Banker & Tradesman file photo

Salem Five Insurance, the insurance arm of Salem Five bank, has recently acquired Lynnfield-based Philbin Insurance Group in a bid to broaden its market reach to the north Boston area.

With Philbin having offices in Lynnfield and Everett, Salem Five said the merger will expand its presence in the North Shore area, as well as provide expanded personal and business insurance offerings and coverage options for Philbin’s customers.

Philbin is the sixth insurance agency acquired by Salem Five in the past two years. With this acquisition, Salem Five Insurance will have a total of 85 employees in 12 locations.

“Philbin’s reputation is outstanding and we’re proud to add its team to ours to better serve one another’s customers,” said Andrew Drayer, SVP of Strategic Growth for Salem Five Insurance. “We’ve known them for years and are acutely aware of the superior customer service they provide.”

With the Philbin group also acquiring several smaller agencies over the years, president Tara Philbin said it trusted Salem Five Insurance as a partner. “We have always put our customers and employees first, so it was important that we partner with another agency with the same values. With Salem Five, we most definitely found that partner. I look forward to joining Salem Five Insurance with members of my team,” she said.

Other than insurance, the $7 billion asset Salem Five also has business units in wealth management (Salem Five Wealth Management & Trust), and mortgage lending (Salem Five Mortgage Co.). Salem Five has a total of 34 retail bank branches in Essex, Middlesex, Norfolk, and Suffolk counties.