The board of directors of Cambridge Bancorp, parent company of Cambridge Trust Co., has approved a 5.7 percent increase in the company’s quarterly dividend – to 37 cents per share from 35 cents per share.

The dividend is payable Jan. 3 to shareholders of record as of Dec. 12.

Cambridge Trust has $1.2 billion in total assets and operates 11 locations in Cambridge, Boston, Belmont, Concord, Lexington, Lincoln and Weston.