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Eastern Bank Welcomes Crime Prevention Security Systems, LLC As A Commercial Customer
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Eastern Bank has announced a new partnership with Crime Prevention Security Systems, LLC (CPSS), providing $8.5 Million in working capital financing. This financial support will enable CPSS, a leader in security and fire alarm systems based in Gainesville, Florida, to continue its growth. Eastern Bank aims to bolster cash flow and operational efficiency, supporting numerous industries with its diverse financing solutions. Founded in 1818, Eastern Bank serves communities in Massachusetts, New Hampshire, and Rhode Island, boasting approximately $22 billion in total assets.
Positive
Eastern Bank provides $8.5 million in financing to CPSS, facilitating growth.
CPSS has a strong reputation and long-standing presence in the security industry.
Eastern Bank supports diverse commercial financing needs, enhancing its market position.
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Provides $8.5 Million Of Working Capital Financing to Support Growth
BOSTON--(BUSINESS WIRE)--
Eastern Bank is pleased to announce Crime Prevention Security Systems, LLC (CPSS) as a new commercial customer. Founded in 1975 by John Pastore, Founder and President, and his wife Randi Elrad, Vice President of Sales, CPSS is a family-owned business. Headquartered in Gainesville, Florida, servicing North and Central Florida, CPSS designs, installs and services security and fire alarm systems, as well as home automation systems, audio and video. Eastern Bank is providing a full banking solution to CPSS, which includes a revolving line of credit and cash management services.
“Crime Prevention Security Systems is thrilled to begin a new banking relationship with Eastern Bank,” said John Pastore, Founder and President of Crime Prevention Security Systems, LLC. “Central to our business philosophy is that we are neighbors serving neighbors. As a bank with a mission to do good in the community, Eastern understands our model. The flexibility of the financing solution offers the resources we need to support our future plans and we look forward to Eastern’s support.”
“For over 45 years, Crime Prevention Security Systems has been recognized as a local leader in security and alarm products, providing peace of mind and excellent customer service to their customers,” 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.
Mark H. Sandler, Managing Director at SPP Advisors, LLC represented CPSS in this transaction.
The Commercial Banking team advising Crime Prevention Security Systems includes Executive Vice President, Senior Commercial Banking Officer Greg Buscone and Senior Vice President, Commercial Group Director Brendan O’Neill.
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 June 30, 2022, Eastern Bank had approximately $22 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 did EBC provide to Crime Prevention Security Systems?
Eastern Bank (EBC) provided $8.5 million in working capital financing to Crime Prevention Security Systems, LLC.
Who is the founder of Crime Prevention Security Systems?
John Pastore is the founder and president of Crime Prevention Security Systems.
What services does Crime Prevention Security Systems offer?
Crime Prevention Security Systems specializes in designing, installing, and servicing security and fire alarm systems, as well as home automation solutions.
When was Eastern Bank founded?
Eastern Bank was founded in 1818 and has over 120 locations serving eastern Massachusetts, southern New Hampshire, and Rhode Island.
What is the asset size of Eastern Bank as of June 30, 2022?
As of June 30, 2022, Eastern Bank had approximately $22 billion in total assets.
