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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.
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.
Cambridge Bancorp (NASDAQ: CATC) reported unaudited net income of $13.3 million for Q1 2022, unchanged from Q4 2021. Diluted earnings per share rose by 0.5% to $1.89. Total loans increased by $106.7 million, or 3.2%, to $3.4 billion, while total assets grew by $126.8 million or 2.6% to $5.02 billion. Core deposits rose by $170.9 million, and asset quality remained strong with non-performing loans at 0.17%. However, net interest margin decreased by 10 basis points to 2.74%.
Cambridge Bancorp (NASDAQ: CATC) will report its 2022 Q1 results on April 20, 2022, before the market opens. A conference call will take place at 11:00 am EST on the same day, allowing investors to discuss the results. Pre-registration for the call is encouraged, providing immediate access for participants. The bank, based in Cambridge, Massachusetts, manages approximately $4.9 billion in assets and is recognized as a leader in private banking and wealth management services in New England.
Cambridge Bancorp (NASDAQ: CATC) announced its 2022 annual meeting for shareholders on May 16, 2022, at 8:30 A.M., to be held virtually. Shareholders as of March 14, 2022, are eligible to vote. Additionally, the board approved the renewal of its stock repurchase program to buy back up to 5% of its outstanding shares before March 14, 2023. The management will determine the timing and amount of repurchases based on market conditions. This move is aimed at enhancing shareholder value amid market evaluations.
Cambridge Bancorp (NASDAQ: CATC) reported a robust net income of $54.0 million for the year ended December 31, 2021, a 69.0% increase from $32.0 million in 2020. Diluted EPS rose to $7.69, up 52.9% from $5.03. Operating net income also saw a 25.0% rise to $54.8 million. Total assets climbed by 23.9% to $4.89 billion, while total loans increased by 8.8%. A strong performance was noted in wealth management with net asset flows of $89.8 million. The company maintains excellent asset quality.
Cambridge Bancorp (NASDAQ: CATC) will report its fourth quarter and full year 2021 financial results before the market opens on January 25, 2022. A conference call and webcast to discuss these results will take place on the same day at 11:00 am EST. Participants are encouraged to pre-register for the call to receive a conference passcode and PIN for immediate access. The call will also be available as a live webcast and archived for three months on their investor relations website.
Cambridge Bancorp (NASDAQ: CATC) has appointed Danielle Remis Hackel as the new Chief Marketing Officer as part of its strategy to enhance growth in private banking, lending, and wealth management. The bank has experienced significant growth, including two major mergers in the last three years, and aims to engage its expanding client base in New England. Hackel brings 15 years of marketing experience and will focus on digital marketing, branding, and client relationships. The bank currently manages approximately $4.5 billion in client assets.
Cambridge Bancorp (NASDAQ: CATC) announced the expansion of its lending team to meet rising demand for commercial and non-profit lending in Massachusetts and New Hampshire. The addition of Bradford J. Buckley and David Semenza, who bring over 50 years of combined experience, enhances the bank's expertise in these sectors. Buckley will focus on commercial and industrial lending, while Semenza will lead efforts toward nonprofit organizations. Cambridge Trust, a 131-year-old chartered bank, has approximately $4.5 billion in assets and is a leader in private banking and wealth management.
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.
Cambridge Bancorp (NASDAQ: CATC) announced its participation in the Piper Sandler Companies 2021 East Coast Financial Services Conference on November 10, 2021. CEO Denis Sheahan and CFO Michael F. Carotenuto will represent the company at the event in Naples, Florida. As of September 30, 2021, Cambridge Bancorp had approximately $4.5 billion in assets and is a prominent player in private banking and wealth management in New England, managing $4.5 billion in client assets.
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