Combined company creates an estimated $5.6 billion banking franchise and expands presence in attractive markets
Cambridge Bancorp completes merger with Northmark Bank. (Credit: aymane jdidi from Pixabay)
Cambridge Bancorp (NASDAQ: CATC) (the “Cambridge Bancorp”), the parent company of Cambridge Trust Company (the “Cambridge Trust”), announced the successful completion of its acquisition of Northmark Bank (“Northmark”) through the merger of Northmark and Cambridge Trust effective October 1, 2022. The transaction is valued at $62.8 million. Under the terms of the merger agreement, each share of Northmark common stock will be exchanged for 0.9950 shares of Cambridge Bancorp common stock.
“We are pleased to announce the completion of the merger with Northmark and are excited to build a stronger future for both Cambridge Trust and Northmark as one,” said Denis K. Sheahan, president and chief executive officer of Cambridge Trust, who will lead the combined company in the same capacity. “This combination expands Cambridge Trust’s presence into the attractive and affluent markets of North Andover, Andover and Winchester with three full-service banking offices while connecting our Greater Boston and southern New Hampshire existing markets.
The combined company will continue to focus on delivering exceptional personal and customized client service to both individuals and businesses and deepening engagement in the local communities with financial support from Cambridge Trust Charitable Foundation.
Clients of Northmark Bank will continue to be served through its current banking offices, website and mobile apps until its brand and systems are fully converted to Cambridge Trust, which is expected to occur over the weekend beginning April 21, 2023.
In connection with the closing of the merger, Jane C. Walsh, a founder and former President and CEO of Northmark will join Cambridge Bancorp and Cambridge Trust as a Director.
Piper Sandler & Co. served as financial advisor to Cambridge Bancorp and Hogan Lovells US LLP served as its legal counsel. Griffin Financial Group, LLC served as financial advisor and provided a fairness opinion to Northmark and Goodwin Procter LLP served as its legal counsel.
Source: Company Press Release