During his time at Salem Five, Chai developed Salem Five Mortgage into an industry leader, the bank said. Chai is responsible for the bank’s finance and investment portfolio. He has also managed Salem Five Insurance and Investment Services divisions. Chai graduated with honors from Bentley and holds a master’s in business administration from Suffolk.
He is an active advisory board member of Fannie Mae, and he recently served on the advisory board of the Federal Home Loan Bank.
“Ping Yin has played a critical role in the bank’s significant growth and success,” Gibbons said. “His institutional and cultural knowledge, combined with his financial acumen, will provide visionary leadership.”
With the changes, Senior Vice President Bruce Potter has been promoted to executive vice president, and he will continue to oversee enterprise risk management, legal, internal audit and compliance functions. Potter, a Salem State graduate, will also assume a larger role in business line management and strategic planning. He has worked at Salem Five for the past 17 years, and he has 33 years of financial services experience.
Staff writer Ethan Forman can be reached at 978-338-2673, by email at firstname.lastname@example.org or on Twitter at @DanverSalemNews.