Industry Veteran Joins Salem Five to Lead a new Business Credit Team

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Keith Broyles brings more than 30 years’ experience in asset-based lending to the Bank

Salem, MA., March 3, 2025 – Salem Five has hired an experienced banker to lead the asset-based lending (ABL) initiative, which is new to the organization, the Bank announced today.

Keith Broyles, who began his banking career in 1990, has been named Senior Vice President in charge of the new Business Credit team at Salem Five. Broyles and his team will provide ABL solutions to businesses, helping those customers manage their cash flow, among other common business needs.

“This was the missing piece in our commercial banking program,” said Paul Kelly, Chief Revenue Officer at Salem Five. “Our lenders are well versed in everything from commercial and industrial loans and commercial real estate loans to niche services such as aviation, lower leverage finance and residential construction loans. However, we had not provided asset-based loans before, which are another tool to help businesses manage their financial affairs.”

Broyles has created several asset-based lending teams at Massachusetts banks during his career, with a long history of sourcing, structuring, underwriting, closing and managing ABL relationships, with more than $1.6 billion in ABL loans closed during his career.

Broyles will report to Kevin Rourke, Senior Vice President in charge of Commercial Banking at Salem Five.

“I’m really looking forward to working alongside Paul, Kevin and the team at Salem Five,” Broyles said. “The team has a great reputation in the market and together I hope we can build upon that even further with the addition of Salem Five Business Credit.”

About Salem Five Bank

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 more than $8 billion in assets and 33 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, which offers fiduciary wealth management services to institutions and high-net-worth individuals, financial and retirement income planning, portfolio review and money management; and Salem Five Insurance Services, which provides personal and commercial insurance. Salem Five deposits are insured through the FDIC. Salem Five Mortgage Company’s NMLS # is 4662. Equal Housing Lender. Securities are offered through LPL Financial, member FINRA/SIPC. Life insurance products are offered through LPL Financial or its licensed affiliates. Insurance and investment products are not FDIC insured, not bank guaranteed, may lose value, not a deposit, and not insured by any federal government agency.

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