Salem Five Cents Savings Bank in Massachusetts has bought an insurance agency.
The $4.7 billion-asset mutual said in a press release Friday that it acquired Cape Ann Insurance in Gloucester, Mass. It did not disclose the price paid.
“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,” Ping Yin Chai, Salem Five’s president and CEO, said in the release. “Acquiring an established agency like Cape Ann … helps us to better serve the insurance needs of our customers in the region.”
Cape Ann, founded in 1984, focuses on personal insurance.
Salem Five, which offers a range of personal and commercial insurance products, said it will look to expand its commercial customer base on Cape Ann.