Wellesley Bank, established in 1911, was a Massachusetts-chartered co-operative bank headquartered in Wellesley, Massachusetts. It provided personal and business banking services, including wealth management, to individuals, families, businesses, private partnerships, nonprofit organizations, foundations, and trusts. The bank operated six full-service branches located in Wellesley, Boston, Needham, and Newton. In 2011, Wellesley Bancorp, Inc. was incorporated as the parent holding company of Wellesley Bank, and the bank completed its conversion from mutual to stock ownership in January 2012.
On June 1, 2020, Wellesley Bank merged with Cambridge Trust Company, a subsidiary of Cambridge Bancorp, in an all-stock transaction valued at approximately $122 million. Under the terms of the merger agreement, each share of Wellesley common stock was exchanged for 0.580 shares of Cambridge Bancorp common stock. This strategic merger expanded Cambridge Trust's presence in the Greater Boston area by adding Wellesley Bank's six full-service banking offices in Norfolk, Middlesex, and Suffolk Counties. Thomas J. Fontaine, the former Chairman, President, and CEO of Wellesley Bank, joined the combined company as Chief Banking Officer and Director.
As of March 31, 2020, Wellesley Bank reported total assets of approximately $948 million and total deposits of approximately $736 million. The merger with Cambridge Trust Company resulted in a combined entity with over $3.8 billion in assets, $3.0 billion in gross loans, $3.2 billion in deposits, and $3.6 billion in wealth management assets.
Prior to the merger, Wellesley Bank's leadership team included Thomas J. Fontaine as Chairman, President, and CEO. Post-merger, Fontaine assumed the role of Chief Banking Officer and Director at Cambridge Trust Company.
The merger between Wellesley Bank and Cambridge Trust Company was strategically aimed at enhancing the combined entity's market position in the Greater Boston area, leveraging Wellesley Bank's established presence and client base to strengthen Cambridge Trust's private banking and wealth management services.
As of July 12, 2024, Cambridge Trust Company merged with Eastern Bank, resulting in the closure of Cambridge Trust branches, including those previously operated by Wellesley Bank. By July 15, 2024, these branches transitioned to Eastern Bank, further consolidating banking services in the region.
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