Cambridge Savings Bank has provided $26 million in funding to a wealth management company that has expanded its business along the East Coast.
Cambridge Savings Bank’s commercial lending team provided a financial 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 refinancing of existing debt and new debt, the bank said.
Modera Wealth Management, which has an office in Boston, is a registered investment adviser and financial planning firm. The funding will be used to help Modera accelerate its expansion along the East Coast, improve customer services and offerings, and implement a strategy to integrate more company personnel into its ownership structure, says the press release.
Cambridge Savings Bank, with assets of $5.3 billion, said its relationship with Modera began in 2019 when the bank provided a $9 million loan to support partner buyouts and position the business for inorganic growth opportunities.
Modera has since 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 release.
“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 over $6 billion in assets for a clientele that includes business owners, executives, doctors, dentists, individuals and families.
“Working with Tom and Modera Wealth Management, we weren’t looking to close a deal, we were looking to build on an existing relationship based on trust and a shared understanding,” said Brian Annese, senior vice president of banking services. to businesses at Cambridge Savings Bank. . “CSB prides itself on offering customized lending solutions to its clients and empowering them to achieve their business goals, no matter how complex. When Tom came to see us, we were happy to be the ones to roll up our sleeves and find a solution.