Eastern Bank Welcomes Boston Warehouse Trading Corp. as a Commercial Customer

Rhea-AI Summary

Eastern Bank has announced a new partnership with Boston Warehouse Trading Corp. as a commercial banking customer. Founded in 1974, Boston Warehouse specializes in creative gifts and home décor, sourcing products globally. Eastern Bank will provide a $13 million revolving line of credit for working capital and inventory management, alongside comprehensive treasury management services. This partnership aims to support Boston Warehouse's growth and inventory needs, with Eastern Bank's extensive commercial financing options enhancing cash flow and operational efficiencies for businesses.

Positive

• Eastern Bank provides Boston Warehouse a $13 million revolving line of credit for working capital.
• The partnership enhances Boston Warehouse's inventory management capabilities.
• Eastern Bank offers comprehensive treasury management services to support business growth.

Negative

• None.

Eastern Bank is pleased to announce Boston Warehouse Trading Corp. as a new commercial banking customer. Founded in 1974 as a small warehouse importing colorful textiles and ceramics from Europe, today Boston Warehouse sources products from across the globe and provides creative gifts, housewares and home décor to independent retailers, larger specialty stores and consumers worldwide. Eastern is providing a full banking solution to the gift, housewares and home décor company, which includes a $13 million revolving line of credit for working capital and inventory management as well as comprehensive treasury management services and solutions.

“For more than 40 years, providing customers with high-quality, engaging products and a committed, experienced team of professionals dedicated to their needs remains at the heart of our business,” said Peter Jenkins, President, CEO and Founder of Boston Warehouse Trading Corp. “Eastern understands our approach, has ensured a smooth process for managing our working capital and growing inventory, and offers expertise to support our future business plans.”

“Boston Warehouse has set a standard for bringing a unique style of creative products to a wide variety of retailers and consumers, and we are pleased to assist with their capital and financing needs,” 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 Warehouse includes Executive Vice President, Senior Commercial Banking Officer Greg Buscone, Senior Vice President and Commercial Team Leader Frank Coccoluto, and Senior Vice President and Commercial Relationship Manager Boris Nusinov.

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 March 31, 2021, Eastern Bank had approximately $17 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 1,900 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/20210608005988/en/

FAQ

What is the significance of Eastern Bank's partnership with Boston Warehouse Trading Corp. for EBC shareholders?

The partnership indicates Eastern Bank's strategy to expand its customer base and enhance revenue through commercial lending, potentially benefiting EBC shareholders.

How much credit is Eastern Bank providing to Boston Warehouse Trading Corp.?

Eastern Bank is providing a $13 million revolving line of credit to Boston Warehouse Trading Corp.

What services is Eastern Bank offering Boston Warehouse Trading Corp.?

Eastern Bank is offering a range of services including a line of credit, working capital solutions, and treasury management services.

When was the partnership between Eastern Bank and Boston Warehouse announced?

The partnership was announced in a press release dated June 8, 2021.