Hero Banner
Boston, MA – March 30, 2020 – Cambridge Trust today announced a range of initiatives to help clients, communities and employees navigate the many financial challenges caused by the COVID-19 virus.

 

“The Coronavirus is creating a lot of anxiety and concern,” said Denis Sheahan, Chairman and CEO of Cambridge Trust. “While our first priority is the health and peace of mind of our clients, communities and employees, we are working on a one-to-one basis to help individuals, families and businesses deal with today’s unexpected financial challenges.”

As the COVID-19 crisis evolves, Cambridge Trust is taking the following steps to provide support to any client experiencing a hardship during this uncertain time.


For Banking Clients:

  • Access to banking offices by appointment
  • Increased telephone banking support through its Client Resource Center
  • Waived penalties for early CD withdrawals
  • Increased ATM withdrawal limits and debit card spending
  • Convenient digital platforms for remote banking


For Consumer Loan Clients:

  • 90-day postponement of residential loan foreclosures
  • Payment deferrals on mortgages and home equity loans, based on need
  • Forgiven late charges for consumer loan payments


For Business and Commercial Banking Clients:

  • Higher remote deposit limits
  • Payment relief options for commercial and SBA loans, based on need
  • Help with access to government support and lending programs
  • Treasury Management services to support business continuity
  • Secure online and mobile banking platforms
 

For Wealth Management Clients:

The Cambridge Trust investment team is closely monitoring the economy and financial markets and continues to actively manage clients’ portfolios through the current volatility. Clients are urged to reach out to their Relationship Manager directly with any questions or concerns.


For Communities:

In addition to the 269 organizations the Bank supports through its annual charitable giving, Cambridge Trust is donating an additional $250,000 to organizations supporting those most impacted by COVID-19.

 

For Employees:

Cambridge Trust is taking every precaution to protect the health and safety of its employees, while continuing to provide uninterrupted service to clients. Efforts include:

  • Temporary closure of all banking office lobbies but services are available by appointment
  • Increased cleaning of all office locations
  • 95% of staff working remotely with the exception of essential banking office employees 
  • Teleconferencing for meetings


Cambridge Trust will continue to update clients about how it is adapting operations. For the latest information about drive-up window service, banking office access, remote banking and more, visit CambridgeTrust.com/COVID19, or call the Client Resource Center at 1-844-251-4244.

For 130 years, individuals, families and businesses have relied on Cambridge Trust for sound financial advice and to always act in their best interest. Today, the Cambridge Trust team remain accessible and continue to provide all private banking and wealth management services without disruption.

 

About Cambridge Trust

Cambridge Trust is a 130-year-old Massachusetts chartered commercial bank with approximately $2.9 billion in banking assets, as of December 31, 2019, and a total of 16 banking offices in Massachusetts and New Hampshire. Cambridge Trust is one of New England’s leaders in private banking and wealth management with $3.5 billion in client assets under management and administration as of December 31, 2019. The Wealth Management group maintains offices in Boston, Massachusetts; and Concord, Manchester, and Portsmouth, New Hampshire.