Wellesley Business Buzz: Longfellow Club sign’s up; Cambridge Trust and Eastern Bank merger almost complete

The latest Wellesley, Mass., business news:

Longfellow Club sign is up

Longfellow Health Clubs recently announced it has become the operator of the former BSC Wellesley Club at Babson College (140 Great Plain Ave.). Plans are for the Longfellow Wellesley Tennis and Health Club to open on Sept. 1 and the business has begun accepting applications for founding members.

A sign has popped up for the business on Great Plain Avenue, and more signage changes on the actual business are on tap. Longfellow is on the Design Review Board agenda for July 10.

 

longfellowclub


Cambridge Trust and Eastern Bank merger to be complete on July 15

Eastern Bankshares, Inc., and Cambridge Bancorp, the parent company of Cambridge Trust Company, will complete their merger on Monday, July 15.

There are two Cambridge Trust branches in Wellesley—one in Linden Square, and one at 29 Washington St. in Wellesley Hills.

Cambridge Trust bank washington st lower falls
Cambridge Trust, 29 Washington St., Wellesley Hills

The merger has been in the works since late 2023, when Eastern Bank announced its buyout of Cambridge Trust for $528 million.

As of March 31, 2024, Eastern Bank had approximately $21 billion in total assets, while Cambridge Bank reported approximately $5.37 billion in assets.

Cambridge Trust currently has a total of 27 locations in Massachusetts and New Hampshire. Eastern Bank has 90 locations, with most in Massachusetts (and a few in  New Hampshire).

On Fri, July 12, Cambridge Trust branches will close at normal business hours and will remain closed July 13 and 14 as they are  transitioned to Eastern Bank.

On Monday, July 15, the transition will be complete and Eastern Bank will officially open for business. Former Cambridge Trust clients automatically become Eastern Bank clients at that time.

A brief timeline

1911—Wellesley Bank opens.

June 1, 2020—Wellesley Bank and Cambridge Bank merge.

July 12, 2021—Cambridge Trust closes the 40 Central St. branch in Wellesley Square, the former Wellesley Bank location, for good. That spot is now home to Douglas Elliman real estate.

July 15, 2024—Cambridge Bank and Eastern Bank merger to be completed.