CAMBRIDGE, Mass.--(BUSINESS WIRE)--Cambridge Bancorp President and CEO Joseph V. Roller II announced today his plans to retire by mid-2015, setting the stage for the company’s Board of Directors to begin the search for his successor. Roller has been with Cambridge Bancorp and its subsidiary, Cambridge Trust Company, since 2001 when he joined as President and Chief Operating Officer. In 2003, he was named CEO. Roller is the 11th president in the 124-year history of the Bank.
Under Roller’s leadership, the Company has experienced impressive growth in all of the institution’s key metrics. Since 2001, total assets have more than doubled to $1.5 billion as of March 31, 2014. Similarly, total loans have increased from $221 million to $947 million and total deposits from $494 million to $1.3 billion during that period. Wealth Management client assets under management have enjoyed significant growth from $1.2 billion in 2001 to $2.2 billion today.
Cambridge Bancorp’s earnings have shown solid growth since Roller joined the Company and consistently ranked in the top quartile of banks in the Commonwealth, as measured by return on equity.
"On behalf of the entire Board, I congratulate Joe on his prospective retirement next year after a distinguished 40-year career in the financial services industry and his outstanding stewardship of the Company for the past 13 years. Our challenge now is to find a worthy successor, a President and CEO who can maintain the momentum and sustain the same impressive results that have been the hallmark of Joe's leadership," said Cambridge Bancorp Lead Director Linda Whitlock.
During Roller’s tenure, the Bank expanded its geographic reach to a retail network of 12 branches and recently completed a total renovation of its headquarters in Harvard Square. In addition, the Bank established an Innovation Banking Group in Kendall Square, Cambridge and relocated the Wealth Management Group to 75 State Street in Boston’s financial district.
In meetings with Bank staff earlier today, Roller reflected on his tenure, pointing out that what gives him as much satisfaction as anything is the level of community engagement, financial support, and civic participation the Company and its employees offer to Cambridge and its surrounding communities.
“I have been honored and fortunate to serve Cambridge Trust Company,” said Roller. “The legacy I hope to leave is one that fosters what makes this organization special – true community partnerships and a place where employees want to come to work every day.”
Whitlock announced that in the coming days, the executive committee of the Board will establish a search committee of Board directors to oversee the process to replace Roller next year.
About Cambridge Bancorp
Cambridge Bancorp and its subsidiary, Cambridge Trust Company, are based in Cambridge, Massachusetts, in the heart of Harvard Square. Cambridge Trust Company is a 124-year-old Massachusetts chartered commercial bank with $1.5 billion in total assets and 12 Massachusetts locations in Cambridge, Boston, Belmont, Concord, Lexington, Lincoln, and Weston. Cambridge Trust Company is one of New England’s leaders in wealth management with $2.2 billion in client assets under management. The Wealth Management group maintains offices in Boston, Massachusetts, and Concord and Portsmouth, New Hampshire.