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Optima Bank & Trust shareholders approve merger into Cambridge Trust

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Optima Bank & Trust shareholders approve merger into Cambridge Trust

Shareholders of Portsmouth, N.H.-based Optima Bank & Trust Co. approved the bank's pending merger into Massachusetts-based Cambridge Trust Co., a unit of Cambridge Bancorp.

In December 2018, Cambridge Bancorp announced that it was acquiring Optima Bank in a cash-and-stock deal valued at about $67 million.

Under the terms of the transaction, each Optima share will be converted into the right to receive $32.00 in cash or 0.3468 share of Cambridge Bancorp common stock. While Optima shareholders have the right to elect cash or stock, the consideration will be prorated so that 95% of Optima shares will be exchanged for Cambridge stock, with the remaining 5% to be exchanged for cash.

The deal is expected to close in the second quarter.