CAMBRIDGE BANCORP (OTCMKTS:CATC) Files An 8-K Changes in Registrant’s Certifying Accountant
Item 4.01. Changes in Registrant’s Certifying Accountant.
(a)KPMG LLP (“KPMG”) was previously the principal accountants for Cambridge Bancorp (the “Company”). On March 17, 2020, KPMG was dismissed by the Company and, as described below, Wolf & Company P.C. was engaged as principal accountants for the Company. The decision to change accountants was approved by the Audit Committee of the Board of Directors of the Company on March 16, 2020.
During the two fiscal years ended December 31, 2019, and the subsequent interim period through March 16, 2020, there were no: (1) disagreements (as that term is used in Item 304(a)(1)(iv) of Regulation S-K and the related instructions to Item 304 of Regulation S-K) with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements if not resolved to their satisfaction would have cause them to make reference in connection with their opinion to the subject matter of the disagreement, or (2) reportable events (as described in Item 304(a)(1)(v) of Regulation S-K).
The audit reports of KPMG on the consolidated financial statements financial statements of the Company and subsidiaries as of and for the years ended December 31, 2019 and 2018 did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles.
The Company provided KPMG with a copy of the foregoing disclosures on this Current Report on Form 8-K and requested that KPMG furnish the Company with a letter addressed to the United States Securities and Exchange Commission (the “Commission”) stating whether it agrees with the above statements, and if not, stating the respects in which it does not agree. A copy of that letter, dated March 19, 2020, is filed as Exhibit 16.1 to this Current Report on Form 8-K.
(b)On March 16, 2020, the Audit Committee of the Board of Directors of the Company approved the appointment of Wolf & Company P.C. (“Wolf & Company”) as the Company’s independent registered public accounting firm beginning with the Company’s fiscal quarter ending March 31, 2020, effective immediately. During the years ended December 31, 2019 and 2018, and through March 16, 2020, the Company did not consult with Wolf & Company with respect to (a) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might have been rendered on the Company’s consolidated financial statements, or (b) any matters that were either the subject of a disagreement (as that term is used in Item 304(a)(1)(iv) of Regulation S-K and the related instructions to Item 304 of Regulation S-K) or a reportable event (as described in Item 304(a)(1)(v) of Regulation S-K).
Item 9.01. Financial Statements and Exhibits.
CAMBRIDGE BANCORP Exhibit
EX-16.1 2 catc-ex161_28.htm EX-16.1 catc-ex161_28.htm EX: 16.1 March 19,…
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About CAMBRIDGE BANCORP (OTCMKTS:CATC)
Cambridge Bancorp is a bank holding company. The Company’s segment is community banking business, which consists of commercial banking, consumer banking, and trust and investment management services. Cambridge Trust Company (the Bank) is a subsidiary of the Company. The Bank offers a range of commercial and consumer banking services through its network of over 10 banking offices in Massachusetts. The Bank is engaged in the business of attracting deposits from the public and investing those deposits. The Bank invests those funds in various types of loans, including residential and commercial real estate, and a range of commercial and consumer loans. The Bank also invests its deposits and borrowed funds in investment securities, and has over three Massachusetts Security Corporations, including CTC Security Corporation, CTC Security Corporation II and CTC Security Corporation III.