SALEM — Matt Marmen, senior vice president in Salem Five’s Commercial Banking Division, received the prestigious Massachusetts Banker of the Year Award from Bay Colony Development Corp., the bank announced today.
Bay Colony, a certified development company, based its annual award of excellence on the number and amount of U.S. Small Business Administration 504 loans issued during its 2023 fiscal year, which ended June 30.
“Matt has been great to work with over the years, along with the rest of the commercial-lending team and community-business banking team at Salem Five,” Bay Colony Executive Vice President Erik Adams said.
As a certified development company, Bay Colony’s purpose is to stimulate economic development through the creation and preservation of jobs by providing healthy companies with fixed-asset financing at affordable rates and reasonable terms. It’s a private, nonprofit corporation that works with bank loan officers, accountants, real-estate brokers, attorneys, and their clients to identify and structure the most beneficial financing program appropriate to the needs of the project.
“Matt’s annually one of our top performers and has been a leader in partnering with Bay Colony to provide financial solutions for his customer base. Matt and the bank have had a great working relationship with Bay Colony for many years, so it’s no surprise that his successful collaboration with them was recognized by the organization,” said Kevin Rourke, who leads the Commercial Banking Division at Salem Five.
