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Bank continues to grow its insurance business in Greater Boston with its second acquisition of 2018
Salem, Mass., May 3, 2018 – Salem Five announced today that it has acquired Fabri & Rourke Insurance, headquartered in Georgetown, Mass. This is the second Georgetown-based acquisition for Salem Five, having acquired Georgetown Bank in 2017. Fabri & Rourke will relocate its four employees to Salem Five’s Georgetown location at 2 East Main Street.
“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.”
The agency was founded in 2000 by William Fabri, Jr. and Kevin Rourke. In 2005, Rourke, who now leads Salem Five’s Commercial Banking division, sold his share of the business to Fabri, who will continue to lead the agency, which will be known as Fabri & Rourke Insurance, a division of Salem Five Insurance, LLC. Fabri & Rourke will focus exclusively on commercial insurance.
“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.”
As one of the area’s largest bank-owned insurance agencies, Salem Five Insurance will offer Fabri & Rourke customers broader access to products and carriers while maintaining the personalized service and relationships of an independent agency.
Salem Five Insurance offers customers a wide range of personal and commercial insurance options through access to all the major regional and national carriers. It has grown steadily in the Greater Boston market over the last three years, acquiring the Otis Brown Insurance Agency in 2016 and Cape Ann Insurance just last month.
Salem Five 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.