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Eastern Bank Welcomes Asian Atlantic Industries, LLC As An Asset-Based Lending Customer
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Rhea-AI Summary
Eastern Bank has announced a new asset-based lending relationship with Asian Atlantic Industries, LLC (AAI), providing $7.5 million in working capital to support AAI's growth. Founded in 1998, AAI specializes in electronic components and semiconductors, using proprietary software to manage supply and demand data. Eastern Bank aims to enhance cash flow and efficiency for various industries through its commercial financing solutions. As of March 31, 2022, Eastern Bank holds approximately $23 billion in assets.
Positive
Eastern Bank provides $7.5 million in working capital to Asian Atlantic Industries.
New asset-based lending relationship established with a growing supplier in the electronic component sector.
The financing supports AAI's projected growth and market opportunities.
Negative
None.
Provides $7.5 Million Of Working Capital Financing to Support Growth
BOSTON--(BUSINESS WIRE)--
Eastern Bank is pleased to announce Asian Atlantic Industries, LLC (AAI) as a new asset-based lending customer. Founded in 1998 by CEO Tom Mahoney, AAI is a global supplier of electronic components and semiconductors. Headquartered in Portsmouth, New Hampshire, AAI uses its proprietary software to track the universe of supply and demand, providing its customers with real-time product availability from its vast database of manufacturers and resellers.
“Asian Atlantic Industries is pleased to begin a new banking relationship with Eastern Bank,” said Tom Mahoney, Founder and CEO of Asian Atlantic Industries, LLC. “The experience and relationship focus of the Eastern team were evident from our initial meetings. The flexibility of the financing solution will allow our company to take advantage of current opportunities in the market, and support our recent and projected growth.”
“For over 20 years, Asian Atlantic Industries has served the growing electronic component marketplace with a commitment to deliver outstanding client support,” said Greg Buscone, Executive Vice President, Senior Commercial Banking Officer of Eastern Bank. “We are proud to assist with their financing needs.”
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.
The Commercial Banking team advising Asian Atlantic Industries includes Executive Vice President, Senior Commercial Banking Officer Greg Buscone, Head of Asset-Based Lending Don Lewis, and Senior Vice President and Relationship Manager Dan Bolger.
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 March 31, 2022, Eastern Bank had approximately $23 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 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.
What is the significance of Eastern Bank's $7.5 million financing to AAI?
The $7.5 million working capital from Eastern Bank supports Asian Atlantic Industries in pursuing growth opportunities and enhancing operational capabilities.
How does AAI utilize proprietary software in its business?
Asian Atlantic Industries uses proprietary software to track supply and demand, ensuring real-time product availability for its customers.
What is Eastern Bank's total assets as of March 31, 2022?
As of March 31, 2022, Eastern Bank has approximately $23 billion in total assets.
