Cambridge Savings Bank Provides Financing for Wealth Management Firm

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Cambridge Savings Bank has provided $26 million in financing to a wealth management company that has been expanding its business along the East Coast.

Cambridge Savings Bank’s commercial lending team has provided a financing package to Modera Wealth Management LLC and individual members of its ownership group, the bank said in a statement. Over the life of the relationship, the $26 million includes refinance of existing debt and new debt, the bank said.

Modera Wealth Management, which has an office in Boston, is a fee-only registered investment advisor and financial planning firm. The financing will be used to help Modera accelerate its expansion along the East Coast, improve client services and offerings, and implement a strategy to bring more of the firm’s staff into its ownership structure, the statement said.

The $5.3 billion-asset Cambridge Savings Bank said its relationship with Modera began in 2019 when the bank provided a $9 million loan to support partner buyouts and position the firm for inorganic growth opportunities.

Since then, Modera has merged with two wealth management firms, Keatley Wealth Management LLC and Independence Advisors LLC, and acquired certain assets of two others, Greystone Wealth Advisors LLC and Kaplan Financial Advisors LLC, according to the statement.

“In my experience working with Cambridge Savings Bank, their greatest strength, beyond their people, is their ability to be collaborative and flexible,” Modera CEO Tom Orecchio said in the statement. He added: “CSB’s commitment to supporting our regional business is exactly why I expect us to have a long-standing relationship.”

Modera operates in seven states and manages more than $6 billion in assets for a client base that includes business owners, executives, physicians, dentists, individuals and families.

“In working with Tom and Modera Wealth Management, we were not looking to close a deal, we were looking to build upon an existing relationship based on trust and shared understanding,” said Brian Annese, first vice president of corporate banking at Cambridge Savings Bank. “CSB prides itself on delivering custom lending solutions to our clients and empowering them to achieve their business goals, no matter how complex. When Tom came to us, we were happy to be the ones to roll up our sleeves and find a solution.”

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