Melrose Bank Is Now A Cambridge Savings Bank

MELROSE, MA — The more than century-old Melrose Bank is now Cambridge Savings Bank. Cambridge Financial Group, Inc.'s acquisition of Melrose Bancorp became official Monday.

The longtime locally owned Melrose Bank will convert its core banking system to the new Cambridge Savings Bank system later this year. The bank said there will be "little to no impact" for existing customers during the transition.

Melrose Bank was a $337 million bank when the acquisition was announced in December. The acquisition was to boost Cambridge Savings Bank's worth to $4.7 billion.

"We are proud to carry on the legacy of Melrose Bank, and commit to a level of excellence that continues to exceed customer expectations," Cambridge Savings Bank President and CEO Wayne Patenaude said in a release. "Two like-minded organizations that share similar cultures and core values have officially become one. It is with a strong commitment to those shared philosophies that we will continue to support and invest in Melrose and its surrounding communities. Having a banking location in Melrose is a natural and contiguous expansion of our geographic footprint."

Cambridge Savings Bank now adds Melrose to its Arlington, Bedford, Belmont, Burlington, Cambridge, Charlestown, Concord, Lexington, Newton and Watertown locations.