A scrapped bank takeover in Massachusetts has proven beneficial to Cambridge Bancorp.
The $1.8 billion-asset company said in a press release that it had hired Mark Thompson, a former CEO of Boston Private Bank & Trust, as president of its bank.
Thompson, who also joined Cambridge Trust’s board, will oversee private banking activities, including wealth management, consumer banking and marketing. He will report to Denis Sheahan, the company’s chairman and CEO.
“Cambridge Trust has a long heritage of providing integrated banking and wealth management solutions to our clients,” Sheahan said in the release. Thompson’s “unique background will help us further our goal of becoming the region’s premier private banking organization.”
Thompson recently led a group of investors that attempted to buy Admirals Bank in Boston. The group backed out this summer after the Office of the Comptroller of the Currency ordered Admirals to improve its corporate governance and capital ratios.
Thompson spent 21 years at Boston Private. Over that time the company’s assets increased to $7 billion from $100 million and clients’ assets under management rose to $8 billion from $25 million. Before working at Boston Private, he was a founding officer at Wainwright Bank & Trust.