PORTSMOUTH — Cambridge Bancorp, holding company for Cambridge Trust Company, and Portsmouth-based Optima Bank & Trust Company announced Cambridge, Cambridge Trust and Optima will merge into Cambridge Trust in a stock and cash transaction.
While Cambridge Trust has provided wealth management services in the New Hampshire community since the 1990s, it has lacked comprehensive banking services. The merger will expand Cambridge’s southern New Hampshire presence with the addition of six full-service branch locations to complement Cambridge’s three existing wealth management offices in the state.
Daniel Morrison, chairman, president and CEO of Optima, and other key members of the Optima team will remain with Cambridge to help drive the combined company’s future growth in southern New Hampshire.
“Through the combined organization, we will be well-positioned to offer differentiated, high-touch private banking and wealth management services to clients and prospects in southern New Hampshire,” Morrison said. “Cambridge Trust has been in our market since 1996 and has amassed over $1 billion in New Hampshire-based wealth management assets."
“Our merger with Optima Bank is a natural fit and consistent with our growth strategy to become the premier private bank and wealth management company throughout Greater Boston and southern New Hampshire,” said Denis Sheahan CEO of Cambridge Trust. “By joining forces, we’ll be able to provide our wealth management clients in New Hampshire with access to a full suite of private banking services and convenient office locations, while clients of Optima Bank will benefit from Cambridge Trust’s comprehensive investment management, wealth planning and trust services.”
As of Sept. 30, Optima had $524 million of total assets, $466 million of loans and $489 million of deposits. Cambridge currently manages $1.1 billion of wealth assets for New Hampshire-based clients, and this merger will enable the combined company to provide both locally based banking and wealth solutions in southern New Hampshire. Based on financials as of Sept. 30, the combined company will have $2.5 billion in assets, $1.9 billion in gross loans, $2.2 billion in deposits, and $3.2 billion of wealth management assets upon completion of the transaction.
The transaction was approved by the boards of directors of both companies and is expected to be completed during the second quarter of 2019, subject to regulatory approval, approval by Optima’s shareholders and other customary closing conditions.
Effective at the closing of the transaction, Morrison will join the board of directors of both Cambridge Bancorp and Cambridge Trust Company. A presentation regarding the merger is available at ir.cambridgetrust.com.
Optima is headquartered in Portsmouth and was founded in 2008 by local bankers and business leaders. It has six New Hampshire locations in Portsmouth, Dover, Stratham, North Hampton and Bedford. For more information, visit www.optimabank.com and www.cambridgetrust.com.