CAMBRIDGE, Mass.--(BUSINESS WIRE)--Cambridge Bancorp and its subsidiary, Cambridge Trust Company, announced that Michael F. Carotenuto has been appointed the company’s Chief Financial Officer elect effective November 14, 2016. Mr. Carotenuto will succeed Albert R. Rietheimer, who served as Executive Vice President, Chief Financial Officer since 2005 and who previously announced his retirement in early 2017.
“Michael brings a depth of knowledge across corporate strategy, asset and liability management, accounting policy, and tax management,” said President and Chief Executive Officer, Denis Sheahan. “He has the strategic vision we were looking for as we continue forward on a path of solid financial growth.
Mr. Carotenuto most recently served as Senior Vice President, Director of Treasury and Internal Reporting at Belmont Savings Bank since 2011. Prior to that he worked at People’s United Financial, Inc. as an Accounting Policies Advisor and was on the Risk Advisory Services staff at Ernst & Young, LLP.
“Cambridge Trust is a strong financial performer, has an excellent team, and has an impressive record in the community,” said Mr. Carotenuto. “I look forward to building on those successes through collaboration with my new colleagues at the Bank.”
Mr. Carotenuto is a certified public accountant and graduate of Bryant University where he earned a Bachelor of Science in Business Administration.
About Cambridge Trust Company
Cambridge Bancorp and its subsidiary, Cambridge Trust Company, are based in Cambridge, Massachusetts, in the heart of Harvard Square. Cambridge Trust Company is a 126-year-old Massachusetts chartered commercial bank with $1.8 billion in total assets and 11 Massachusetts branch offices in Cambridge, Boston, Belmont, Concord, Lexington, and Weston.
Cambridge Trust Company is one of New England's leaders in wealth management with $2.5 billion in client assets under management. The Wealth Management group maintains offices in Boston, Massachusetts, and Concord, Manchester and Portsmouth, New Hampshire.