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Cambridge Bancorp Agrees to Sell Merchant Processing Portfolio
Wednesday, June 23, 2010
CAMBRIDGE, Mass. - Cambridge Bancorp (OTCBB: CATC) announced today that it has entered into an agreement to sell its merchant processing portfolio to Elavon, a wholly owned subsidiary of U.S. Bancorp (NYSE: USB), for $3.0 million before taxes and customary closing adjustments.
Under the terms of the agreement, 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.
About Cambridge Bancorp:
Cambridge Bancorp and its subsidiary, Cambridge Trust Company, are based in Cambridge, Massachusetts, in the heart of Harvard Square. Cambridge Trust Company is a 120-year-old Massachusetts chartered commercial bank with $1.0 billion in total assets and ten Massachusetts locations in Cambridge, Beacon Hill, Belmont, Concord, Lincoln and Weston. Cambridge Trust Company is one of New England’s leaders in wealth management with $1.4 billion in client assets under management. In addition, Cambridge Trust Company of New Hampshire offers wealth management services at two New Hampshire locations, Concord and Exeter.
Elavon's Global Acquiring Solutions organization is a part of U.S. Bancorp. Elavon provides end-to-end payment processing services to more than one million merchants in the United States, Europe, Canada, Mexico and Puerto Rico. Elavon has solutions to meet the needs of merchants in specialized markets including small business, retail, hospitality/T&E, health care, education and the public sector.
Cambridge Trust Company
SVP, Marketing Director