Massachusetts-based Cambridge Bancorp has entered into an agreement to sell its merchant processing portfolio to Elavon, a wholly owned subsidiary of US Bancorp, for $3m before taxes and customary closing adjustments.

Under the terms of the agreement, Elavon will provide merchant service solutions to the bank’s existing merchant accounts, while also supporting a long-term partnership agreement for new merchant services referred through the bank’s branches.

Elavon’s Global Acquiring Solutions organization is a part of US Bancorp. Elavon provides end-to-end payment processing services to merchants in the US, Europe, Canada, Mexico and Puerto Rico. Elavon provides solutions to meet the needs of merchants in specialized markets including small business, retail, hospitality/T&E, health care, education and the public sector.