Salem Five continues acquisition streak with insurance agency deal
Salem Five Bancorp in Massachusetts has acquired an insurance agency in Georgetown, Mass.
The $4.7 billion-asset Salem Five said in a press release Wednesday that it bought Fabri & Rourke Insurance. The bank did not disclose the price it paid.
The agency was founded in 2000 by William Fabri Jr. and Kevin Rourke. Rourke, who runs Salem Five’s commercial banking division, sold his share of the agency in 2005.
Fabri will continue to lead the agency, which will focus exclusively on commercial insurance. Fabri & Rourke will move its four employees to Salem Five’s Georgetown location.
The deal comes less than a year after Salem Five bought Georgetown Bank and Cape Ann Insurance.
“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,” Ping Yin Chai, Salem Five’s president and CEO, said in the release.