CAMBRIDGE BANCORP ANNOUNCES 2023 ANNUAL MEETING DATE AND RENEWAL OF SHARE REPURCHASE PLAN

Rhea-AI Summary

On March 14, 2023, Cambridge Bancorp (NASDAQ: CATC) announced its annual shareholder meeting set for May 15, 2023, at the Harvard Faculty Club in Cambridge, MA. Shareholders as of March 13, 2023, will have voting rights. Additionally, the board authorized a renewal of its stock repurchase program, allowing for the buyback of up to 5.0% of the outstanding shares before March 13, 2024. The management will assess market conditions to determine the timing and amount of repurchases, which may be suspended or discontinued at any time.

Positive

• Renewal of stock repurchase program to buy back up to 5.0% of outstanding shares, indicating confidence in the company's growth.
• Share buybacks can enhance shareholder value and potentially increase Earnings Per Share (EPS) over time.

Negative

• None.

CAMBRIDGE, Mass., March 14, 2023 /PRNewswire/ -- Cambridge Bancorp (NASDAQ: CATC) (the "Company"), the parent of Cambridge Trust Company, today announced that the Company's 2023 annual meeting of shareholders will be held on May 15, 2023 at 8:30 A.M. The annual meeting will be held at the Harvard Faculty Club which is located at 20 Quincy Street, Cambridge, MA 02138. The meeting will be preceded by breakfast at 8:00 A.M. At the meeting, only shareholders as of the close of business on March 13, 2023, the record date, are entitled to vote at the Annual Meeting and at any adjournments thereof. Additionally, on March 13, 2023, the Company's board of directors authorized the renewal of its stock repurchase program to acquire up to 5.0% of the total number of shares outstanding of the Company's common stock, with such purchases occurring prior to March 13, 2024. 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 132-year-old Massachusetts chartered commercial bank with approximately $5.6 billion in assets at December 31, 2022, and a total of 22 Massachusetts and New Hampshire locations. Cambridge Trust Company is one of New England's leaders in private banking and wealth management with $4.1 billion in client assets under management and administration at December 31, 2022. The Wealth Management group maintains offices in Boston and Wellesley, Massachusetts and Concord, Manchester, and Portsmouth, New Hampshire.

Please contact: 
Danielle Remis Hackel 
danielle.remis@cambridgetrust.com

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SOURCE Cambridge Bancorp

FAQ

What is the date of Cambridge Bancorp's 2023 annual meeting?

The 2023 annual meeting of Cambridge Bancorp is scheduled for May 15, 2023.

What is the purpose of the stock repurchase program announced by Cambridge Bancorp?

The stock repurchase program aims to buy back up to 5.0% of the outstanding shares, enhancing shareholder value.

When was the stock repurchase program authorized?

The stock repurchase program was authorized on March 13, 2023.

What factors will influence the repurchase of shares by Cambridge Bancorp?

The management will evaluate market conditions and other factors to determine the timing and amount of share repurchases.

Until when can Cambridge Bancorp repurchase shares under its stock buyback program?

Cambridge Bancorp can repurchase shares until March 13, 2024.