PORTSMOUTH – Officials at Cambridge Bancorp have announced that their merger with Optima Bank & Trust is complete.
Optima Bank & Trust is headquartered in downtown Portsmouth and has six retail branches in New Hampshire serving more than 15,000 customers.
Prior to the merger, Cambridge Trust Company had wealth management offices in Portsmouth, Concord and Manchester, but did not offer banking services. The 129-year-old company is headquartered in Harvard Square in Cambridge, Mass., and has 10 private banking offices in Massachusetts.
Daniel Morrison, co-founder of Optima, said the bank’s New Hampshire customers will benefit from the experience Cambridge Trust employees bring to the table.
“We now have trust services and wealth management. Cambridge Trust is very good at that,” Morrison said on Thursday afternoon.
Cambridge Trust has been offering wealth management services in New Hampshire for more than 20 years and manages over $1 billion of clients’ assets in the Granite State, according to a press release issued Thursday.
Morrison will lead the New Hampshire division of the company and was recently appointed to the board of directors of Cambridge Trust and its parent company Cambridge Bancorp. His wife, Optima co-founder Pamela Morrison, will oversee all retail operations in the state, Morrison said.
Morrison said nearly all of the lenders, branch managers and other staff members are still working for the company. He said in any merger there is some overlap, but nearly everyone affected has already found other employment due to the strong labor market.
The merger agreement, announced in December 2018, was approved by both companies’ board of directors. The stock and cash transaction was valued at approximately $67 million at the time.