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Salem Five Acquires Cape Ann Insurance in Gloucester

March 2018

Bank continues to grow its insurance business in Greater Boston

Salem, Mass., March 8, 2018 – Salem Five announced today that it has acquired Cape Ann Insurance, headquartered in Gloucester, Mass. “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.”

Founded in 1984 by Charles Nahatis and Robert Kiley, Cape Ann Insurance 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.”

As one of the area’s largest bank-owned insurance agencies, Salem Five Insurance will offer Cape Ann customers access to a wider range of products and carriers while maintaining the personalized service and relationships of an independent agency.  Salem Five will also work to grow its commercial customer base on Cape Ann. “We see a great opportunity to support Cape Ann’s thriving community businesses,” said Salem Five Insurance President Gerard “Jay” Boyle Jr.

Salem Five Insurance offers customers a wide range of personal and commercial insurance options through access to all the major regional and national carriers.

Bancorp is the parent bank holding company of Salem Five (www.salemfive.com), a mutual institution founded in 1855. Salem Five aims to make money less complicated and thereby make customers’ lives simpler and easier by offering sophisticated retail and commercial banking products, personalized service and innovative technology. Salem Five 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. 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.

PRESS CONTACT


James Nelson
(978) 720-5370
James.Nelson@Salemfive.com