Stoneham Savings is Now a Division of Salem Five Bancorp
On February 1, 2012, Stoneham Savings Bank became a division of Salem Five Bancorp. The Massachusetts banks, coincidentally chartered within days of one another in March of 1855, are dedicated to the continuation of their rich histories of independent banking woven into the fabric of their communities, and to their expansion into a regional financial services organization. Click here for full details.
The More Things Change…The More They Stay the Same
Back in the day, the community banking concept was simple i.e., accept deposits from neighbors (depositors) for safe keeping and lend some of those deposits to other neighbors (borrowers) to finance their dreams. Depositors earned interest on funds held; while borrowers paid interest on funds loaned. Community banks made their money on the difference between the two groups. Plus, the community bankers helped those in need with donations of time and money. This simple concept of borrowing locally, lending locally and giving locally remains a big part of who Stoneham Savings Bank is today.
Continuing to Do the Right Thing
Our commitment to community has only strengthened over the years - while employees continue to volunteer their personal time to worthy causes, the Bank continues to donate to local charities and community based organizations. The formation of the Stoneham Savings - Salem Five Charitable Foundation further demonstrates our seriousness with which we accept and uphold the role of community partner.