CAMBRIDGE, Mass.--(BUSINESS WIRE)--Cambridge Bancorp (OTCBB: CATC) and its subsidiary, Cambridge Trust Company, announced that banking veteran Denis K. Sheahan, currently Chief Operating Officer of Independent Bank Corp., parent of Rockland Trust Company, has been appointed the Company’s CEO Elect effective April 1, 2015. Sheahan will be formally appointed President, CEO and Board Chairman at Cambridge Bancorp’s Directors meeting on April 27, 2015. Sheahan will succeed Joseph V. Roller II, who has served as President and CEO of Cambridge Trust Company since 2002 and who previously announced his intent to retire in mid-2015.
“Cambridge Trust Company has developed an enviable reputation in the marketplace,” said Sheahan. “I look forward to building on the Bank’s success and using my experience and skills to grow the organization consistent with the Directors’ strategic vision. I’m equally enthusiastic about this Company’s commitment to its host communities and look forward to building on the reputation for civic engagement that Joe Roller has so successfully built in Cambridge and the many cities and towns where the Bank operates.”
Sheahan served as chief financial officer for Rockland Trust from May 2000 until assuming the COO role in September 2013. He also served as senior vice president and controller. Prior to joining Rockland Trust Company, Sheahan served as vice president of Finance for BayBanks, Inc.
“This management transition comes at a time of strength as Cambridge Trust Company continues on a path of solid growth,” notes Cambridge Bancorp’s Board Search Committee Chair Linda Whitlock. “Denis is an experienced executive with a leadership style that will make him an outstanding CEO for the Bank.”
Sheahan has been a member of the Board of Directors of the Old Colony YMCA since 2003, serving as its Chairman of the Board from 2011-2013. He is also a member of the Old Colony YMCA Executive Committee, and is actively involved in youth sports programs. He is a graduate of the Cork Institute of Technology, Cork, Ireland and received a Master’s of Business Administration from Boston University.
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 125-year old Massachusetts chartered commercial bank with $1.6 billion in total assets and 12 Massachusetts branch offices in Cambridge, Boston, Belmont, Concord, Lexington, Lincoln, and Weston. Cambridge Trust Company is one of New England’s leaders in wealth management with $2.3 billion in client assets under management. The Wealth Management group maintains offices in Boston, Massachusetts, and Concord and Portsmouth, New Hampshire.