Cambridge Trust Company Announces Receipt of Regulatory Approvals to Merge with Optima Bank & Trust Company and Anticipated Closing Date
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Apr 5, 2019--On April 5, 2019, Cambridge Bancorp (NASDAQ: CATC), the parent company of Cambridge Trust Company, announced that all regulatory approvals relating to the proposed merger between Cambridge Trust Company and Optima Bank & Trust Company have been received. The shareholders of Optima Bank & Trust Company approved the transaction at a special meeting held on March 14, 2019. The anticipated closing date of the merger is on April 17, 2019, effective at 11:59 p.m. Eastern Standard Time, subject to closing conditions.
About Cambridge Bancorp
Cambridge Bancorp, the parent company of Cambridge Trust Company, is based in Cambridge, Massachusetts. Cambridge Trust Company is a 128-year-old Massachusetts chartered commercial bank with approximately $2.1 billion in assets and 10 Massachusetts locations in Cambridge, Boston, Belmont, Concord, Lexington, and Weston. Cambridge Trust Company is one of New England’s leaders in private banking and wealth management with $2.9 billion in client assets under management and administration. The Wealth Management group maintains offices in Boston, Massachusetts and Concord, Manchester, and Portsmouth, New Hampshire.
Certain statements herein may constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements about the Company and its industry involve substantial risks and uncertainties. Statements other than statements of current or historical fact, including statements regarding the Company’s future financial condition, results of operations, business plans, liquidity, cash flows, projected costs, and the impact of any laws or regulations applicable to the Company, are forward-looking statements. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “may,” “will,” “should,” and other similar expressions are intended to identify these forward-looking statements. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. Such factors include, but are not limited to, the following: the risk that a condition to closing the merger may not be satisfied, difficulties in achieving cost savings from the proposed merger or achieving such cost savings within the expected time frame, difficulties in integrating Optima Bank & Trust Company and Cambridge Trust Company, economic conditions being less favorable than expected, disruptions to the credit and financial markets, weakness in the real estate market, legislative, regulatory or accounting changes that adversely affect the Company’s business and/or competitive position, and other factors that are described in the Company’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year end December 31, 2018, which the Company filed on March 18, 2019. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. You are cautioned not to place undue reliance on these forward-looking statements.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190405005061/en/
CONTACT: Cambridge Bancorp
Michael F. Carotenuto
Chief Financial Officer
KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE
SOURCE: Cambridge Bancorp
Copyright Business Wire 2019.
PUB: 04/05/2019 08:30 AM/DISC: 04/05/2019 08:30 AM