Cambridge Bancorp Announces Expansion of Wealth Management Team

Rhea-AI Summary

Cambridge Bancorp (NASDAQ: CATC) has announced the expansion of its wealth management team with the hiring of five experienced professionals. This strategic move aims to enhance service offerings in wealth management, retirement planning, and portfolio management. Notable new hires include Robert E. Maquat, Christopher C. Lucas, and Doreen L. DiBari, each bringing over 30 years of experience. The expansion is intended to capitalize on market opportunities in Southern Connecticut and bolster the bank's existing wealth management services, which currently manage approximately $4.5 billion in client assets.

Positive

• Expansion of wealth management team with five experienced professionals.
• New hires will strengthen services in retirement planning and multi-generational wealth management.
• Strategic growth into Southern Connecticut, enhancing market presence.

Negative

• None.

CAMBRIDGE, Mass., Nov. 9, 2021 /PRNewswire/ -- Cambridge Bancorp, (NASDAQ: CATC) parent of Cambridge Trust Company, today announced the expansion of its wealth management team with the appointment of five new wealth management professionals. These new team members bring significant experience in wealth management business development, retirement planning, multi-generational wealth management and portfolio management.

"Over 131 years, Cambridge Trust's clients have valued our outstanding wealth management services," said Jennifer Pline, Executive Vice President and Head of Wealth Management. "I'm delighted to welcome our newest colleagues to the wealth management team as we continue to build on our heritage of trust and service."

"These new colleagues will allow Cambridge Trust to capitalize on the significant market opportunity throughout our footprint while allowing the Company to expand into Southern Connecticut." noted Denis Sheahan, Chairman and Chief Executive Officer. "As Jennifer indicated, we are excited to welcome these colleagues to the organization."

Robert E. Maquat joins as Senior Vice President and Senior Private Banker. Based in Southern Connecticut, Rob has over 30 years' experience in wealth management, including his most recent role at People's United Bank. Previously, Mr. Maquat was an analyst at Salomon Brothers and a management consultant at Touche Ross and Co. He holds a B.S. from the University of Connecticut and an M.B.A. from Columbia University.

Christopher C. Lucas joins as First Vice President and Senior Portfolio Manager with experience in providing customized investment solutions for high-net-worth individuals, multi-generational families, municipalities and non-profit organizations from his previous role at People's United Bank. Chris holds a B.A. from the University of New Hampshire and an M.B.A. from the University of Southern Maine, and is a former member of the armed forces, having spent six years with the United States Air Force.

Doreen L. DiBari joins as a Senior Vice President and Senior Relationship Manager with over 30 years of experience in wealth protection and retirement planning, including personal fiduciary trust principles and estate settlement from previous positions at People's United Bank, Eastern Bank and State Street Bank. Doreen has attended Boston University, Bentley University and Cannon Trust School. She is a Certified Financial Planner (CFP®), a Certified Trust and Financial Advisor and a paralegal.

William J. Fleming joins as Vice President and Relationship Manager. Wil brings 15 years of experience in the financial services industry as a Certified Financial Planner, most recently at People's United Bank. William previously held similar roles with Fidelity Investments and AXA Advisors in New York.

Sharon S. Mathews joins as Senior Client Services Associate. Sharon brings 15 years of experience in private banking, wealth management and hedge fund management, most recently as AVP at People's United Bank. Sharon holds a B.B.A. from Pace University and studied at Cornell University's School of Industrial and Labor Relations.

For more information, visit www.cambridgetrust.com

About Cambridge Trust
Cambridge Trust is a 131-year-old Massachusetts chartered commercial bank based in Cambridge, Massachusetts with approximately $4.5 billion in assets as of September 30, 2021, and a total of 19 Massachusetts and New Hampshire locations. Cambridge Trust is one of New England's leaders in private banking and wealth management with $4.5 billion in client assets under management and administration as of September 30, 2021. The Wealth Management group maintains offices in Boston and Wellesley, Massachusetts and Concord, Manchester, and Portsmouth, New Hampshire.

For more details on Cambridge Trust visit: www.cambridgetrust.com

CONTACT:
Media: Danielle Remis Hackel (617) 991-5201 danielle.remis@cambridgetrust.com
Investor Relations: Michael Carotenuto (617) 520.5543  Michael.carotenuto@cambridgetrust.com

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SOURCE Cambridge Bancorp

FAQ

What is the recent announcement from Cambridge Bancorp (CATC)?

Cambridge Bancorp announced the expansion of its wealth management team by hiring five new professionals.

Who are the new hires at Cambridge Bancorp's wealth management team?

The new hires include Robert E. Maquat, Christopher C. Lucas, Doreen L. DiBari, William J. Fleming, and Sharon S. Mathews.

What market opportunity is Cambridge Bancorp aiming to capture?

Cambridge Bancorp aims to capitalize on the significant wealth management market opportunity in Southern Connecticut.

How much client assets does Cambridge Bancorp manage?

Cambridge Bancorp manages approximately $4.5 billion in client assets.