US-based Salem Five Cents Savings Bank has acquired Cape Ann Insurance for an undisclosed amount.

The bank noted that the deal will help it to grow its insurance business in Greater Boston area.

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Headquartered in Gloucester, Massachusetts, Cape Ann Insurance focuses mainly on personal insurance. The company was established in 1984.

Commenting on the deal, Salem Five president and CEO Ping Yin Chai said: “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.

“Acquiring an established agency like Cape Ann Insurance helps us to better serve the insurance needs of our customers in the region. With a deep dedication to customer service and their local community, Cape Ann’s core values strongly align with ours, making the acquisition an excellent fit. We all look forward to working with them as part of our team.”

Cape Ann Insurance principal Charles Nahatis said: “We’ve built a successful business over the last 34 years by providing our customers with individualised service and treating their needs as if they were our own. Salem Five shares our deep commitment to serving our customers and communities and these shared values helped to make the acquisition possible.”

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Operating as a bank-owned insurance agency, Salem Five Insurance will provide access to a range of products and carriers to Cape Ann customers.

Additionally, Salem Five will work to expand its commercial customer base on Cape Ann.

Salem Five Insurance provides various types of personal and commercial insurance options through access to all the major regional and national carriers.