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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.
Cambridge Bancorp (NASDAQ: CATC) reported a net income of $12.4 million for Q1 2023, reflecting a 9.7% increase from Q4 2022. Diluted EPS rose to $1.58, up 9.7%. However, operating net income fell 15.4% to $12.7 million compared to the previous quarter. The bank's non-performing loans stand at 0.18% of total loans, maintaining strong asset quality. Total assets decreased slightly by 0.6% to $5.53 billion. Total deposits dropped by 3.3% to $4.66 billion, with significant outflows attributed to clients seeking higher yields. The bank declared a dividend of $0.67 per share, payable May 25, 2023. The effective tax rate was 25.1%.
Cambridge Bancorp (NASDAQ: CATC) will announce its first quarter 2023 financial results on April 25, 2023, before market opening. A conference call will follow at 11:00 am EST on the same day, which will be available via webcast. The company, based in Cambridge, Massachusetts, operates Cambridge Trust Company, with assets totaling approximately $5.6 billion as of December 31, 2022. It also boasts $4.1 billion in managed client assets in wealth management, reflecting its strong position in the private banking sector of New England. Interested participants can pre-register for the call or listen live online.
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