SALEM FIVE
MUTUAL INTEREST
Information to keep you moving forward.
In The Community
Giving Back to the Community
The holiday season brought out our giving spirit even more than usual. On November 17th, we honored 15 nonprofit organizations at our Charitable Foundation Breakfast with recognition and a donation. The organizations were: Catie’s Closet; Centerboard, Inc.; Christian Community Service/North Reading Food Pantry; Citizens, Inc.; Danvers People to People Food Pantry; Coalition for a Better Acre, Inc.; First Church of Stoneham Food Pantry; Friends of North Shore Education Consortium; Lazarus House; Mission of Deeds; North Shore Rovers; Pathways for Children; The Salem Food Pantry; Think of Michael and Windrush Farm.
In mid-November, we kicked off our 3rd annual Toy Drive in partnership with The Salvation Army with all Salem Five locations participating and we collected 2,500 toys for families in need throughout the region. Finally, we continued our tradition of Make a Difference in December and chose 13 organizations to receive unsolicited donations during the month of December. These worthy organizations provide housing, shelter and self-sufficiency to those in need. They were: Family Promise North Shore Boston, House of Hope, Housing Families, One Family, The Haven Project, Horizons for Homeless Children, Project Home Again, Family Movement, The Food Project, Middlesex Human Service Agency, Inc, Lowell Transitional Living Center and Our Neighbor’s Table. Our hearts are full as we love supporting those in need throughout our communities.
Economic Insight
Q4 Market Review and 2024 Outlook
What have we learned about the economy this past year? And, what does it all mean for your investment portfolio in 2024? View the video below to hear insight from Sean Tesoro, President of Salem Five Wealth Management & Trust. As 2023 came to a close, we saw stronger-than-expected economic growth and a decline in inflation which led to a strong market recovery in November, including the best bond market in 40 years. This has led many observers to predict the Fed can achieve the desired soft landing for the economy, albeit with slow growth throughout 2024. Yet, we’re not out of the woods in terms of avoiding a recession as a slower-moving economy is at greater risk to volatility. In terms of portfolios, the beginning of a new year is always a good time to consider re-balancing, taking advantage of the strong bond performance metrics. We recommend working with your advisor on a long-term plan. If you have questions or want to meet with an advisor, we’d be happy to support your wealth management goals.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Salem Five Bank and Salem Five Investment Services are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using the name Salem Five Investment Services, and may also be employees of Salem Five Bank. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Salem
Five Bank or Salem Five Investment Services.
Division News
Salem Five Insurance Acquires Philbin Insurance
Salem Five Insurance continues to grow and expand services north of Boston. In September, Philbin Insurance of Lynnfield and Everett was added to the roster. Founded in 1989, Philbin Insurance provides personal and business insurance with a strong customer service approach. This addition is the sixth insurance agency acquired by Salem Five in the past two years. Salem Five Insurance now has 85 employees in 12 locations. This acquisition allows Salem Five Insurance to better serve the residents and businesses throughout the north shore. We look forward to combining teams and services in the days ahead. Read the full press release.
Awards
Salem Five Recognized for Stability and Excellence
Salem Five has received the highest rating of five stars from Bauer Financial for strong financial condition. And, this is not new news for Salem Five. We have received this rating for 55 consecutive quarters dating back to 2009! Bauer has been analyzing and reporting on the financial condition of the nation’s banking industry since 1983. It’s a source for unbiased, independent bank and credit union ratings. Should you want more information, you can contact Bauer at (800) 388-6686. Salem Five takes pride in our long history of strength and stability in the Greater Boston region.