CAMBRIDGE, MA – July 25, 2019 – Cambridge Bancorp (NASDAQ: CATC) parent of Cambridge Trust Company, announced that its merger with New Hampshire-based Optima Bank & Trust and all related conversion activities are complete.
“Optima Bank’s name has changed to Cambridge Trust. Signs and other branding material were replaced at all Optima locations over the weekend of July 20-21,” according to Daniel Morrison, Co-founder of Optima Bank & Trust and now Chief Executive Officer of Cambridge Trust New Hampshire.
“Optima Bank & Trust is now Cambridge Trust, and I’m pleased to welcome clients to the best of both banks,” stated Denis K. Sheahan, Chairman and CEO. “Cambridge Trust has been serving the wealth management needs of our New Hampshire clients for more than 20 years. Together, our company is financially stronger and well-positioned to offer a full suite of lending, deposit and wealth management solutions to individuals, families and businesses.”
Morrison and his wife, Pamela, founded Optima Bank & Trust in 2008, along with a team of bankers and local business leaders that they brought together. Daniel Morrison, formerly Chairman, President and CEO of Optima, was recently appointed to the boards of directors of Cambridge Trust and its parent company, Cambridge Bancorp.
Pamela Morrison and other members of the Optima team are also continuing with the Cambridge management team. Bill Young and Rob Gagnon, both original members of the Optima management team, are continuing to lead the commercial and residential lending divisions of Cambridge Trust in New Hampshire.
“Nearly all of the lenders, branch managers, and other staff who our clients have come to know and trust are remaining in place,” said Daniel Morrison. “Our merger is a partnership of two banks built on trusted relationships and a commitment to exceptional personal attention for our clients. Our local teams are looking forward to delivering an enhanced private banking experience that includes expanded commercial lending capabilities, contemporary investment options, and personalized wealth planning solutions.”
Cambridge Trust has been offering wealth management services in New Hampshire for more than 20 years and manages over $1 billion of clients’ assets in New Hampshire.
Cambridge Bancorp, the parent company of Cambridge Trust Company, is based in Cambridge, Massachusetts. Cambridge Trust Company is a 129 year-old Massachusetts chartered commercial bank with approximately $2.7 billion in assets and 16 offices in Massachusetts and New Hampshire. Cambridge Trust Company is one of New England’s leaders in private banking and wealth management with $3.2 billion in client assets under management and administration. The Wealth Management group maintains offices in Boston, Massachusetts and Concord, Manchester, and Portsmouth, New Hampshire.
Source: Cambridge Bancorp