SALEM ― Salem Five Bank has promoted Senior Vice President Philip Soares to team leader of its commercial real-estate division, taking over for Joseph Greenough, who retired last month, the bank announced.
Soares has nearly 20 years of experience in financial services and joined Salem Five in 2015, following several years at Citizens Bank. In his new role, he will oversee a team of lenders and relationship managers who serve the bank’s portfolio of commercial real-estate loan customers.
“I strongly believe that Phil’s the right person to build upon Joe’s success and make us even stronger, with a very talented and experienced commercial real-estate team supporting him,” said Kevin Rourke, senior vice president in charge of commercial banking at Salem Five.
Soares is a graduate of the University of Massachusetts, Amherst, where he earned a bachelor’s degree in business administration in finance. He later earned a certificate in real-estate finance from Boston University. Born and raised in Massachusetts, Soares now lives in Belmont with his wife and their two children.
Salem Five Bancorp is the holding company of Salem Five (www.salemfive.com), a mutual bank founded in 1855. Whatever the need and whatever the goal, Salem Five’s banking, investment and insurance professionals have the expertise to move customers forward.
Salem Five has almost $6 billion in assets and 34 retail branches in Essex, Middlesex, Norfolk and Suffolk counties. Divisions include Salem Five Mortgage Company, one of the largest mortgage lenders headquartered in New England; Salem Five Wealth Management & Trust, offering fiduciary wealth management services to institutions and high-net-worth individuals; and Salem Five Insurance Services, which provides personal and commercial insurance.
