FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


Cambridge Savings Bank Leads $45MM Participation Loan for Modera Wealth Management’s Transaction with Parsec Financial Management

February 22, 2024, 07:53 AM
Filed Under: Investor Services

Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and nearly $7 billion in assets, announced that it was the lead bank in a $45 million participation loan for Modera Wealth Management, LLC (Modera)’s transaction with  Parsec Financial Management, Inc (Parsec). Led by CEO Tom Orecchio, CFA®, CFP®, ChFC®, AIF®, Modera is a fee-only, fiduciary financial advisory firm focused on providing clients with a high level of care and attention.

Founded in 1983, Modera has grown significantly over a 40-year period, leveraging strategic mergers and acquisitions to build a leading multi-generational firm for its clients and employees alike. The funding provided by CSB supported Modera’s largest transaction to date, 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 October 1, 2023 with more than 190 employees, including 83 Certified Financial Planners®, across 16 offices.

“Our partnership with Cambridge Savings Bank has been instrumental during this period of strategic growth,” said Orecchio. “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.”

CSB 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, CSB’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.

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.

“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,” said Brian Annese, First Vice President, Senior Corporate Banking Loan Officer Cambridge Savings Bank. “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.”

CSB’s commercial division is focused on serving the needs of its local communities and businesses, offering a full suite of Corporate Banking Lending, Commercial Real Estate Lending,?Asset-Based Lending, Treasury Management, and Trade Services solutions.?To learn more about CSB’s custom solutions for commercial entities, please contact Brian Annese at

Cambridge Savings Bank is a full-service banking institution with over $6 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, customers, and the communities we serve. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services across a robust Massachusetts-based branch network and through digital banking solutions for commercial, small business and consumer customers. In March 2023, Kroll Bond Rating Agency Affirmed CSB’s investment-grade rating, reinforcing the bank’s position as a reliable business lender.  Member FDIC. Equal Housing Lender. 

Week's News

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.