Local Bank Commits $50M to Area Development Loans
Salem Bank Five, which recently opened an office in Stoneham, announced the loan will benefit Stoneham residents and business owners as well as those in nearby communities.
Talk about an early Christmas gift. The greater Stoneham community is $50 million richer thanks to a generous initiative from Salem Five Bank, which recently opened its new branch located at 240 Main St. on Dec. 14. Salem Five recently announced their community investment program, in hopes to spur economic development. Members from the Stoneham Board of Selectmen, and the Stoneham Chamber of Commerce also were in attendance. The bank, headquartered in Salem, is the third-largest privately-owned bank in the Commonwealth. According to a Salem Five press release, funds will be available to qualified borrowers in Stoneham and surrounding communities through the end of the first quarter next year. Both businesses and consumers can apply for …
