Salem Five Bank plans to expand by opening two new locations – one in Beverly Farms and the other in Stoneham.

The 2,300-square foot Stoneham office will be located in the area’s commercial district at 240 Main St, according to a statement. The 2,000-square foot Beverly Farms office will be located in the "Farms" neighborhood at 19 West St. in the eastern edge of the city of Beverly.

"These new locations in Beverly Farms and Stoneham are an exciting addition to our footprint for customers in these two wonderful communities," said Janis Dodge, senior vice president, consumer banking. "Each site will feature an open design to help conduct bank business in a comfortable, productive way."

The two new locations are scheduled to open this fall, according to a statement. They will feature retail banking as well as mortgage, investment and insurance service offerings. The Stoneham location will include non-traditional retail space, using teller "pods" as opposed to traditional teller windows, and a business center.

"More consumers and businesses are making Salem Five their bank of choice, and we are responding by adding locations to meet their banking needs," said Joseph M. Gibbons, president and chief executive officer, Salem Five. "Stoneham and Beverly Farms not only mark strong growth in a challenging economy, but they continue our pattern of growth – these offices make six additional sites for us in the last three years."

Since 2007, Salem Five has also opened new offices in Reading, Sudbury and Woburn, and added a second location in Lynn.