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Banking for Chapter 11 Reorganizations

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Salem Five is here when your business and business clients need it most.

We support companies navigating Chapter 11 bankruptcy with specialized banking solutions, experienced guidance, and fast, compliant account setup—so you can stay focused on restructuring and moving the business forward. We offer Debtor-in-Possession (DIP) accounts as well as Post-Confirmation Trust Accounts for businesses and their trustees and partners.

Contact our Team

What is a DIP Account?

A Debtor-in-Possession (DIP) Account is a court-required checking account for businesses operating under Chapter 11 bankruptcy protection. It ensures financial transparency while the business continues operations during restructuring.

DIP accounts must be:
  • Approved by the bankruptcy court
  • Clearly designated as “Debtor-in-Possession”
  • Kept separate from all other business accounts
  • Held at a bank approved by the U.S. Trustee Program

What is a Post-Confirmation Trust Account?

A Post-Confirmation Trust Account is a court-required account established after a Chapter 11 plan is confirmed, typically in liquidation or wind-down scenarios. It is managed by a trustee and ensures transparency as assets are distributed to creditors.

Post-confirmation accounts must be:
  • Approved by the bankruptcy court
  • Kept separate from all other business accounts
  • Managed by a trustee

How Salem Five Helps

Salem Five provides fully compliant DIP and post-confirmation accounts designed to meet all U.S. Trustee Program requirements—along with fast setup and dedicated support during critical restructuring timelines.

Our solution includes:
  • Fast, streamlined setup to meet court deadlines
  • Fully compliant account structures aligned with federal requirements
  • Proper account titling to satisfy court mandates
  • Dedicated support team for attorneys, CPAs, and trustees
  • Secure recordkeeping with monthly statements and online access
  • Online and mobile banking for real-time management

Why Salem Five

  • Approved depository by the U.S. Trustee Program in Regions One, Two and Three
  • Strong, stable institution—5-star rating from Bauer Financial
  • Efficient onboarding to meet filing deadlines
  • Responsive, relationship-driven support throughout restructuring


 

Our Bankruptcy Banking Team

Salem Five SVP, Head of Asset-Based Lending, Keith Broyles
Keith Broyles
SVP, Head of Asset-Based Lending
  
Salem Five, SVP, Cash Management and CLI Director, Lisa Carbone
Lisa Carbone
SVP, Cash Management & CLI Director
  
Salem Five SVP, Institutional Banking Manager, Judith Kenney-Downey
Judith Kenney-Downey
VP, Institutional Banking Relationship Manager
  
Salem Five SVP Institutional Banking Manager, Lisa Dunlea
Lisa Dunlea
SVP, Institutional Banking Manager
  
Salem Five VP, Cash Management Sales Manager, Jeannine Hardy
Jeannine Hardy
VP, Cash Management Sales Manager
  

Salem Five also offers a full suite of additional business services.

Business Credit
Asset-Based credit lines and term loans for New England businesses
Wealth Management
Salem Five Wealth Advisors provides full-service financial advice and management
Treasury Services
Technology and tools to help manage cash flow and drive profitability
Business Insurance
Protecting you, your business, your employees or non-profit