Cambridge Bancorp, the holding company of private bank Cambridge Trust Company, has agreed the acquisition of Wellesley Bancorp for nearly $122m.
Wellesley Bancorp, through its two subsidiaries- Wellesley Bank and Wellesley Investment Partners, offers banking services to affluent people, families and businesses.
As of 30 September 2019, Wellesley had nearly $986m in total assets.
Once complete, the combined company is expected to have more than $3.8bn in assets and $3.6bn of wealth management assets.
It will also add six Wellesley’s six full service banking offices to Cambridge network.
This acquisition is expected to bolster Cambridge’s private banking and wealth management presence in Greater Boston region.
Cambridge Trust CEO Denis Sheahan said: “We are pleased to announce the strategic combination of Cambridge Trust and Wellesley Bank, who are both dedicated to providing individuals, families, and businesses with exceptional personal attention and custom financial solutions.
“Wellesley Bank is a well-managed, financially strong and growing company located in attractive markets.
“The combination strengthens the position of Cambridge Trust in Greater Boston and is a logical extension of our market.”
Under the deal, each Wellesley common stock share will be exchanged for 0.580 shares of Cambridge common stock.
Wellesley chairman, president and CEO Thomas Fontaine will assume the role of chief banking officer and director of the combined company.
Subject to regulatory and shareholders’ nod, the Wellesley acquisition is slated to close in the second quarter of 2020.