Salem Five Insurance Acquires Nichols Insurance Agency Inc.

Salem Five's Andrew Drayer standing with Erica Miller from Nichols Insurance

Customers receive expanded offerings as Salem Five Insurance expands north of Boston

Salem, MA., March 8, 2023 – Salem Five Insurance, a subsidiary of Salem Five Bancorp, announced today that it has acquired Bedford-based Nichols Insurance Agency Inc, which was founded in 1989 and boasts a loyal and satisfied customer base.

“This exciting partnership provides Nichols customers with more choice while maintaining the same great service that they have always enjoyed,” said Andrew Drayer, SVP of Strategic Growth for Salem Five Insurance. Salem Five Insurance has more than 75 employees in 10 locations, and partners with dozens of carriers to meet the specific personal and business needs of its customers.

“We have always put our customers and employees first,” Agency President Erica Miller said. “We know Salem Five shares these values and will help make sure that our customers and employees are taken care of as they have always been.”

“We look forward to serving Nichols customers and continuing to provide them with the quality service that they have come to expect from their insurance agency,” said Brian Boyle, President of Salem Five Insurance.


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 (, 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 more than $6 billion in assets and 33 retail branches in Essex, Middlesex, Norfolk and Suffolk counties. In addition to Salem Five Insurance, divisions include Salem Five Mortgage Company, one of the largest mortgage lenders headquartered in New England; Salem Five Wealth Management & Trust, 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. 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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