The $4.7 billion asset Salem Five Bank has acquired Gloucester-based Cape Ann Insurance, as it seeks to expand services for customers and boost its commercial presence in the area that includes Gloucester, Essex, Manchester-by-the-Sea and Rockport.

“We pride ourselves on being able to offer our customers the best possible service and the expertise they need to manage all aspects of their financial lives,” Salem Five President and CEO Ping Yin Chai said in a statement. “Acquiring an established agency like Cape Ann Insurance helps us to better serve the insurance needs of our customers in the region. With a deep dedication to customer service and their local community, Cape Ann’s core values strongly align with ours, making the acquisition an excellent fit. We all look forward to working with them as part of our team.”

As one of the area’s largest bank-owned insurance agencies, Salem Five Insurance will offer Cape Ann customers access to a wider range of products and carriers while maintaining the personalized service and relationships of an independent agency.

“We see a great opportunity to support Cape Ann’s thriving community businesses,” Salem Five Insurance President Gerard “Jay” Boyle Jr. said in a statement.

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

Founded in 1984 by Charles Nahatis and Robert Kiley, Cape Ann Insurance focuses primarily on personal insurance.

“We’ve built a successful business over the last 34 years by providing our customers with individualized service and treating their needs as if they were our own,” Nahatis, principal of Cape Ann Insurance, said in a statement. “Our presence and reputation in Cape Ann’s communities is incredibly important to us, both personally and professionally. Salem Five shares our deep commitment to serving our customers and communities and these shared values helped to make the acquisition possible.”