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Cambridge Bancorp (NASDAQ: CATC) is a renowned bank holding company headquartered in Cambridge, Massachusetts. The company operates through its subsidiary, the Cambridge Trust Company, which is a 133-year-old commercial bank with approximately $5.45 billion in assets as of September 30, 2023. Cambridge Trust Company offers an extensive range of services, including Wealth Management, Commercial Banking, Residential Lending, and Personal Banking. They provide a variety of banking solutions such as deposit accounts, online and mobile banking, business banking, and wealth planning.
The company's loan portfolio includes residential and commercial mortgages, home equity loans, commercial and industrial loans, and consumer loans. Cambridge Trust Company is a leader in wealth management in New England, managing $4.4 billion in client assets as of June 30, 2023. The wealth management group has a significant presence in Boston and New Hampshire, with offices in Concord, Manchester, and Portsmouth.
In recent news, Cambridge Bancorp has entered into a definitive merger agreement with Eastern Bankshares, Inc. (NASDAQ: EBC). This all-stock transaction is valued at approximately $528 million, and the merger is expected to be completed in the first quarter of 2024. This strategic merger aims to create a combined entity with $27.1 billion in total assets, $18.0 billion in total loans, $22.6 billion in deposits, and $7.6 billion in client assets under management and administration.
Under the merger terms, each share of Cambridge common stock will be exchanged for 4.956 shares of Eastern common stock. Denis Sheahan, Chairman, President, and CEO of Cambridge, will become the CEO of Eastern and join its Board of Directors.
Cambridge Bancorp's commitment to providing exceptional service and innovative banking solutions has made it a trusted partner for individuals and businesses alike. As a member of FDIC and an equal housing lender, Cambridge Trust Company emphasizes security, compliance, and community support. Their securities and other investment products are not FDIC insured, may lose value, are not bank guaranteed, and are not a deposit or insured by any government agency.
Eastern Bankshares, Inc. (NASDAQ: EBC) has successfully completed its merger with Cambridge Bancorp (NASDAQ: CATC), creating Greater Boston's leading local bank with over $25 billion in assets. The all-stock transaction, announced on September 19, 2023, involved exchanging each Cambridge share for 4.956 Eastern shares, resulting in Eastern issuing approximately 39.2 million new shares.
Key leadership changes include Denis Sheahan becoming CEO of Eastern and Eastern Bank, Quincy Miller promoted to COO, and David Rosato appointed as the new CFO. The merger aims to strengthen Eastern's position in banking and wealth management services, with Cambridge Trust Wealth Management becoming the largest bank-owned independent investment advisor in Massachusetts.
Eastern Bankshares announced the appointment of four members from Cambridge Bancorp's Board of Directors to both the Eastern Bankshares and Eastern Bank Boards. This change is set to occur upon the completion of Eastern and Cambridge's pending merger, expected around July 12, 2024. Denis Sheahan, Cambridge's CEO, will become Eastern's CEO and join its Boards. Additionally, three Cambridge directors—Leon A. Palandjian, Cathleen A. Schmidt, and Andy S. Zelleke—will be appointed to Eastern's Boards. The new appointments aim to leverage their extensive experience in banking, real estate, risk management, and corporate governance to drive value and innovation.
Eastern Bankshares (NASDAQ: EBC) and Cambridge Bancorp (NASDAQ: CATC) have received regulatory approvals for their merger, initially announced on September 19, 2023. The merger is set to close around July 12, 2024, resulting in a $26 billion organization positioned as Greater Boston’s leading local bank and the largest bank-owned independent investment advisor in Massachusetts. Leaders Bob Rivers and Denis Sheahan expressed their excitement and commitment to customer service, collaboration, and community engagement. Shareholders approved the merger on February 28, 2024, and the integration aims to enhance banking and wealth management services.
Eastern Bankshares and Cambridge Bancorp have received all necessary regulatory approvals for their proposed merger, initially announced on September 19, 2023. The merger is anticipated to close around July 12, 2024.
This merger will create a $26 billion organization, enhancing their position as Greater Boston's leading local bank and the largest bank-owned independent investment advisor in Massachusetts.
Bob Rivers, CEO of Eastern, highlighted the expected benefits and expressed gratitude to both teams for their efforts. Denis Sheahan, CEO of Cambridge Trust, emphasized enhanced customer service and community engagement resulting from this merger.
Shareholders from both companies approved the merger on February 28, 2024.
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