Salem Five Insurance Acquires Ambrose & Grant Insurance Agency

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Customers receive expanded offerings as Salem Five Insurance expands south of Boston

Salem, Mass., May 4, 2021 – Salem Five Insurance, a subsidiary of Salem Five Bancorp, announced today that it has acquiring Norwood-based Ambrose & Grant Insurance Agency, which was founded in 1989 and has steadily grown into one of its areas most respected insurance agencies.

The partnership will provide Ambrose & Grant’s customers a broader array of financial services products, according to agency President George Grant. Based in Woburn, Salem Five Insurance has more than 60 employees and an array of partnerships with traditional and specialty underwriters.

“We have always wanted our customers to have the best protection at the best value, while ensuring that doing business with us is as easy as possible,” Grant said. “Salem Five shares these values and will help us make sure that they have the same great experience well into the future.”

Though it has customers across eastern Massachusetts, Salem Five Insurance’s partnership with Ambrose & Grant represents the first time it will have an office south of Boston, which will help serve its growing personal and commercial lines customer base. Salem Five Insurance also has offices in Lexington, Gloucester and Georgetown.

“We look forward to serving Ambrose & Grant’s customers and continuing to provide them with the quality service that they have come to expect from their insurance agency,” said Gerard “Jay” Boyle, President of Salem Five Insurance.


About Salem Five Insurance and Salem Five Bancorp

Salem Five Insurance is a subsidiary of Salem Five Bancorp, which is also the holding company of Salem Five (, a mutual bank founded in 1855. Whatever the need and whatever the goal, Salem Five’s banking, investment and insurance professionals have the expertise to move customers forward. Salem Five has more than $6 billion in assets and 33 retail branches in Essex, Middlesex, Norfolk and Suffolk counties. In addition to Salem Five Insurance, divisions include Salem Five Mortgage Company, one of the largest mortgage lenders headquartered in New England; Salem Five Wealth Management & Trust, which offers fiduciary wealth management services to institutions and high-net-worth individuals, financial and retirement income planning, portfolio review and money management; and Salem Five Insurance Services, which provides personal and commercial insurance. Salem Five deposits are insured through the FDIC. Salem Five Mortgage Company’s NMLS # is 4662. Equal Housing Lender. Securities are offered through LPL Financial, member FINRA/SIPC. Life insurance products are offered through LPL Financial or its licensed affiliates. Insurance and investment products are not FDIC insured, not bank guaranteed, may lose value, not a deposit, and not insured by any federal government agency.


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