Melrose Bank To Become Cambridge Savings Bank In Merger Agreement

MELROSE, MA — The holding company of Melrose Bank announced it will be acquired by Cambridge Financial Group, Inc., which will transform the longtime locally owned bank into a Cambridge Savings Bank.

Cambridge Financial Group and Melrose Bancorp announced the the merger agreement Thursday in a joint press release. The merger, subject to regulatory approval and Melrose Bancorp shareholders' approval, is expected to be complete by the middle of 2020.

Shareholders of Melrose Bancorp will get $25 per share.

Melrose Bank, a mainstay financial institution since 1890, is a $337 million bank, according to the release. Cambridge Financial Group will be worth $4.7 billion after the merger.

It's unknown what the merger means for the Melrose Bank Foundation, which in 2018 helped fund local school and business ventures, as well as Little League, the Melrose Public Library, Melrose Symphony Orchestra and others.

"We are thrilled about this combination with Cambridge," Jeffrey D. Jones, Melrose Bancorp president and CEO, said in the release. "The infrastructure that has been assembled at Cambridge over the years will enable our customers to access a substantial product offering while still receiving the local decision making and the exceptional service they have become accustomed to at Melrose."