Cambridge Bancorp, parent of Cambridge Trust Company, has completed its merger with Optima Bank & Trust Company (Optima).
Although the legal closing was effective as of 11:59 pm on 17 April, 2019, the client and brand conversion is scheduled to occur over the weekend of 19 July, 2019. Cambridge Trust has amassed over USD1 billion in client wealth management assets in New Hampshire since it began operations in the state in 1992.
“We are pleased to announce that Cambridge Trust and Optima Bank & Trust have completed the merger, and we are excited to build a stronger future for both Cambridge Trust and Optima Bank & Trust as one. This marks a milestone in our corporate history, and we are excited for the opportunity to provide a full range of private banking and wealth management services in New Hampshire,” says Denis K Sheahan, Chairman and CEO.
In connection with the closing of the merger, Daniel Morrison, the former Chairman, President and CEO of Optima, is expected to be appointed to the Boards of Directors of Cambridge Bancorp and Cambridge Trust Company after the Company’s 2019 annual meeting of shareholders, scheduled to be held on 13 May, 2019.