Cambridge Bancorp Announces 2021 Annual Meeting Date And Share Repurchase Plan

Rhea-AI Summary

Cambridge Bancorp (NASDAQ: CATC) announced its virtual 2021 annual meeting of shareholders scheduled for May 17, 2021. Shareholders as of March 15, 2021, will have voting rights. The board also approved a stock repurchase program to buy back up to 5% of its common stock until March 15, 2022. The repurchase timing will depend on market conditions and management's discretion.

Positive

• Stock repurchase program of up to 5% of common stock may enhance shareholder value.
• Virtual annual meeting allows for continued shareholder engagement despite pandemic.

Negative

• None.

CAMBRIDGE, Mass., March 15, 2021 /PRNewswire/ -- Cambridge Bancorp (NASDAQ: CATC) (the "Company"), the parent of Cambridge Trust Company, today announced that the Company's 2021 annual meeting of shareholders will be held on May 17, 2021 at 8:30 A.M. The annual meeting will be held virtually. At the meeting, only shareholders as of the close of business on March 15, 2021, the record date, are entitled to vote at the Annual Meeting and at any adjournments thereof.  Additionally, on March 15, 2021, the Company's board of directors authorized a stock repurchase program to acquire up to 5.0% shares of the Company's common stock through March 15, 2022.  The timing and amount of any shares of the Company's common stock repurchased will be determined by the Company's management based on its evaluation of market conditions and other factors.  The stock repurchase program may be suspended or discontinued at any time.

About Cambridge Bancorp

Cambridge Bancorp, the parent company of Cambridge Trust Company, is based in Cambridge, Massachusetts. Cambridge Trust Company is a 130-year-old Massachusetts chartered commercial bank with approximately $3.9 billion in assets as of December 31, 2020, and a total of 21 Massachusetts and New Hampshire locations. Cambridge Trust Company is one of New England's leaders in private banking and wealth management with $4.2 billion in client assets under management and administration as of December 31, 2020. The Wealth Management group maintains offices in Boston and Wellesley, Massachusetts and Concord, Manchester, and Portsmouth, New Hampshire.

Forward-looking Statements

Certain statements herein may constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements about the Company and its industry involve substantial risks and uncertainties. Statements other than statements of current or historical fact, including statements regarding the Company's future financial condition, results of operations, business plans, liquidity, cash flows, projected costs, the impact of any laws or regulations applicable to the Company, and measures being taken in response to the COVID-19 pandemic and the impact of the COVID-19 pandemic on the Company's business are forward-looking statements. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," "may," "will," "should," and other similar expressions are intended to identify these forward-looking statements. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. Such factors include, but are not limited to, the following: the current global economic uncertainty and economic conditions being less favorable than expected, disruptions to the credit and financial markets, changes in the Company's accounting policies or in accounting standards, weakness in the real estate market, legislative, regulatory or accounting changes that adversely affect the Company's business and/or competitive position, the Dodd-Frank Act's consumer protection regulations, the duration and scope of the COVID-19 pandemic and its impact on levels of consumer confidence, actions governments, businesses and individuals take in response to the COVID-19 pandemic, the impact of the COVID-19 pandemic and actions taken in response to the pandemic on global and regional economies and economic activity, the pace of recovery when the COVID-19 pandemic subsides, challenges from the integration of the Company and Optima and Wellesley resulting in the combined business not operating as effectively as expected, disruptions in the Company's ability to access the capital markets, the cost savings of the Wellesley merger may not be fully realized or may take longer to realize than expected, operating costs, customer loss and business disruption following the Wellesley merger, including adverse effects on relationships with employees, may be greater than expected, and other factors that are described in the Company's filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year end December 31, 2019, which the Company filed on March 17, 2020. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. You are cautioned not to place undue reliance on these forward-looking statements.

Contact:
Cambridge Bancorp
Michael F. Carotenuto
Chief Financial Officer
(617)520-5520

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SOURCE Cambridge Bancorp

FAQ

What is the date of the Cambridge Bancorp annual meeting in 2021?

The Cambridge Bancorp annual meeting will be held on May 17, 2021.

What stock repurchase amount has Cambridge Bancorp authorized?

Cambridge Bancorp has authorized a stock repurchase program of up to 5% of its common stock.

What is the duration of the stock buyback program for CATC?

The stock buyback program is authorized until March 15, 2022.

Who can vote at the Cambridge Bancorp annual meeting?

Only shareholders as of the close of business on March 15, 2021, are entitled to vote.