Denis K. Sheahan Elected to Massachusetts Bankers Association Board of Directors

Rhea-AI Summary

Denis K. Sheahan, Chairman, President, and CEO of Cambridge Bancorp (NASDAQ: CATC), has been elected to the Board of Directors of the Massachusetts Bankers Association. This election highlights Sheahan's expertise in banking, which will aid the Association in delivering effective advocacy and services to its members. With approximately $5.0 billion in assets and a significant presence in wealth management, Cambridge Bancorp aims to leverage this position to support statewide banking needs.

Positive

• Denis Sheahan's election to the Massachusetts Bankers Association Board enhances Cambridge Bancorp's influence in banking advocacy.
• Sheahan's participation may lead to strengthened partnerships and insights for Cambridge Trust in wealth management.

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• None.

CAMBRIDGE, Mass., May 3, 2022 /PRNewswire/ -- Cambridge Bancorp (NASDAQ: CATC) and its subsidiary, Cambridge Trust Company, today announced that its Chairman, President and CEO, Denis K. Sheahan, has been elected to the 20-member Board of Directors of the Massachusetts Bankers Association (MBA) at its Annual Meeting. Founded in 1905, the MBA is the only Association representing FDIC-insured community, regional and nationwide banks serving consumer and business clients across the Commonwealth.

"As a dynamic industry, it is essential that the Association have perspectives of banking leaders, like Denis Sheahan, who provide expertise and experience that enables us to achieve our priorities of exceptional advocacy representation on Beacon Hill and in Washington, DC; high-quality and timely training and education for professionals in the banking industry, and communications and services that help strengthen our members," said Kathleen Murphy, president and CEO, Massachusetts Bankers Association. "The market knowledge that Denis brings enables the Association to anticipate and respond to emerging banking needs and trends that help our members as they serve a very large consumer and business footprint across the Commonwealth."

"I am pleased to be elected to the Board of Directors for our industry's Association that has stood the test of time since its founding 117 years ago," said Denis K. Sheahan, president and CEO of Cambridge Trust. "Serving as a Director for MBA will provide Cambridge Trust the opportunity to apply our expertise in wealth management and private banking while supporting the Association's mission of meeting the banking needs of consumers and businesses across the Commonwealth."

About Cambridge Bancorp
Cambridge Bancorp, the parent company of Cambridge Trust Company, is based in Cambridge, Massachusetts. The 132-year-old Massachusetts chartered commercial bank has approximately $5.0 billion in assets at March 31, 2022, 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 $4.7 billion in client assets under management and administration at March 31, 2022. The Wealth Management group maintains offices in Boston and Wellesley, Massachusetts and Concord, Manchester, and Portsmouth, New Hampshire. For more information, visit www.cambridgetrust.com.

About Massachusetts Bankers Association
The Massachusetts Bankers Association represents 120 commercial, savings, cooperative, and federal savings banks and savings and loan associations which hold nearly $579 billion in deposits in over 2,000 banking locations in Massachusetts. Member banks employ 72,000 professionals across the Commonwealth and in New England and collectively contribute more than $105 million annually to social agencies and charitable organizations in communities throughout Massachusetts. For more information, visit www.massbankers.org.

Contact: Danielle Remis Hackel (617) 441-1421

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SOURCE Cambridge Bancorp

FAQ

What does Denis K. Sheahan's election to the MBA Board mean for Cambridge Bancorp (CATC)?

Sheahan's election to the Massachusetts Bankers Association Board allows Cambridge Bancorp to leverage his banking expertise to enhance advocacy and support for the community.

How will the Massachusetts Bankers Association benefit from Denis Sheahan's experience?

With his extensive experience, Sheahan will provide valuable insights to address emerging banking needs for members across Massachusetts.

When was Denis K. Sheahan elected to the Massachusetts Bankers Association Board?

Denis K. Sheahan was elected to the Board at the Association's Annual Meeting on May 3, 2022.

What is the financial status of Cambridge Bancorp as of March 31, 2022?

As of March 31, 2022, Cambridge Bancorp had approximately $5.0 billion in assets and $4.7 billion in assets under management.