Sign in Subscribe
United States. Securities and Exchange Commission

Cambridge Bancorp Completes Acquisition of Northmark Bank

Strategic Insights

— 1 min read

Cambridge Bancorp, a Massachusetts-based bank, has successfully completed its acquisition of Northmark Bank, a move aimed at expanding its presence in the region. The deal, announced in May 2022, was completed on October 1, 2022, as per the terms of the Agreement and Plan of Merger. The acquisition marks a significant milestone for Cambridge Bancorp, which will now have a larger footprint in the state. Jane C. Walsh, the former President and CEO of Northmark, has been appointed to Cambridge Bancorp's Board of Directors as part of the deal.

Key Takeaways:

  • Cambridge Bancorp completed its acquisition of Northmark Bank on October 1, 2022, as per the terms of the Agreement and Plan of Merger.
  • The deal, announced in May 2022, marks a significant milestone for Cambridge Bancorp, which will now have a larger presence in the region.
  • Jane C. Walsh, the former President and CEO of Northmark, has been appointed to Cambridge Bancorp's Board of Directors as part of the deal.
  • Walsh will hold office until the Company's 2023 annual meeting of shareholders and will be nominated for re-election at the Company's 2023 annual meeting of shareholders for a term expiring in 2026.
  • As a non-employee member of the Board, Walsh will be entitled to the director compensation set forth in the Company's proxy statement filed with the SEC on March 16, 2022.
  • The acquisition will likely result in increased market share for Cambridge Bancorp in the region.
  • The deal demonstrates Cambridge Bancorp's strategy to expand its presence through strategic acquisitions.

Statistics:

  • Date of Report: October 3, 2022
  • Date of earliest event reported: October 1, 2022
  • Ratio of shares exchanged in the merge: 0.9950 shares of Cambridge for each share of Northmark common stock
  • Fractional shares: Cash paid in lieu of fractional shares
  • Exchange Commission filing number: 001-38184
  • IRS Employer Identification No.: 04-2777442
  • Registrant's Telephone Number: (617) 876-5500

Sources:

  • UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT.
  • Cambridge Bancorp's Current Report on Form 8-K filed with the Securities and Exchange Commission on May 23, 2022.
  • Cambridge Bancorp's press release dated October 3, 2022.
  • Exhibit 2.1 to the Cambridge's Current Report on Form 8-K filed with the Securities and Exchange Commission on May 23, 2022.
  • Cambridge Bancorp's proxy statement filed with the SEC on March 16, 2022.

Read more