Salem Five Bank has entered into an agreement to acquire Reading-based Argeros Insurance, which will join Salem Five Boyle Insurance within the bank’s insurance division.

Terms of the acquisition were not disclosed.

Salem Five, the first Massachusetts chartered bank approved by the state to offer insurance, purchased Boyle Insurance of Woburn in 2006, according to a statement. Salem Five offers personal, homeowner, auto, life and commercial insurance products and services.

Argeros Insurance staff members Katrina Argeros and Donna Cowie will stay with the firm at its home office on Main Street in Reading. Existing Argeros policies and coverage will remain unchanged, according to a statement.

"The service that Argeros Insurance is known for is an outstanding reflection of the type of experience we provide to Salem Five customers," said Joseph M. Gibbons, president and CEO of Salem Five Bank. "This acquisition allows us to further strengthen our relationships with our national carrier partners…[and] Argeros represents another important element of our expanding local presence."