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.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.