Photo by James Sanna | Banker & Tradesman Staff

The coming weeks will bring several big changes to Cambridge Trust Co.’s senior management team.

Martin Millane, the bank’s chief lending officer and executive vice president, plans to retire, Cambridge Trust said in a statement. In connection with Millane’s retirement, Steven J. Mead will become the bank’s chief commercial banking officer, and Peter Halberstadt will become the chief credit officer. They will join the executive leadership team.

“We congratulate Marty on nearly two decades of exceptional leadership with Cambridge Trust and thank him for his many contributions to the bank, including the strong credit culture that has been a hallmark of our success,” said Denis K. Sheahan, President and CEO, Cambridge Trust. “We are also very excited to appoint Steve and Pete to our executive leadership team, completing the succession plan that we have had in place. We are confident they will continue to build on the strong foundation that Mr. Millane has worked to create.”

Millane, who had joined Cambridge Trust in 2004, plans to retire in February, the bank said in a securities filing, adding that he will work with Mead and Halberstadt on transitioning to their new roles.

Currently a senior vice president, Mead leads the commercial lending teams in both Massachusetts and New Hampshire with a focus on commercial real estate, multifamily and commercial and industrial lending, the statement said. Mead joined Cambridge Trust in 2012 and had similar roles at Sovereign Bank and Cambridge Savings Bank.

Halberstadt, also currently a senior vice president, leads the bank’s credit risk function, the statement said. Halberstadt joined Cambridge Trust in 2004 from Century Bank, where he had worked with Millane.

Cambridge Trust also said in the securities filing that Thomas Fontaine, Cambridge Trust’s executive vice president and chief banking officer, has decided to resign from the bank on Dec. 31. Fontaine was Wellesley Bank’s CEO when it merged into Cambridge Trust in 2020.

“Following the successful completion of Mr. Fontaine’s work associated with the combined entities’ integration efforts, he has decided to resign,” the bank said in the securities filing. “The Company and the Bank thank Mr. Fontaine and wish him well in his future endeavors.”

Fontaine will also resign as a member of Cambridge Trust’s board. As part of his transition agreement with the bank, Fontaine will continue to receive his base salary for one year. The bank added that Fontaine’s resignation was not related to a disagreement with the bank or to the bank’s operations, policies or practices.

Fontaine, Millane to Leave Cambridge Trust

by Diane McLaughlin time to read: 2 min