Denis Sheahan (left) and Mark Thompson (right) of Cambridge Trust
Mark Thompson, who earlier this year led an effort to launch a new bank that ultimately fizzled, has been named president and director of Cambridge Trust Co.
Cambridge Bancorp, the bank’s holding company announced Wednesday, that Thompson will oversee the company’s private banking activities including wealth management, consumer banking and marketing. He will report to the company’s Chairman and CEO Denis K. Sheahan.
“I’m honored to be joining Denis and the team at Cambridge Trust,” Thompson said in a statement. “The region’s new economy is rapidly expanding with growth, and Cambridge Trust, with its culture of exceptional client service, rock solid stability and integrated banking, wealth management and trust services, is ideally positioned to be the leading private bank in the Greater Boston region.”
Thompson brings 35 years of banking experience to the $1.8 billion asset bank.
Thompson was most recently CEO of Boston Private Bank & Trust Co., which he joined in 1994 as its executive vice president.
During his 21-year tenure, the company’s assets increased to $7 billion from $100 million, and clients’ assets under management grew to $8 billion from $25 million.
“Cambridge Trust has a long heritage of providing integrated banking and wealth management solutions to our clients,” Mr. Sheahan said. “Mark Thompson’s unique background will help us further our goal of becoming the region’s premier private banking organization.”
This is not the first time Thompson has found himself in the news as of late.
He announced in late 2016 that he and a group of banking executives would be raising capital and purchasing most of the assets from Admirals Bank, in order to spin off into a new retail bank that focused on Millennials, entrepreneurs and non-profits.
But earlier this year, he called off the deal after federal regulators issued a cease-and-desist order to Admirals Bank regarding a number of problems.
Thompson will work with the bank to strengthen its private banking business by drawing on existing wealth management capabilities and expert personnel, while enhancing the overall suite of products and services.
“We want to meet the full range of wealth creation, accumulation and distribution needs of families and business owners,” Thompson said.
