Cambridge Savings Bank was the lead bank in a $45 million participation loan for Modera Wealth Management’s transaction with Parsec Financial Management._x000D_
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Founded in 1983, Modera is a fee-only, fiduciary financial advisory firm The funding provided by Cambridge Savings Bank supported Modera’s largest transaction to date, as it is adding Parsec’s assets, including its approximately 75 employees collectively managing around $3.8 billion in client assets. Modera oversees more than $11.4 billion in assets as of Oct. 1, 2023, with more than 190 employees, including 83 certified financial planners, across 16 offices._x000D_
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“Our partnership with Cambridge Savings Bank has been instrumental during this period of strategic growth,” Tom Orecchio, CEO of Modera, said. “The team is quick, nimble, diligent and consistently presents more favorable terms than other available options. Above all, CSB has been a champion and a trusted confidant as we continue on our mission to remain independent.”_x000D_
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Cambridge Savings Bank became Modera’s primary banking partner in 2019 when it extended a $9 million loan to support partner buyouts and to better position the firm for inorganic growth opportunities. Over the course of the relationship, Cambridge Savings Bank’s commercial lending team has provided Modera with capital to help the firm refinance existing debt, take on new debt, accelerate its expansion along the East Coast and grow client services and offerings._x000D_
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Modera’s transaction with Parsec was backed by its existing equity partner, TRIA Capital Partners, an investment firm focused exclusively on providing minority, non-control financing solutions to independent registered investment advisors (RIAs). Following this transaction, Modera has continued to operate as an independent entity, maintaining majority ownership and control by its employees._x000D_
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“Since the onset of our relationship, Modera has been a model partner. In addition to its successful track record and vast experience in the wealth management vertical, the firm is deeply passionate about providing its clients with the best possible experience,” Brian Annese, first vice president and senior corporate banking loan officer at Cambridge Savings Bank, said. “As an institution committed to consistently applying a customer-first approach, we’ve found that Modera’s comparable focus has made for a seamless relationship. We’re grateful for the opportunity to continue supporting the growth of Modera.”
Forward for Specialty Finance
