Eastern Bank Welcomes Alarm Detection Systems, Inc. As A Commercial Customer

Rhea-AI Summary

Eastern Bank has welcomed Alarm Detection Systems, Inc. as a new commercial banking customer. Founded in 1968, Alarm Detection Systems is among the largest security firms in the U.S. Eastern Bank is providing a full suite of banking services, including a revolving line of credit aimed at supporting working capital and expansion plans. The deal showcases Eastern's commitment to serving the security alarm sector. With approximately $15.5 billion in total assets, Eastern Bank continues to expand its commercial banking footprint.

Positive

• Eastern Bank adds Alarm Detection Systems as a significant commercial banking client.
• The bank offers a comprehensive banking solution, including a revolving line of credit for expansion.

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• None.

Eastern Bank is pleased to announce Alarm Detection Systems, Inc. as a new commercial banking customer. Family owned and operated since it was founded in 1968, Illinois-based Alarm Detection Systems (ADS) is one of the largest security companies in the United States according to rankings by SDM Magazine and offers both business and home security systems. Eastern is providing a full banking solution to ADS, which includes a revolving line of credit for working capital and expansion plans as well as comprehensive cash management services and solutions.

“The team at Eastern brings decades of experience serving security alarm businesses, and we look forward to working with them for our treasury, working capital and financing needs,” said Robert Bonifas, Founder, President and CEO of Alarm Detection Systems.

“Alarm Detection Systems has been supplying alarm systems and services for more than 50 years, and we are pleased to welcome them as a customer,” said Greg Buscone, Executive Vice President, Senior Commercial Banking Officer of Eastern Bank.

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 and asset based lending.

The Commercial Banking team advising Alarm Detection Systems includes Executive Vice President, Senior Commercial Banking Officer Greg Buscone, Senior Vice President and Commercial Team Leader Brendan O’Neill, and Senior Vice President and Commercial Relationship Manager Matthew Hunt.

Mark Sandler of SPP Advisors represented Alarm Detection Systems.

About Eastern Bank
Founded in 1818, Boston-based Eastern Bank has more than 110 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. As of September 30, 2020, Eastern Bank had approximately $15.5 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 subsidiary. Eastern takes pride in its outspoken advocacy and community support that has exceeded $140 million in charitable giving since 1999. An inclusive company, Eastern employs 1,800+ 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, Twitter and Instagram. Eastern Bankshares, Inc. (Nasdaq Global Select Market: EBC) is the stock holding company for Eastern Bank. For investor information, visit investor.easternbank.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201216005907/en/

FAQ

What new customer did Eastern Bank announce in December 2020?

Eastern Bank announced Alarm Detection Systems, Inc. as a new commercial banking customer.

What services is Eastern Bank providing to Alarm Detection Systems?

Eastern Bank is providing a full banking solution including a revolving line of credit and cash management services.

What is the significance of Alarm Detection Systems in the security industry?

Alarm Detection Systems is one of the largest security companies in the United States.

What is Eastern Bank's total assets as of September 2020?

As of September 30, 2020, Eastern Bank had approximately $15.5 billion in total assets.

When was Alarm Detection Systems founded?

Alarm Detection Systems was founded in 1968.