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Salem Five seems to have taken a liking to the Georgetown market.
The $4.7 billion asset company announced yesterday that it has acquired Georgetown-based Fabri & Rourke Insurance, the second acquisition in this market since 2017 when Salem Five completed the acquisition of the parent company of Georgetown Bank for $42.2 million. Fabri & Rourke will relocate its four employees to Salem Five’s Georgetown location at 2 East Main St.
“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,” Salem Five President and CEO Ping Yin Chai said in a statement. “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 move continues what has been a busy year for Salem Five. Less than a month ago, the bank announced it plans to acquire the struggling Lowell-based Sage Bank for an undisclosed amount.
Fabri & Rourke Insurance was founded in 2000 by William Fabri Jr. and Kevin Rourke. Rourke, who now leads Salem Five’s commercial banking division, sold his share of the business in 2005 to Fabri, who will continue to lead the agency, which will become a division of Salem Five Insurance LLC, focusing exclusively on commercial insurance.
“The founding principle of our agency is that honesty, integrity and personalized service come before the bottom line,” William Fabri Jr., principal of Fabri & Rourke Insurance Agency, said in a statement. “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 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 earlier this year.
