Cambridge Bancorp, the holding company for Cambridge Trust Co., has entered into an agreement to sell its merchant processing portfolio to Elavon, a wholly-owned subsidiary of U.S. Bancorp, for $3 million, before taxes and customary closing adjustments.
Under the terms of the agreement, Georgia-based Elavon will provide merchant service solutions to the bank’s existing merchant accounts, while also supporting a long-term partnership agreement for new merchant services referred through the bank’s branches.
