Salem Five acquires the Fabri & Rourke Insurance Agency
2018 has been a busy year already for Salem Five. The bank’s insurance division announced this month that it had acquired its second insurance agency of 2018 with its purchase of Fabri & Rourke Insurance, headquartered in Georgetown, Mass.
In addition to it being the company’s second insurance agency acquisition of 2018, it also markets the second Georgetown-based acquisition for Salem Five, which acquired Georgetown Bank in 2017.
“We have grown a great deal in this market through our acquisition of Georgetown Bank, and acquiring Fabri & Rourke ensures that we will be able to best serve the insurance needs of our business customers in the region,” said Salem Five President and CEO Ping Yin Chai. “Fabri & Rourke’s customer-centric approach and dedication to personalized service align firmly with our values, making this acquisition a great fit. We’re delighted to welcome Fabri & Rourke into the Salem Five family.”
Fabri & Rourke Insurance has operated in Georgetown for 18 years
Fabri & Rourke was founded by William Fabri, Jr. and Kevin Rourke in 2000. Five years later in 2005, co-founder Rourke sold his share of the business to Fabri. Mr. Rourke now leads Salem Five’s Commercial Banking division.
Upon the completion of Salem Five’s acquisition of the agency, the agency will be rebrand as Fabri & Rourke Insurance, a division of Salem Five Insurance, LLC. The new agency will focus exclusively on commercial insurance and will continue to be led by Mr. Fabri. As for the agency’s four employees, they will all relocate to Salem Five’s Georgetown location at 2 East Main Street.
“The founding principle of our agency is that honesty, integrity and personalized service come before the bottom line,” said William Fabri, Jr., principal of Fabri & Rourke Insurance Agency. “As a mutual institution, Salem Five shares the same values, making the acquisition an ideal opportunity for us. Now on board with Salem Five, I’ll dedicate most of my time working directly with our customers.”
With the addition of Fabri & Rourke, Salem Five continues to grow its presence on the North Shore have acquired three agencies since 2016: the Otis Brown Agency in Lexington, as well as Gloucester’s Cape Ann Insurance earlier this year.
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.
