CAMBRIDGE, Mass.--(BUSINESS WIRE)--On March 14, 2019, shareholders of Optima Bank & Trust approved an Agreement and Plan of Merger, dated as of December 5, 2018, among Cambridge Bancorp, Cambridge Trust Company and Optima, pursuant to which Optima will merge with and into Cambridge Trust Company. At the effective time of the merger, each outstanding share of Optima common stock will be converted into the right to receive $32.00 in cash or 0.3468 shares of Company common stock. Optima shareholders have the right to elect cash, Company stock, or a mix of cash and Company stock, in exchange for their shares of Optima stock, subject to proration that will ensure that 95% of Optima shares will be exchanged for the Company’s stock, with the remaining 5% to be exchanged for cash. The merger remains subject to regulatory approval and other customary closing conditions. The merger is expected to close in the second quarter of 2019.
Shareholders of Optima will be receiving a Letter of Election and Transmittal that will enable them to elect the form of merger consideration they wish to receive. The Letter of Election and Transmittal must be signed and returned to American Stock Transfer and Trust LLC, together with the Optima stock certificates for which an election is being made, by 5:00 p.m., Eastern Time, Friday, April 12, 2019.
The Company’s common stock is listed on the NASDAQ under the trading symbol “CATC”.
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.
