Modera Wealth Management received a financial envelope of $26 million from Cambridge Savings Bank to assist the registered investment advisory firm with acquisitions.
The bank’s commercial team organized the arrangement by refinancing existing debt as well as with new debt, according to CSB.
The funding is intended to help Modera “accelerate its expansion along the East Coast, improve customer services and offerings, and deploy a strategy to welcome more company personnel into its ownership structure,” said CSB in a press release.
Modera started working with CSB in 2019 when “its former bank was unable to offer the necessary loan solution”, according to CSB. The bank says it gave Modera a $9 million loan for the buyouts.
Since then, the RIA firm has merged with wealth management firms Keatley Wealth Management and Independence Advisorsand acquired certain assets of Greystone Wealth Advisors and Kaplan Financial Advisorsaccording to CSB.
“I never had a conversation with the bank where they said, ‘We can’t do this.’ They always entertained the conversation,” To M Orecchio, chief of Modera, said in a statement. “CSB’s commitment to supporting our regional business is exactly why I expect us to have a long-standing relationship.”
Founded nearly four decades ago, Modera now manages more than $6 billion in assets for business owners, executives, doctors, dentists, individuals and families, according to CSB.
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