product development and management.

• Website content
• Promotions
• Events
• Advertising
• Direct marketing
• Media relations
• Sales collateral and support materials
• Branding initiatives
• Market research and marketing database management

Customers: we largely deal with internal customers, though occasionally we deal directly with external customers.

Salem Five Mortgage Company, LLC is an acknowledged mortgage industry leader in the New England region.

• A wide variety of functions go into delivering the right mortgage products to our customers.
• From originating loans, to preparing documentation with the customers, appraisers, and attorneys, preparing and conducting the closing, and reviewing the content of the loan for secondary market investing, a number of people work with the latest technology to make this process as customer-friendly as possible.

Our Retail Division is growing rapidly due to our physical expansion of geography. Salem-based Retail Administration coordinates the efforts of our regional Managers, Branch Managers, Assistant Branch Managers and Universal Bankers.

• Additionally, the Division includes our Consumer Lending, Community Business Banking and Retirement Services teams. 

The Retirement Services Department is comprised of qualified and experienced Retirement Specialists available to help new and existing customers plan for their retirement by offering educational initiatives, personalized service, and guidance on the most effective tools available for retirement planning.