Salem Five to acquire Woburn insurance agency

Salem Five Bank plans to acquire Boyle Insurance Agency, Inc. of Woburn, both companies said today. Boyle will become a wholly owned subsidiary of Salem Five, a 19-branch bank headquartered in Salem. Boyle will continue to operate out of Woburn. Its principals, Jay and Brian Boyle, plan to remain with the company. Terms of the deal were not disclosed. The transaction is expected to close in June 2006. "As with banking, insurance is a relationship business," said Joseph M. Gibbons, Salem Five's chief executive, in a statement. "The Boyle Insurance Agency has done a remarkable job building and servicing their valued client relationships for over 60 years."
(By Sasha Talcott, Globe Staff)

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