Eastern Bankshares has completed its acquisition of Cambridge Bancorp, a transaction that expands Eastern's wealth management business. The all-stock deal was announced on 19 September 2023 and completed on 12 July 2024.
Cambridge Bancorp is the holding company for Cambridge Trust, which provides private banking and investment management services in the Greater Boston area.
WEALTH MANAGEMENT
The Cambridge Trust name is retained for the combined wealth business, Cambridge Trust Wealth Management, which Eastern describes as the largest bank-owned independent investment adviser in Massachusetts, while Cambridge Trust's banking customers were moved onto Eastern Bank's systems over the weekend of 12 July 2024.
THE COMBINED BANK
With the completion of the Cambridge Bancorp transaction, Eastern Bankshares, which describes itself as Greater Boston's leading local bank, has assets of more than $25 billion. The combined footprint covers commercial lending, small business banking, retail deposits, and wealth management and private banking.
Eastern Bank converted from a mutual savings bank to a stock company in 2020 through an initial public offering.
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