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Eastern Bank and Eastern Insurance Group LLC Welcome The Forsyth Institute As A New Customer
Rhea-AI Impact
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Rhea-AI Sentiment
(Positive)
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Rhea-AI Summary
Eastern Bank has partnered with The Forsyth Institute to provide commercial banking and insurance services. Forsyth, based in Cambridge, focuses on the relationship between oral health and overall well-being. Eastern Bank will offer a revolving line of credit to support Forsyth’s ongoing needs. Additionally, Eastern Insurance Group will assist in developing a customized risk management program. This collaboration aims to enhance Forsyth's financial growth and address public health demands.
Positive
Partnership with Forsyth Institute strengthens commercial banking relationships.
Eastern Bank provides a revolving credit line, supporting Forsyth's growth.
Eastern Insurance develops a tailored risk management program for Forsyth.
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None.
Eastern’s Commercial Banking Team Provides Financing and Cash Management Solutions To Support Growth
Eastern Insurance Group Provides Full-Suite Of Insurance Services
BOSTON--(BUSINESS WIRE)--
Eastern Bank and Eastern Insurance Group LLC, a wholly owned subsidiary of Eastern Bank, are pleased to announce The Forsyth Institute (Forsyth) as a new commercial banking and insurance customer. Founded in 1910 as a pediatric dental hospital serving disadvantaged children in the Boston area, Cambridge-based Forsyth is the nation’s only independent research institute focused on the connection between oral health and overall well-being, with a focus on biological research, clinical service and public health outreach, and technological innovation. Eastern Bank is providing a revolving line of credit to support the organization’s ongoing working capital, growth and general corporate needs. In addition, Eastern Insurance Group has consulted with Forsyth to develop a customized risk management program for Forsyth’s commercial, personal and employee benefits needs.
“The Forsyth Institute is thrilled to begin new relationships with Eastern Bank and Eastern Insurance Group,” said Dr. Wenyuan Shi, Chief Executive Officer and Chief Scientific Officer of The Forsyth Institute. “As a mission-driven organization, Eastern understands how we, as a community organization, seek to make our mission a reality in addressing the public health demands in the communities we serve. Eastern’s knowledge and guidance on our evolving financial growth and insurance solutions will support our organization well.”
“For more than 100 years, Forsyth has earned a reputation as a leader and innovator in the fields of dental research and public oral health,” said Greg Buscone, Executive Vice President, Senior Commercial Banking Officer of Eastern Bank. “As they continue to evolve in their approaches and work, we are proud to assist with their financing needs.”
“We are honored to partner with The Forsyth Institute in their ongoing commitment to improvements in oral health through biological research, public health outreach and technological innovation,” said Tim Lodge, President and CEO of Eastern Insurance Group LLC. “Being able to provide nonprofit organizations such as Forsyth with the protection they need for their business and their employees, gives them peace of mind to focus on their mission of helping people live healthier lives.”
Eastern provides a range of commercial financing offerings to help companies across many industries to improve cash flow, increase efficiencies and build for the future. Commercial lending solutions include working capital/lines of credit, equipment/term loans, real estate loans, acquisition financing, asset-based lending and employee stock ownership plan-related financing.
Eastern Insurance Group provides a full range of personal and commercial insurance products, as well as employee benefits services. Representing more than 50 national and regional insurance carriers, Eastern Insurance is recognized as one of the largest insurance agencies headquartered in Massachusetts.
The team advising the Forsyth Institute includes:
Commercial Banking
Greg Buscone, Executive Vice President, Senior Commercial Banking Officer
David Nussbaum, Senior Vice President, Commercial Team Leader
Eastern Insurance Group Todd Drager, Vice President, Commercial Insurance Sales
Kelly Havey, Assistant Vice President, Personal Insurance Sales
Tony Murphy, Senior Vice President, Employee Benefits Sales
About Eastern Bank
Founded in 1818, Boston-based Eastern Bank has more than 120 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. As of September 30, 2022, Eastern Bank had approximately $22 billion in total assets. Eastern provides banking, investment and insurance products and services for consumers and businesses of all sizes, including through its Eastern Wealth Management division and its Eastern Insurance Group LLC subsidiary. Eastern takes pride in its outspoken advocacy and community support that includes $240 million in charitable giving since 1994. An inclusive company, Eastern employs approximately 2,100 deeply committed professionals who value relationships with their customers, colleagues, and communities. Join us for good at www.easternbank.com and www.easterninsurance.com. Eastern Bankshares, Inc. (Nasdaq Global Select Market: EBC) is the stock holding company for Eastern Bank. For investor information, visit investor.easternbank.com.
