The effects of printed circuit board electroless nickel immersion gold (ENIG) and organic solderability preservative (OSP) surface finishes on the electromigration reliability and shear strength of Sn-3.5Ag Pb-free solder bump were systematically investigated. In-situ annealing tests were performed in a scanning electron microscope chamber at 130, 150, and <TEX>$170^{\circ}C$</TEX> in order to investigate the growth kinetics of intermetallic compound (IMC). Electromigration lifetime and failure modes were investigated at <TEX>$150^{\circ}C$</TEX> and <TEX>$1.5{\times}10^5A/cm^2$</TEX>, while ball shear tests and failure mode analysis were conducted under the high-speed conditions from 10 mm/s to 3000 mm/s. The activation energy of ENIG and OSP surface finishes during annealing were evaluated as 0.84 eV and 0.94 eV, respectively. The solder bumps with ENIG surface finish showed longer electromigration lifetime than OSP surface finish. Shear strengths between ENIG and OSP were similar, and the shear energies decreased with increasing shear speed. Failure analysis showed that electrical and mechanical reliabilities were very closely related to the interfacial IMC stabilities.