2024 Commercial Underwriting Intern

Salem Five is a growing regional financial services organization with a rich history of over 160 years.  As an independent bank, we are deeply rooted in the communities we serve and offer our employees successful and rewarding careers.

This position requires the ability to work in the Salem, MA offices.

Summer Intern Assignment

The intern program at Salem Five Bank is a paid summer internship. Internships are open to college students completing their sophomore or junior years. This is a five day per week assignment, (M-F) 8:30 a.m. to 5:00 p.m.  (2024 program dates are Tuesday, May 28, 2024 through Friday, August 9, 2024.)

During the assignment, the intern will have the opportunity to work with members of the Commercial Underwriting Department, to gain a working knowledge of processes and the overall business operations of the Commercial Loan Division at Salem Five Bank. The selected intern candidate(s) would also gain valuable analytical experience under the direction of a seasoned credit professional. Throughout the eleven-week program, the intern will participate in Salem Five events and gain valuable insights into the many facets of Commercial Underwriting specifically, and banking as a whole.

The intern will join the team after completing an Intern Orientation on their first day.

Who We Are: Join an organization that prioritizes innovation, customer service and supporting the communities we serve. Love the people you work with while participating in and helping to shape our collaborative environment. When you join Salem Five, you become part of a growing, regional financial services company. Salem Five has more than 30 retail banking branches throughout Essex, Middlesex, Norfolk and Suffolk counties, strong business banking capabilities, an Insurance division, a Wealth Management & Trust organization and a Mortgage Company that has provided homeownership to generations of families.

Why Salem Five: We’ve been around since 1855 – which means we will be around a lot longer – but we also know what it takes to be competitive in this day and age.  We pride ourselves in being one of the first banks on the internet and continually try and push ourselves to offer the latest in online and mobile banking to serve our customers in whichever channel they prefer. Whether it be a virtual assistant via our website, obtaining cash at ATMs without a card present, or going through the mortgage process via our digital app, we want to offer the digital experiences that customers want. Continued company growth offers opportunities for individual growth.

Salem Five believes deeply in supporting the communities in which we reside. Donations through our Charitable Foundation or events at the branch or location-level are an important part of our DNA. We would not be the company we are without our commitment to businesses and organizations that help the region thrive and to our employees. Come see what we’re all about

Day l 

The intern will meet with a representative from Human Resources for orientation to the company.  The intern will then meet with Bob Eastman, SVP – Underwriting Manager – Commercial & Industrial and Anthony Benvenuto, AVP – Commercial Loan Underwriter II/Assistant Underwriter Manager, who will provide an overview of the department and provide the intern with the Week 1 schedule.  The intern will report to Anthony Benvenuto throughout the internship program.  A lunch will be scheduled and introductions to other team members will be made over the course of the first week to learn about each member’s role and responsibilities within the department.

Duration of Program

The intern will be involved with several initiatives over the duration of the program and would be assigned to the support team. (Examples may include the following):

Daily Work/Assignments:

• Ensuring full compliance with the Bank's Information Security Policies.
• Understanding/learning the gathering of deposit and loan balances to learn the loan/deposit system for development of a commercial relationship’s profile.
• Learning how to analyze various credit reports for businesses and owners/ guarantors.
• Learning how to spread financial statements for businesses utilizing the BakerHill spreading software.
• Understanding and learning how to do industry research utilizing various web-based applications and search tools.
• Analyzing financial information provided by personal guarantor(s) to determine the degree of financial support that they can offer to the overall commercial relationship.
• Performing various other aspects of financial analysis, including: debt service coverage analysis, collateral analysis, and income statement and balance sheet ratio analysis.
• Working closely with experienced Underwriters to complete appropriate sections of the Loan Facility Reports.
• Attending certain customer meetings to better understanding the business interaction between an experienced Commercial Lender and the Commercial Customer.
• Attending weekly Senior Loan Committee meetings to further understand the loan approval process and gain exposure to dialogue which takes place during the approval of loan relationships in excess of $2,000.000.
• Performing various other functions/special projects in support of Commercial Underwriting.

Projects and Assignments:

           Will be determined based on current active projects.

Intern Professional Development Opportunities

During the internship period, the intern will have the opportunity:

• To liaise with different members of the organization and understand the business from a practitioner's perspective.
• To develop job related skills.
• Participate in industry meetings or events.

Skills and Mindset Desired for the Position

To be considered and to be successful, we will be seeking the following:

• Technology savvy with experience using digital banking tools and keen interest in emerging technologies
• Professional demeanor and passion for learning
• Can-do attitude with high energy, ability to multi-task, and willingness to work on a variety of initiatives simultaneously
• Critical thinker with strong attention to detail
• Strong data and process analytical skills
• Resourceful self-starter with the ability to work on assignments independently

Ready to apply? If this job sounds like a fit for you, then click on Apply/Apply Now in this posting. We look forward to talking with you.

Qualified candidates may also submit a resume and application online at salemfive.com/careers or mail your resume to Human Resources, 210 Essex Street, Salem, MA 01970.