On December 13, 2022, Cambridge Bancorp and its wholly owned subsidiary, Cambridge Trust Company (the “Bank”), announced the retirement of Martin Millane, Executive Vice President and Chief Lending Officer, expected to occur in February of 2023. In connection with Mr. Millane's upcoming retirement, effective as of January 1, 2023, the Company has promoted Steven J. Mead, who will become the Company's Chief Commercial Banking Officer and Peter Halberstadt, who will become the Company's Chief Credit Officer. Mr. Mead is currently a Senior Vice President of the Bank and leads our commercial lending teams in both Massachusetts and New Hampshire focusing on commercial real estate, multifamily and commercial and industrial lending.

Mr. Mead joined the Bank in 2012. Mr. Halberstadt is currently a Senior Vice President of the Bank and leads the Credit Risk function for the Bank, focusing on credit underwriting and ongoing monitoring, credit stress testing and the allowance for credit loss methodology. Mr. Halberstadt has been with the Bank since 2004, having joined from Century Bank where he previously worked in a similar capacity with Mr. Millane.

Mr. Millane has served in his current position since 2004 and will continue to work with Mr. Mead and Mr. Halberstadt to transition his responsibilities until his retirement. Additional details are included in the Company's press release announcing Mr. Millane's retirement and the related changes to the Company's and Bank's executive leadership team, which is attached as Exhibit 99.1 hereto and incorporated herein by reference.