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Eastern Bank Welcomes Boston Battery LLC As An Asset Based Lending Customer
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Rhea-AI Summary
Eastern Bank has secured a new asset-based lending relationship with Boston Battery LLC, providing $8 million for working capital, real estate, and equipment needs. Boston Battery is a major distributor of Interstate Batteries in southern New England, experiencing significant growth over the past decade. Eastern Bank aims to support Boston Battery's continued expansion, with a focus on enhancing cash flow and operational efficiencies through its commercial financing solutions. As of December 31, 2021, Eastern Bank holds approximately $24 billion in assets.
Positive
Provided $8 million financing for working capital, real estate, and equipment.
Boston Battery is experiencing growth, having quadrupled its size over 10 years.
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None.
Provides $8 Million Of Financing For Working Capital, Real Estate And Equipment
BOSTON--(BUSINESS WIRE)--
Eastern Bank is pleased to announce Boston Battery LLC as a new asset based lending customer. Boston Battery is an independent, locally owned wholesale distributor of Interstate Batteries, North America’s market leading automotive battery brand for over 60 years. Boston Battery serves the southern New England market via its four retail locations and over 1,000 authorized dealers. The company also offers a wide variety of non-automotive batteries for household, medical and industrial applications.
“We have quadrupled the size of our business over the past 10 years, through a combination of acquisitions and organic growth, and we look forward to partnering with Eastern Bank to continue on this growth trajectory,” said Daniel Schmitz, President of Boston Battery. “Following a selection process and now having worked with the team at Eastern for several months, we are confident in their willingness and ability to support us in all of our financing needs.”
“On behalf of everyone at Eastern, we are excited to welcome Boston Battery as a new customer and to support a business working across our local economy,” 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, asset based lending and employee stock ownership plan-related financing.
The Commercial Banking team advising Boston Battery 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 December 31, 2021, Eastern Bank had approximately $24 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 financing has Eastern Bank provided Boston Battery LLC?
Eastern Bank has provided Boston Battery LLC with $8 million in financing for working capital, real estate, and equipment.
How has Boston Battery performed in recent years?
Boston Battery has quadrupled its size over the past 10 years through acquisitions and organic growth.
What is Eastern Bank's total asset value?
As of December 31, 2021, Eastern Bank had approximately $24 billion in total assets.
What type of business is Boston Battery LLC?
Boston Battery LLC is a wholesale distributor of Interstate Batteries, serving the southern New England market.
What services does Eastern Bank offer to businesses?
Eastern Bank provides commercial financing solutions such as working capital lines of credit, term loans, asset-based lending, and acquisition financing.
