Cambridge Trust Company, subsidiary of Cambridge Bancorp, made changes to its commercial lending team in connection with the retirement of Martin Millane, executive vice president and chief lending officer.
Effective Jan. 1, 2023, Steven J. Mead will become the company’s chief commercial banking officer and Peter Halberstadt will become the company’s chief credit officer. Both will join the executive leadership team.
“We congratulate Marty on nearly two decades of exceptional leadership with Cambridge Trust and thank him for his many contributions to the bank, including the strong credit culture that has been a hallmark of our success,” Denis K. Sheahan, president and CEO of Cambridge Trust, said. “We are also very excited to appoint Steve and Pete to our executive leadership team, completing the succession plan that we have had in place. We are confident they will continue to build on the strong foundation that Mr. Millane has worked to create.”
Mead is currently a senior vice president and leads the commercial lending teams in both Massachusetts and New Hampshire, focusing on commercial real estate, multifamily and commercial and industrial lending. Mead joined Cambridge Trust in 2012, having served in similar roles at Sovereign Bank and Cambridge Savings Bank.
Halberstadt is currently a senior vice president and leads the Credit Risk function for the bank, focusing on credit underwriting and ongoing monitoring, credit stress testing and allowance for credit loss methodology. Halberstadt has been with Cambridge Trust since 2004, having joined from Century Bank where he previously worked in a similar capacity with Millane.
Millane will continue to work with Halberstadt and Mead on the transition of his responsibilities until his retirement which is expected to be on Feb. 28, 2023.
