Cambridge Savings Bank Provides Modera Wealth Management with $26 Million Financing Package to Power M&A Growth, Build Out Employee Equity Strategy
Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $5 billion in assets, today announced that its Commercial Lending team provided a $26 million financing package over the life of the relationship, including both a refinance of existing debt and new debt, to Modera Wealth Management, LLC (MWM) and individual members of its ownership group. The financing will enable MWM, — a fee-only, independently owned and operated registered investment advisor (RIA) and financial planning firm — to accelerate its expansion along the East Coast, improve client services and offerings, and deploy a strategy to welcome more of the firm’s staff into its ownership structure.
Led by CEO Tom Orecchio, CFA®, CFP®, ChFC®, AIF®, MWM manages more than $6 billion in assets for its niche client base of business owners, executives, physicians, dentists, individuals and families. As MWM has scaled across seven states in its near 40-year history, the firm has been seeking a banking partner to power inorganic growth and provide financial backing to diversify its talent pool of financial professionals and wealth management team.
MWM’s relationship with CSB began in 2019 after its former bank was unable to offer the lending solution needed. After being introduced by a referral, CSB thoroughly assessed MWM’s business needs, and extended a $9 million loan to support partner buyouts and to better position the firm for inorganic growth opportunities. Since their relationship with CSB began, MWM has 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.
“In my experience working with Cambridge Savings Bank, their greatest strength, beyond their people, is their ability to be collaborative and flexible. I have never had a conversation with the bank where they said, ‘we can’t do that,’ they always entertained the conversation,” said Orecchio. “CSB’s commitment to supporting our regional business is exactly why I expect us to have a long-standing relationship.”
MWM and CSB connected on their mutual people-first approach as both organizations put the needs of the client first. With that shared philosophy in mind, MWM and CSB have enjoyed a seamless relationship.
“In working with Tom and Modera Wealth Management, we were not looking to close a deal, we were looking to build upon an existing relationship based on trust and shared understanding,” said Brian Annese, First Vice President, Corporate Banking at CSB. “CSB prides itself on delivering custom lending solutions to our clients and empowering them to achieve their business goals, no matter how complex. When Tom came to us, we were happy to be the ones to roll up our sleeves and find a solution.”
CSB’s commercial division is focused on serving the unique needs of their local communities and businesses, offering a full suite of Corporate Banking Lending, Commercial Real Estate Lending, Treasury Management and Trade Services solutions. To learn more about CSB’s custom lending solutions, please visit cambridgesavings.com or contact Brian Annese, Corporate Banking First Vice President at firstname.lastname@example.org.
About Cambridge Savings Bank
Cambridge Savings Bank is a full-service banking institution with over $5 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, customers, and the communities we serve. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services across a robust Massachusetts-based branch network and through digital banking solutions for commercial, small business and consumer customers. In 2022, CSB received an investment-grade rating from Kroll Bond Rating Agency reinforcing the bank’s position as a reliable business lender. To learn more about how CSB can meet your needs, visit us at cambridgesavings.com, or better yet, come meet us to help you make the most out of your banking relationship. Member FDIC. Equal Housing Lender.
About Modera Wealth Management
Modera Wealth Management, LLC is a fee-only, independently owned and operated financial planning and investment management firm that acts as a fiduciary for its clients. Modera has offices in seven states serving the needs of individuals, families, trusts, institutions, and philanthropic organizations. Read more at moderawealth.com.