Salem Five Acquires Otis Brown Insurance Agency in Massachusetts

Salem Five, a banking and financial services company based in Salem, Massachusetts, announced that it has acquired Otis Brown Insurance Agency Inc. of Lexington, Massachusetts. Terms of the transaction were not disclosed.

Otis Brown Insurance Agency is an independent agency founded in 1953. The agency’s owners, Richard Beamon and Greg Beamon, will continue to manage the Lexington office.

Otis Brown will operate as part of Salem Five’s insurance brokerage subsidiary, Salem Five Insurance, following the transaction.

Salem Five Insurance offers a wide range of personal and commercial insurance services through access to major regional and national carriers.

Founded in 1855, Salem Five operates 30 branches in the greater Boston area with assets in excess of $3.8 billion. Salem Five’s subsidiaries include Salem Five Mortgage Company, Salem Five Financial and Salem Five Insurance.