Cambridge Trust Company, the U.S. unit of bank holding company Cambridge Bancorp, and peer Optima Bank & Trust Company have announced that Cambridge, Cambridge Trust and Optima have agreed for Optima to combine with and into Cambridge Trust in a stock and cash deal.

Under the terms of the deal, each share of Optima common stock will be exchanged for either 0.3468 shares of Cambridge common stock or $32 in cash.

The merger is presently valued at about $67 million in the aggregate, based upon Cambridge Bancorp’s closing price of $85.61 as of December 4, 2018.

Cambridge Trust said that the combination is in line with its strategy to become the premier private bank and wealth management company throughout Greater Boston and Southern New Hampshire.