This is their first acquisition since 2016
Salem Five has announced a new acquisition this month. The North Shore-based bank and growing insurance agency has acquired Gloucester’s Cape Ann Insurance. According to our records, this is the first agency acquisition for the regional insurance agency since 2016, when it acquired The Otis Brown Insurance Agency of Lexington.
We pride ourselves on being able to offer our customers the best possible service and the expertise they need to manage all aspects of their financial lives,” said Salem Five President and CEO Ping Yin Chai.
Acquiring an established agency like Cape Ann Insurance helps us to better serve the insurance needs of our customers in the region. With a deep dedication to customer service and their local community, Cape Ann’s core values strongly align with ours, making the acquisition an excellent fit. We all look forward to working with them as part of our team.”
Salem Five says that with its latest acquisition, its insurance division will work to grow its customer based throughout Cape Ann. “We see a great opportunity to support Cape Ann’s thriving community businesses,” said Salem Five Insurance President Gerard “Jay” Boyle Jr.
Another local, independent agency acquired
Founded in 1984, Cape Ann Insurance has operated as a local, independent insurance agency for over three decades. The agency, founded by Charles Nahatis and Robert Kiley, focuses primarily on personal insurance.
“We’ve built a successful business over the last 34 years by providing our customers with individualized service and treating their needs as if they were our own,” said Charles Nahatis, principal of Cape Ann Insurance. “Our presence and reputation in Cape Ann’s communities is incredibly important to us, both personally and professionally. Salem Five shares our deep commitment to serving our customers and communities and these shared values helped to make the acquisition possible.”
More about Salem Five in its own words…
Bancorp is the parent bank holding company of Salem Five, a mutual institution founded in 1855 and is one of the largest Massachusetts-headquartered banks with $4.7 billion in assets and 34 retail branches in Essex, Middlesex, Norfolk and Suffolk counties and New Hampshire.
Divisions include Salem Five Mortgage Company, which has financed more homes than any other Massachusetts bank; Salem Five Financial which offers financial and retirement income planning, portfolio review and money management; and Salem Five Insurance Agency, which provides personal and commercial insurance.