By Alice Waugh
Starting in May, there will be one fewer bank in Lincoln—Cambridge Trust Co. will be closing its Lincoln branch as of April 29.
The company made “a difficult decision” to close the branch, said Rob Siegrist, senior vice president and marketing director for Cambridge Trust Co. “But we recognize that transaction patterns have changed in branches with the increasing use of online and mobile. Opening and closing branches is pretty much a natural part of what institutions do.”
Employees at the Lincoln branch have all been offered jobs at other branches, Siegrist said. Also, even after it closes its doors in town, Cambridge Trust will continue its its charitable activities in Lincoln, including its community service day at the Food Project.
Cambridge Trust has upgraded the checking accounts of Lincoln customers have been upgraded for a year to allow them to use any bank’s ATM without a fee. “We’re trying to ease that transition a little bit for them,” Siegrist said, noting that the bank also has branches in Concord, Weston and Lexington.
The building, which also houses Barrett Sotheby’s International Realty, is owned by 152 Lincoln Road LLC of Dover, Mass., and managed by William Barrett (no relation). “I have no clue” what will replace Cambridge Trust, whose 15-year lease ends October, as he had only recently learned of the development.
Ideally, another bank would occupy the 3,500-square-foot space, which was built specifically for Cambridge Trust in 2001 with a drive-up window, safe deposit boxes and a vault, according to Barrett, who bought the building from the developer in 2002.
What happens to my safe deposit box????????
Diana Abrashkin 781-259-0203
The letter from Cambridge Trust said they would be transferred to the Concord branch. A Lincoln branch staffer told me that the boxes are in modular units and will be trucked intact under armed guard from Lincoln to Concord, where they apparently have space to add them.