U.S. markets closed

Cambridge Bancorp Announces Receipt of Regulatory Approvals to Merge with Wellesley Bancorp, Inc. and Anticipated Closing Date

On May 15, 2020, Cambridge Bancorp (NASDAQ: CATC) announced that all regulatory approvals relating to the proposed merger between Cambridge Bancorp and Wellesley Bancorp, Inc. have been received. The shareholders of Cambridge Bancorp and Wellesley Bancorp, Inc. approved the transaction at special meetings held on March 16, 2020 and March 12, 2020, respectively. The anticipated closing date of the merger is on June 1st, effective at 12:01 a.m. Eastern Daylight 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 130-year-old Massachusetts chartered commercial bank with approximately $2.9 billion in assets and a total of 16 banking offices in Massachusetts and New Hampshire. Cambridge Trust Company is one of New England’s leaders in private banking and wealth management with $3.1 billion in client assets under management and administration. The Wealth Management group maintains offices in Boston, Massachusetts; Concord, Manchester; and Portsmouth, New Hampshire.

Forward-looking Statements

Certain statements herein may constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements about Cambridge Bancorp and its industry involve substantial risks and uncertainties. Statements other than statements of current or historical fact, including statements regarding Cambridge Bancorp’s future financial condition, results of operations, business plans, liquidity, cash flows, projected costs, the impact of any laws or regulations applicable to Cambridge Bancorp, measures being taken in response to the COVID-19 pandemic and the impact of the COVID-19 pandemic on Cambridge Bancorp’s business 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 current global economic uncertainty and economic conditions being less favorable than expected; disruptions to the credit and financial markets; changes in Cambridge Bancorp’s accounting policies or in accounting standards; weakness in the real estate market; legislative, regulatory or accounting changes that adversely affect Cambridge Bancorp’s business and/or competitive position; the Dodd-Frank Act’s consumer protection regulations; the duration and scope of the COVID-19 pandemic and its impact on levels of consumer confidence; actions governments, businesses and individuals take in response to the COVID-19 pandemic; the impact of the COVID-19 pandemic and actions taken in response to the pandemic on global and regional economies and economic activity; the pace of recovery when the COVID-19 pandemic subsides; disruptions in the Company’s ability to access the capital markets; the businesses of Cambridge Bancorp and Wellesley Bancorp, Inc. may not be combined successfully, or such combination may take longer to accomplish than expected; the cost savings from the merger may not be fully realized or may take longer to realize than expected; operating costs, customer loss and business disruption following the merger, including adverse effects on relationships with employees, may be greater than expected; changes to interest rates; the ability to control costs and expenses; the success of Cambridge Bancorp’s efforts to diversify its revenue base by developing additional sources of non-interest income while continuing to manage its existing fee-based business; and risks associated with the quality of Cambridge Bancorp’s assets and the ability of its borrowers to comply with repayment terms. Further information about these and other relevant risks and uncertainties may be found in Cambridge Bancorp’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and in subsequent filings with the Securities and Exchange Commission. Cambridge Bancorp 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/20200518005165/en/

Contacts

Cambridge Bancorp
Michael F. Carotenuto
Chief Financial Officer
617-520-5520