The holding companies for Cambridge Trust Co. and Wellesley Bank have entered into an agreement in which Wellesley Bancorp Inc. will merge with and into Cambridge Bancorp in an all-stock transaction, according to a joint statement from the banks.
Wellesley Bancorp Inc. had approximately $986 million in total assets, $833 million of gross loans, $759 million of deposits and $363 million of wealth management assets as of Sept. 30. Based on financial metrics as of Sept. 30, the combined company is expected to have over $3.8 billion in assets, $3 billion in gross loans, $3.2 billion in deposits and $3.6 billion of wealth management assets upon completion of the merger, according to the statement.
Thomas Fontaine, chairman, president and CEO of Wellesley, will join the combined company in the role of chief banking officer and director.
“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,” Denis Sheahan, CEO of Cambridge Trust, said in a statement. “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. We look forward to welcoming the talented Wellesley Bank team to Cambridge Trust.”
The transaction has been approved by the boards of directors of both companies and is expected to be completed during the second quarter of 2020, subject to regulatory approval, approval by Cambridge and Wellesley shareholders and other customary closing conditions. Upon closing, three Wellesley directors will join the board of directors of Cambridge, including Fontaine.
“We are excited about the opportunity to partner with Cambridge Trust,” Fontaine said in the statement. “Cambridge Trust, much like Wellesley Bank, has a genuine commitment to its clients and the community. Together, we’ll build a premier private banking and wealth management company in Greater Boston and Southern New Hampshire.”
