Salem Five Bank buys insurance firm
Salem Five Bank made its first acquisition outside of basic banking last week, agreeing on terms to buy Boyle Insurance Agency of Woburn, a 70-year-old, family-run company.
Terms of the deal were not disclosed but it is expected to be finalized early next month. The acquisition will give Salem Five, a bank with $2.4 billion in assets, a foothold in the state's insurance industry. Salem Five also will get a new platform to expand its banking services in Middlesex County.
``As with banking, insurance is a relationship business," Joseph Gibbons, the Salem Five president, stated in a release. ``The [agency] has done a remarkable job building and servicing their valued client relationships."
Boyle Insurance specializes in personal and commercial insurance. Jay Boyle , a third-generation owner, said Salem Five approached him and his brother, Brian, about buying their agency, which has about 7,000 customers.
``They reached out to us, saying they wanted to expand their product base," Boyle said in an interview. ``We've watched the whole financial services landscape change, too. They can bring a lot of products to our agency, like checking and investments, that we can't offer."
Boyle said the agency's 23 employees will keep their jobs once the acquisition is completed in early June. The agency will remain based on Main Street in Woburn, where the Boyle brothers will continue to run it. But its name will be changed to Salem Five Boyle Insurance Services.
Eastern is targeting small businesses with revenue of up to $5 million that can show they were affected either by the heavy rains or flooding that started on May 12.
A credit line of up to $50,000 carries a 1 percent interest rate, instead of the usual 7 percent . A five-year unsecured loan, at a rate of 8 percent, also is available. During the first year, a borrower will have to pay only the interest on the loan.
The bank also will waive a $150 fee it usually charges for loans, and promises to make a decision about an application within 24 hours. Since flooding struck key areas of Eastern's marketplace, including Peabody and Saugus, bank officials anticipate strong demand.
``It's clear that this storm, and the devastating floods it created, will be felt by businesses for quite some time," said Joseph F. Riley , senior vice president for retail and small-business banking at Eastern.
Saugus Federal Credit Union has set aside $200,000 for a special flood-relief loan program to assist homeowners and renters. ``By making this program available to renters as well as homeowners, we can help alleviate some of the financial burden and the anxiety of finding a way to repair or replace things like washing machines, rugs, heating systems, and even clothing," said John Smolinsky , the credit union's president.
Renters may apply for a personal unsecured loan of up to $6,000, at a rate of 6 percent, for 48 months. The usual interest rate is 12 percent. Homeowners may apply for a home-equity line of credit of up to $20,000, at an interest rate of 4.5 percent, instead of the usual 7.75 percent. The deadline to apply is June 20, at which time the credit union will decide if the program will continue, Smolinsky said.
McBreen, 35, runs Paris Muse , a tour company, that offers Da Vinci Code tours of the Louvre, the museum at the heart of Dan Brown's best-selling novel, recently turned into a movie. An art historian, McBreen moved to Paris five years ago to research her doctoral thesis for New York University.
She also teaches art history at a Paris university, often taking students to the Louvre. Two years ago, English-speaking visitors started tagging along with her class, peppering McBreen with questions about the Da Vinci ``code."
``People kept asking me, `Are there really secret symbols hidden in Leonardo Da Vinci's paintings?' `Is it true that he was a member of the Priory of Scion?' " McBreen said, in a telephone interview from Paris.
But ``The Da Vinci Code" hadn't yet been translated to French. So, on a trip home to Peabody, she picked up a copy of the controversial novel, which asserts that Jesus Christ was married to Mary Magdalene, and the clues are contained in Da Vinci's paintings, most notably, ``The Last Supper."
``I thought if I read it, I could at least answer these questions intelligently," said McBreen, a graduate of Peabody High who majored in art history at Harvard. ``When I read the book, I realized there is more there to talk about than just Leonardo Da Vinci in the Louvre."
So, McBreen created a tour that gives visitors a lesson in early Christian art and Da Vinci. It quickly became the most popular tour offered by Paris Muse, the company she runs with five other art historians.
And now she expects demand to grow because of the movie, despite criticism from Christians, particularly Catholics, who say its assertions about Jesus Christ are untrue.
``The tour follows the scenes of the book, but it was not designed to correct Dan Brown," McBreen said. ``It's designed to give people more information about Da Vinci and early Christian art, so that they can go home more informed."
McBreen's only regret is that she can't take visitors to see Da Vinci's actual painting of ``The Last Supper." ``Too bad," she said with a laugh. ``It's in Milan."
Kathy McCabe can be reached at kmccabe@globe.com. 
