CAMBRIDGE, Mass.--(BUSINESS WIRE)--On June 1, 2020, Cambridge Bancorp (NASDAQ: CATC), parent of Cambridge Trust Company, completed its merger with Wellesley Bancorp, Inc., Wellesley Bank, Wellesley’s subsidiary bank, and Cambridge Trust Company, the Company’s subsidiary bank. Although the legal closing was effective as of 12:01 a.m. on June 1, 2020, the systems conversion is scheduled to occur over the weekend of October 2, 2020.

“We are pleased to announce the completion of the merger with Wellesley and are excited to build a stronger future for both Cambridge Bancorp and Wellesley as one. This combination will enhance and expand Cambridge’s Greater Boston presence with the addition of Wellesley’s six full-service banking offices in Norfolk, Middlesex, and Suffolk Counties. Cambridge and Wellesley share similar service-oriented business models, and each provide their clients with banking and wealth management services,” noted Denis K. Sheahan, Chairman and CEO.

In connection with the closing of the merger, Thomas J. Fontaine, the former Chairman, President and CEO of Wellesley will join the combined company in the role of Chief Banking Officer and as a director. Simon Gerlin and Kathy Hinderhofer, former directors of Wellesley, were also appointed to the Boards of Directors of Cambridge Bancorp and Cambridge Trust Company.

Under the terms of the merger agreement, each share of Wellesley common stock will be exchanged for 0.580 shares of Cambridge Bancorp common stock.

Keefe, Bruyette & Woods, Inc. served as financial advisor and provided a fairness opinion to Cambridge Bancorp and Hogan Lovells US LLP served as its legal counsel. Sandler O’Neill & Partners, L.P. served as financial advisor and provided a fairness opinion to Wellesley and Kilpatrick Townsend & Stockton LLP served as its legal counsel.

About Cambridge Bancorp

Cambridge Bancorp, the parent company of Cambridge Trust Company, is based in Cambridge, Massachusetts. Cambridge Trust Company is a 130-year-old Massachusetts chartered commercial bank with approximately $4.0 billion in assets, and a total of 22 Massachusetts and New Hampshire locations. Cambridge Trust Company is one of New England’s leaders in private banking and wealth management with $3.4 billion in client assets under management and administration. The Wealth Management group maintains offices in Boston, Massachusetts and Concord, Manchester, and Portsmouth, New Hampshire.