Wellesley Bancorp, the parent of Wellesley Bank, has agreed to an acquisition by Cambridge Bancorp in a deal valued at $122M.
Once the all-stock purchase goes through, Wellesley Bank (started in 1911) would become Cambridge Trust (started in 1890). The Wellesley Bank branch in Wellesley Square just underwent a facelift over the summer, and it looks like it will be getting some more work down the road.
A press release announcing the transaction refers to it as a “strategically compelling merger” of private banking and wealth management firms. An accompanying presentation states that uniting the banks will “provide additional scale in the dynamic and affluent greater Boston market.”
Wellesley Bank has a little under $1 billion in assets, and the combined entity will be closer to $4 billion.
All of which has me wondering whether The Swellesley Report should be reaching out to our counterparts at local news site Cambridge Day about joining forces.
After all, Wellesley and Cambridge have a long history of syncing up. Wellesley’s great benefactor H.H. Hunnewell was a Harvard man. Wellesley College and MIT have long bonded through their Toons a cappella group, and connected via a shuttle bus.
More: Wellesley Business Buzz