CAMBRIDGE, Mass.--(BUSINESS WIRE)--Cambridge Bancorp (NASDAQ: CATC) and its subsidiary, Cambridge Trust Company, today announced that Massachusetts Governor Charles D. Baker has named Cambridge Trust’s Chairman and Chief Executive Officer, Denis K. Sheahan, to the Board of Directors of the Massachusetts Housing Partnership (MHP). The MHP is a public, nonprofit organization that works to increase the availability of affordable housing in Massachusetts.
Sheahan, who was nominated by the Massachusetts Bankers Association, said, “I am honored that Governor Baker has appointed me to the Board of Directors of the Massachusetts Housing Partnership. For more than 30 years, the Partnership has worked with the Commonwealth and with leaders in business and our communities to help expand affordable housing in Massachusetts. I share that commitment, and will do my part to help achieve the goal of providing decent and affordable housing for Massachusetts residents, especially in today’s tight housing market. Not only do we have a moral obligation to do so, but it is critical to maintaining the strength of this region’s economy.”
Clark Ziegler, MHP’s Executive Director, added, “Massachusetts has enjoyed strong economic growth without building enough new housing and that has pushed housing costs beyond what some of our residents can afford. Cambridge Trust has demonstrated its commitment to our shared goal of increasing the supply of affordable housing, and I look forward to Denis bringing his commitment and expertise to our board.”
Sheahan joined Cambridge Trust in 2015. Previously, he was Chief Operating Officer of Independent Bank Corp., parent of Rockland Trust Company, an institution he served for nearly twenty years. Mr. Sheahan currently serves as Board Trustee for the Cambridge Community Foundation. He previously chaired the Old Colony YMCA Board of Directors and served on the Executive Committee. In 2016, he received the Whitney M. Young Jr. Service Award by the Old Colony Council, Boy Scouts of America. Sheahan is a graduate of the Cork Institute of Technology, Cork, Ireland, and received a Master’s of Business Administration degree from Boston University.
About Cambridge Bancorp
Cambridge Bancorp, the parent company of Cambridge Trust Company, is based in Cambridge, Massachusetts. Cambridge Trust Company is a 128-year-old Massachusetts chartered commercial bank with $1.9 billion in assets and 11 Massachusetts locations in Cambridge, Boston, Belmont, Concord, Lexington, and Weston. Cambridge Trust Company is one of New England’s leaders in private banking and wealth management with $3.1 billion in client assets under management and administration. The Wealth Management group maintains offices in Boston, Massachusetts, and Concord, Manchester and Portsmouth, New Hampshire.
About Massachusetts Housing Partnership
Massachusetts Housing Partnership (MHP) is a self-supporting public agency that works with state government, civic, business and community leaders to increase the supply of affordable housing. Since 1990, it has provided technical assistance to over 300 communities, has used bank lines of credit and other capital sources to provide over $1.1 billion in loans for the financing of more than 23,000 apartments and has worked with over 40 participating lenders to help over 20,000 low- and moderate-income households purchase their first home through its SoftSecond and ONE Mortgage loan programs.