Wellesley Business Buzz: Longfellow Club filing; Cambridge Trust and Eastern Bank merger nearly complete

The latest business news from Wellesley, Massachusetts:

The Longfellow Club sign is erected

Longfellow Health Clubs recently announced that it has become the operator of the former BSC Wellesley Club at Babson College (140 Great Plain Ave.). The Longfellow Wellesley Tennis and Health Club is scheduled to open this summer.

A sign for the store has appeared on Great Plain Avenue, and more changes to the actual store’s signage are planned. Longfellow is on the Design Review Board’s agenda for July 10.

Merger of Cambridge Trust and Eastern Bank to be completed on July 15

Eastern Bankshares, Inc. and Cambridge Bancorp, the parent company of Cambridge Trust Company, will complete their merger on Monday, July 15.

There are two Cambridge Trust branches in Wellesley – one in Linden Square and one at 29 Washington St. in Wellesley Hills.

The merger has been in the works since late 2023, when Eastern Bank announced the acquisition of Cambridge Trust for $528 million.

As of March 31, 2024, Eastern Bank had total assets of approximately $21 billion, while Cambridge Bank reported assets of approximately $5.37 billion.

Cambridge Trust currently has a total of 27 locations in Massachusetts and New Hampshire. Eastern Bank has 90 locations, most of them in Massachusetts (and some in New Hampshire).

Cambridge Trust branches will close for regular business hours on Friday, July 12, and will remain closed on July 13 and 14 as they transition to Eastern Bank.

On Monday, July 15, the transition will be completed and Eastern Bank will officially begin operations. Former Cambridge Trust customers will automatically become Eastern Bank customers at that time.

A brief timeline

1911 – Wellesley Bank opens.

June 1, 2020 – Wellesley Bank and Cambridge Bank merge.

July 12, 2021 – Cambridge Trust is permanently closing its 40 Central St. branch in Wellesley Square, the former location of Wellesley Bank. The location is now home to Douglas Elliman Real Estate.

July 15, 2024 – The merger of Cambridge Bank and Eastern Bank is expected to be completed.