Eastern Bank Appoints David Ciolfi as Senior Vice President and Business Development Team Lead at Cambridge Trust Private Banking
Eastern Bank has announced the appointment of David Ciolfi as Senior Vice President and Team Lead for Business Development at Cambridge Trust Private Banking, a division of Eastern Bank. Ciolfi brings more than 20 years of experience in the financial services industry, with a specialization in private banking and wealth advisory services. His addition signals Eastern Bank’s ongoing commitment to deepening its private banking capabilities and expanding its presence across the Northeast.
Cambridge Trust Private Banking, now operating under Eastern Bank following a recent integration, is known for its client-focused approach to wealth management and private financial services. With Ciolfi stepping into this leadership role, the division aims to further strengthen its business development efforts, expand its client base, and continue to deliver high-touch, personalized financial solutions.
A Proven Leader with Regional Expertise
David Ciolfi’s track record speaks for itself. Prior to joining Eastern Bank, he most recently served as a Senior Advisor at Citizens Private Wealth, where he led the firm’s private wealth strategy across several key regions including Greater Boston, Connecticut, New York, and Rhode Island. His leadership was instrumental in accelerating Citizens’ presence in Connecticut and New York, where he helped to establish a firm foothold in competitive financial markets.
Ciolfi also played a key role in expanding Citizens Private Wealth’s presence in Providence, Rhode Island, and spearheaded market entry initiatives in New York City’s boroughs and Long Island. In each of these markets, he was known for a client-first approach that emphasized innovation and customization—principles that align closely with Cambridge Trust Private Banking’s mission.
According to Kerri Mooney, Executive Vice President of Private Banking at Eastern Bank, Ciolfi is a natural fit for the division’s leadership team. “David Ciolfi brings an entrepreneurial mindset and a deep understanding of the private banking and wealth management needs in the Northeast region,” said Mooney. “We are thrilled to welcome him to the team. His insights, leadership, and ability to cultivate strong client relationships will be key as we continue to grow and evolve our private banking services.”
Track Record of Driving Growth and Innovation
Ciolfi’s tenure in financial services is marked by a combination of strategic leadership and hands-on experience. Over the course of his career, he has cultivated a reputation for identifying market opportunities, building high-performing teams, and delivering measurable results.
During his time at Citizens, Ciolfi developed and led specialized teams of investment managers, wealth strategists, and experts in trust, estate, and tax planning. His goal was to provide clients with a holistic and integrated wealth management experience. This included not only portfolio management and financial planning but also thought leadership initiatives and community-based engagements that helped foster deeper client relationships.
Before his role at Citizens Private Wealth, Ciolfi held senior positions at Wells Fargo Private Bank and also played a significant role in shaping consumer banking strategy within Citizens. His background reflects a strong understanding of both the retail banking and private wealth sectors, which positions him well to guide business development efforts at Cambridge Trust Private Banking.
Ciolfi is a graduate of the College of the Holy Cross, where he earned a Bachelor of Arts degree. He later completed a Master of Business Administration at Babson College, a nationally recognized leader in entrepreneurial education. Additionally, he is a Certified Wealth Strategist (CWS®) and holds FINRA Series 7 and 66 licenses, demonstrating his deep technical expertise in investment and financial advisory services.
Aligning with Cambridge Trust’s Legacy of Client-Focused Banking
For Ciolfi, joining Cambridge Trust Private Banking is not just a new role—it’s a continuation of his passion for serving clients with a high degree of customization and care.
“Cambridge Trust Private Banking understands the importance of delivering exceptional client service and personalized, comprehensive solutions to help individuals throughout their financial journeys,” said Ciolfi. “I am excited to come on board and contribute to the growth and development of this offering.”
Cambridge Trust Private Banking provides a differentiated banking experience that prioritizes personal connection and long-term financial planning. Whether clients are in the early stages of their careers, in the midst of building wealth, or preparing for wealth transfer across generations, the team works to understand each individual’s unique goals, values, and financial priorities.
The division’s services go beyond traditional banking. Its approach considers both personal and professional aspects of financial planning, often involving multi-generational business owners and entrepreneurs. The team works collaboratively with companies, families, and individuals to craft strategies that align with both present-day needs and future aspirations.
With Ciolfi’s appointment, the team plans to strengthen its outreach to high-net-worth individuals and business owners, offering comprehensive wealth solutions that incorporate investment management, estate planning, tax strategies, and trust services.
The Future of Private Banking at Eastern Bank
Eastern Bank’s acquisition of Cambridge Trust has set the stage for an enhanced private banking platform that combines the strength of a regional financial institution with the personalized service of a boutique wealth advisory firm. As Senior Vice President and Team Lead for Business Development, Ciolfi is expected to play a pivotal role in this integration and in driving new client growth.
The appointment underscores Eastern Bank’s strategy to deepen its wealth management offerings and to continue expanding its footprint across key Northeast markets. As economic conditions evolve and client needs become more complex, having leaders like Ciolfi who can bridge the gap between traditional banking and modern financial advisory will be critical.
With a shared commitment to service, trust, and integrity, both Eastern Bank and Cambridge Trust Private Banking are poised to make an even greater impact in the wealth management space in the years ahead.
About Eastern Bank
Founded in 1818, Eastern Bank is Greater Boston’s leading local bank with approximately 110 branch locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, Rhode Island and Connecticut. As of March 31, 2025, Eastern had approximately $25.0 billion in assets. Eastern provides a full range of banking and wealth management solutions for consumers and businesses of all sizes including through its Cambridge Trust Wealth Management division, the largest bank-owned independent investment advisor in Massachusetts with approximately $8.4 billion in assets under management, and takes pride in its outspoken advocacy and community support that includes more than $240 million in charitable giving since 1994. An inclusive company, Eastern is comprised of deeply committed professionals who value relationships with their customers, colleagues and communities. Join us for good at www.easternbank.com and follow Eastern on Facebook, LinkedIn, and Instagram. Eastern Bankshares, Inc. (Nasdaq: EBC) is the holding company for Eastern Bank. For investor information, visit investor.easternbank.com.
