Chief Risk Officer

Due to a pending retirement, and the evolution of its organizational structure based on growth, Salem Five is seeking a Chief Risk Officer. Reporting to the President/CEO, the Chief Risk Officer (CRO) is responsible for leading the Bank’s commercial credit and enterprise risk management program, with direct responsibility and emphasis for commercial credit along with operational and compliance risk. The CRO will work closely with all department executives on risk-related issues, ensuring that the Bank achieves its financial and operational objectives while appropriately identifying and mitigating risk factors. The CRO will have two direct reports, the General Counsel and Chief Credit Officer, through whom all other technical experts report, and will ensure appropriate and effective risk management is occurring at all levels and functional areas within the Bank.

Salem Five is a full-service financial services company, offering commercial and consumer banking, wealth management and trust services, commercial and personal insurance, and mortgage banking. Founded in 1855 as a savings bank for the city of Salem, MA, the organization has grown into the 7th largest mutual bank in the country, with $7B in assets. Products, services, and experienced staff have steadily been added to meet the complex needs of families and businesses throughout New England. The bank now operates more than 30 retail branches,10 insurance locations and 4 mortgage offices across the region.

Salem Five takes particular pride in its ability to help people achieve home ownership. The residential mortgage division, Salem Five Mortgage Corporation, has been helping generations of homebuyers successfully through this process.

Another company highlight is a rich legacy of embracing new technologies, starting with the distinction of being the first bank on the internet in 1995 and continually seeking new and innovative ways to help customers do business.

Salem Five is owned and operated for the benefit of its customers. As an FDIC insured mutual bank with no stockholders, the bank is accountable to its customers, employees, and communities. Mutual banks are a stable influence in local markets because most customers, both commercial and consumer, live and do business in the community. Since Salem Five is not publicly held and has no stockholders, business decisions can be made with a long-term perspective, building mutually beneficial relationships and maintaining a great degree of flexibility. This charter of mutuality creates and nurtures a customer focused approach across the organization.

The future is bright. Salem Five is poised to continue expanding its market share by leveraging its successful recipe of experienced personnel, personal service and strategic innovation.

For additional information about this executive leadership role, please contact a member of the S&W search team: Cameron Boyd, Managing Partner (cboyd@smithandwilkinson.com) or Moriah Maron, Consultant (mmaron@smithandwilkinson.com).

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