Eastern Bank Expands Franchise Lending Offering

David Farwell and Randi Baskin Blume Bring Decades of Franchise Lending Experience

BOSTON--(BUSINESS WIRE)-- Eastern Bank is pleased to expand its Franchise Lending group with the arrivals of Senior Vice President and Head of Specialty Finance David Farwell and Senior Vice President of Franchise Finance Randi Baskin Blume. Both bring extensive expertise in franchise lending and commercial banking.

“It is an exciting time for Eastern Bank as we build out our franchise lending offering, and we are thrilled to welcome David Farwell and Randi Baskin Blume to the team,” said Greg Buscone, Executive Vice President, Chief Commercial Banking Officer of Eastern Bank. “David’s track record of developing high-performing teams and Randi’s deep industry relationships will enhance how we support franchisees – many who are multi-generational family-owned businesses – with customized banking solutions.”

Mr. Farwell joins Eastern Bank with over 20 years of experience in specialty finance. Most recently, he served as Executive Vice President, Head of Specialty Banking – Franchise Finance at Citizens Bank, where he built and led multiple industry-focused finance groups, including McDonald’s Franchise Finance, General Restaurant Finance, Retail Petroleum Finance and Sports Finance. Mr. Farwell also played a pivotal role in shaping strategic credit policies and fostering long-term relationships with top-tier franchise operators. He holds an MBA degree in Finance from Boston College’s Carroll School of Management and a Bachelor of Science degree in Business Administration from the University of New Hampshire.

Ms. Blume brings 25 years of commercial lending experience including over 10 years in franchise finance, most recently serving as Vice President, Franchise Finance – Senior Relationship Manager at BMO Bank, N.A. There, she managed a multi-million dollar loan portfolio, specializing in Quick Service Restaurant (QSR) franchises. She was instrumental in securing BMO’s designation as a McDonald’s Approved Lender, growing the bank’s McDonald’s clientele from three to 50 operators in just three years. Throughout her career, Ms. Blume has been dedicated to supporting franchisees by providing tailored lending solutions and strategic financial insights. She holds an MBA degree in Marketing Management from DePaul University and a Bachelor of Science degree in Finance from the University of Illinois Urbana-Champaign.

Eastern Bank’s Franchise Finance division is built on decades of industry expertise and a deep understanding of the unique financial needs of franchise operators. Eastern serves franchisees across top tier brands, and the team consists of highly experienced and dedicated advisors, portfolio managers and underwriters who specialize in the Quick Service Restaurant (QSR) business.

“Eastern Bank has a long-standing reputation for taking the time to understand the needs of its customers and how it can best support their visions, and I am excited to help expand our reach in this space,” said David Farwell, Senior Vice President, Head of Specialty Finance of Eastern Bank. “Our goal is to provide franchise operators with the financial resources and support they need to grow and succeed.”

“I’m thrilled to join Eastern Bank’s franchise lending team and to bring my experience in franchise finance to help clients achieve their business goals,” added Randi Baskin Blume, Senior Vice President, Franchise Finance of Eastern Bank.

Eastern Bank provides a range of commercial financing offerings to help companies across many industries 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, franchise lending and employee stock ownership plan-related financing.

About Eastern Bank
Founded in 1818, Eastern Bank is Greater Boston’s leading local bank with more than 110 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, Rhode Island and Connecticut. As of December 31, 2024, Eastern Bank had approximately $25.6 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 $8.3 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, X and Instagram. Eastern Bankshares, Inc. (Nasdaq Global Select Market: EBC) is the holding company for Eastern Bank. For investor information, visit investor.easternbank.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250318646943/en/

Media contact:

Andrea Goodman

Eastern Bank

a.goodman@easternbank.com

781-598-7847

Investor contact:

Andrew Hersom

Eastern Bankshares, Inc.

InvestorRelations@easternbank.com

860-707-4432

Source: Eastern Bank