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Cambridge Cost Savings Bank Offers Funding for Wealth Management Company


May 6, 2022
Cambridge Savings Bank Assembly Row

Cambridge Cost savings Bank has actually offered $26 million in funding to a wealth management business that has actually been broadening its company along the East Coast.

Cambridge Cost savings Bank’s business loaning group has actually offered a funding plan to Modera Wealth Management LLC and specific members of its ownership group, the bank stated in a declaration. Over the life of the relationship, the $26 million consists of re-finance of existing financial obligation and brand-new financial obligation, the bank stated.

Modera Wealth Management, which has a workplace in Boston, is a fee-only signed up financial investment consultant and monetary preparation company. The funding will be utilized to assist Modera accelerate its growth along the East Coast, enhance customer service and offerings, and carry out a method to bring more of the company’s personnel into its ownership structure, the declaration stated.

The $5.3 billion-asset Cambridge Cost savings Bank stated its relationship with Modera started in 2019 when the bank offered a $9 million loan to support partner buyouts and place the company for inorganic development chances.

Ever Since, Modera has actually combined with 2 wealth management companies, Keatley Wealth Management LLC and Self-reliance Advisors LLC, and obtained particular properties of 2 others, Greystone Wealth Advisors LLC and Kaplan Financial Advisors LLC, according to the declaration.

” In my experience dealing with Cambridge Cost savings Bank, their biggest strength, beyond their individuals, is their capability to be collective and versatile,” Modera CEO Tom Orecchio stated in the declaration. He included: “CSB’s dedication to supporting our local company is precisely why I anticipate us to have an enduring relationship.”

Modera runs in 7 states and handles more than $6 billion in properties for a customer base that consists of entrepreneur, executives, doctors, dental practitioners, people and households.

” In dealing with Tom and Modera Wealth Management, we were not aiming to close an offer, we were aiming to build on an existing relationship based upon trust and shared understanding,” stated Brian Annese, very first vice president of business banking at Cambridge Cost savings Bank. “CSB prides itself on providing custom-made loaning services to our customers and empowering them to accomplish their company objectives, no matter how complex. When Tom pertained to us, we enjoyed to be the ones to roll up our sleeves and discover an option.”

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