Salem Five Bank is now open at 285 Great Road, the former site of the Bedford Travelodge Motel.
I recently spoke with Scott Fisher, Vice President, Market Manager for Business Development at the Bedford Branch. According to Scott, Salem Five has been around since 1855. It's a community bank that until recently was focused on the North Shore. A few years ago the Bank decided to expand in to Middlesex County and opened branches at the Burlington Mall and in Concord. These were doing well so they thought it made sense to open another branch between these locations. They settled on Bedford. The Bank now has 29 Branches and plans to continue to open additional branches in the next few years (their newest branch is set to open soon in Needham).
The Bank offer a full range of consumer and business services. As Marketing Manager, part of Scott's job is to interact with the community including local businesses. Scott mentioned that they provide special banking benefits to employees of companies who have an account with the Salem Five.
|The branch features a drive through along with heated sidewalks. There is an additional 1600 square feet of retail space available for lease in the building.|
|The new bank features a teller pod in place of the traditional teller windows|
|The Branch includes a ' Take Five Lounge' with a television along with free coffee and tea.|
Along with their traditional banking services, the bank has developed a interactive loyalty program featuring Dustin Pedroia designed to teach kids who open an account, about investing and saving money. Salem Five is also looking in to rolling out more mobile services such as Apple Pay.
The ideas of staying open a few extra minutes seems to be a smart one. It presents a positive customer experience to people versus business that try to rush you out before closing. For example at Stop and Shop, 30 minutes before they close, they usually announce they will be closing in 30 minutes over the loud speakers. They then proceed to repeat the announcement every five to ten minutes almost like a countdown clock.
The past few years have featured in increase in the number of banks in Bedford and surrounding areas. Landlords tend to favor banks as tenants as they almost always pay their rent on time. In Lexington, the town is considering a moratorium that would prohibit new bank branches from opening in Lexington Center. What are your thoughts on that?