Gerard “Jay” Boyle, Jr. Stepping Down as President of Salem Five Insurance

Jay Boyle

Will remain as a Senior Advisor; Brian Boyle taking over as President of the Insurance Agency

Woburn, MA., January 3, 2022 – After leading Salem Five Insurance over the past 15 years as it quadrupled in size, Gerard “Jay” Boyle, Jr. is stepping down as President of the insurance agency, the Bank announced today.

Brian Boyle, a senior vice president at the Woburn-based subsidiary of Salem Five Bank, is taking over as President, while Jay Boyle will continue to serve the agency as a senior advisor.  The change was effective January 1, 2022.

Following the Bank’s acquisition of Boyle Insurance in 2006, Jay Boyle has been instrumental in turning what was already a successful family-owned insurance agency into a significantly larger and more sophisticated full-service organization that it is today.  Salem Five Insurance now has eight locations with more than 75 employees serving personal and commercial lines customers, with annual premiums approaching $100 million.

“I’ve worked closely with Jay over the past 15 years and strongly believe that without his talents, along with the many contributions made by his brother, Brian, and the team at the insurance agency, Salem Five would not have been as successful integrating insurance into the Bank’s offerings,” said Bruce Potter, Executive Vice President and Chief Operating Officer of Salem Five.  “It has been a pleasure working with him and I cannot thank him enough for his many contributions. With Brian taking over and Jay staying on as a senior advisor, I’m certain the transition will be seamless.”

In addition to managing the insurance agency during a period of extensive growth, Jay Boyle is also actively involved in the Woburn community, serving on the boards of the Boys and Girls Club, as well as North Shore Catholic Charities.  He has mentored many of the professionals at the insurance agency and has been a leader among insurance executives in Massachusetts, earning respect and kudos from insurance professionals across the state.

Like Jay, Brian Boyle was an executive at Boyle Insurance when it was acquired by Salem Five in 2006.  Brian serves on the Bank’s Executive Management Team, providing expertise to help the Bank and the insurance agency grow over the past 15 years. 

“With Brian’s extensive insurance industry knowledge and his many contributions over the years, we’re excited about Brian’s promotion to president of the insurance agency to continue its growth and commitment to serving our customers,” said Ping Yin Chai, President and CEO of Salem Five Bank.

 

About Salem Five Insurance and Salem Five Bancorp

Salem Five Insurance is a subsidiary of Salem Five Bancorp, which is also the holding company of Salem Five (www.salemfive.com), a mutual bank founded in 1855. Whatever the need and whatever the goal, Salem Five’s banking, investment and insurance professionals have the expertise to move customers forward. Salem Five has almost $6 billion in assets and 34 retail branches in Essex, Middlesex, Norfolk and Suffolk counties. Divisions include Salem Five Mortgage Company, one of the largest mortgage lenders headquartered in New England; Salem Five Wealth Management & Trust Services which offers fiduciary wealth management services to institutions and high-net-worth individuals, financial and retirement income planning, portfolio review and money management, and Salem Five Insurance Services, which provides personal and commercial insurance. Salem Five deposits are insured through the FDIC and DIF. Salem Five Mortgage Company’s NMLS # is 4662. Equal Housing Lender. Securities are offered through LPL Financial, member FINRA/SIPC. Life insurance products are offered through LPL Financial or its licensed affiliates. Insurance and investment products are not FDIC insured, not bank guaranteed, may lose value, not a deposit, and not insured by any federal government agency.


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