A Massachusetts-based bank plans to expand its wealth management business into Southern Connecticut as the bank brings on five new employees from People’s United Bank, a sign of the type of move banks might make amid the disruption resulting from this year’s mergers and acquisitions.
Cambridge Trust Co. Chairman and CEO Denis Sheahan said in a statement yesterday that the new employees would allow the bank to expand its wealth management services into Southern Connecticut, while also taking advantage of market opportunities in its current footprint.
The $4.5 billion-asset bank based in Cambridge has 19 locations in Greater Boston and New Hampshire, with the wealth management team in offices in Boston and Wellesley in Massachusetts, as well as Concord, Manchester and Portsmouth in New Hampshire.
Now the bank has a Southern Connecticut-based team member with the hiring of Robert Maquat, previously a senior vice president and senior relationship manager at People’s United Advisors. Maquat has joined Cambridge Trust as a senior vice president and senior private banker.
“Over 131 years, Cambridge Trust’s clients have valued our outstanding wealth management services,” Jennifer Pline, executive vice president and head of wealth management, said in the statement. “I’m delighted to welcome our newest colleagues to the wealth management team as we continue to build on our heritage of trust and service.”
Wealth management provides a key revenue source for Cambridge Trust. During the first nine months of 2021, the bank has had wealth management revenue totaling $26 million, and it had $21.7 million in the first nine months of 2020. The bank’s wealth management assets under management and administration were $4.5 billion as of Sept. 30.
The bank’s noninterest income, which includes wealth management, totaled $32.9 million year-to-date and represented 25.5 percent of its total revenue in the first nine months of 2021.
Sheahan had said during the bank’s third quarter conference call last month that Cambridge Trust was looking to hire for both its lending and wealth management divisions and was having conversations with staff currently working at banks involved in mergers and acquisitions.
“Recent bank consolidation should provide opportunity as we are an alternative to the larger merged companies for both talent and clients,” Sheahan said last month.
Other banks have also said they were having conversations with employees at banks involved with mergers, including Boston-based Berkshire Bank, which is currently involved in an initiative to increase frontline bankers.
Like Connecticut, Massachusetts is seeing multiple changes this year to its banking landscape. Along with the pending merger involving Bridgeport-based People’s United Bank, which has branches across Massachusetts and is being acquired by Buffalo-based M&T Bank, two Greater Boston mergers will happen on Friday, as Eastern Bank acquires Century Bank and Rockland Trust Co. acquires East Boston Savings Bank.
Greater Boston has already seen another transaction involving Boston Private, which was acquired in July by the parent company of Silicon Valley Bank and is now known as Boston Private – An SVB Company. Waterbury-based Webster Bank, which is involved in a merger-of-equals with Sterling National Bank, also has branches in Eastern Massachusetts.
Maquat, who before People’s United worked as an analyst at Salomon Brothers and a management consultant at Touche Ross and Co., will be joined by four People’s United colleagues based in Massachusetts and New Hampshire.
Doreen L. DiBari was hired as a senior vice president and senior relationship manager. In addition to People’s United Bank, DiBari has previously worked at Eastern Bank and State Street Bank, both based in Boston. She has more than 30 years of experience in wealth protection and retirement planning.
Sharon S. Mathews is now a senior client services associate for Cambridge Trust. Mathews has 15 years of experience in private banking, wealth management and hedge fund management and was most recently an assistant vice president for People’s United Bank.
Christopher C. Lucas is first vice president and senior portfolio manager based in Portsmouth, New Hampshire, according to his LinkedIn profile. His experience at People’s United included working with high-net-worth individuals, multi-generational families, municipalities and non-profit organizations.
William J. Fleming, based in Manchester, New Hampshire, according to his LinkedIn profile, is a vice president and relationship manager. He has 15 years of experience in the financial services industry, and before People’s United Bank, he worked at Fidelity Investments and AXA Advisors.