Salem Five Expands with Second Acquisition in Georgetown
- May 18, 2018
Salem Five Acquires Fabri & Rourke Insurance Agency in Georgetown
Bank continues to grow its insurance business in Greater Boston with its second acquisition of 2018
Salem, MA -- Salem Five announced 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.”