Cambridge Bancorp in Mass. closes two branches

Cambridge Bancorp in Cambridge, Mass., closed two branches during the third quarter. 

The $4.5 billion-asset company said in a press release Tuesday that it shuttered offices in Wellesley Square, Mass., and Pease Tradeport, N.H. It also moved its Concord, N.H., wealth management office to a new location. 

Cambridge recorded $787,000 of expenses tied to the moves. 

The company’s net income fell slightly from a year earlier, to $13.3 million. 

Noninterest expenses, including the charge tied to the branch closings, increased slightly, to $25.5 million.