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Eastern Bank Welcomes Landry’s Bicycles As A Commercial Customer
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Eastern Bank announces the financing of Landry's Bicycles to aid its transition to a 100% employee-owned structure. Founded in 1922, Landry's is recognized as one of America's Best Bike Shops and operates eight locations across Massachusetts. The term loan will support Landry's employee ownership model, which aims to enhance teamwork and customer service. Eastern Bank, with over $24 billion in total assets, also offers various commercial financing solutions to support businesses like Landry's.
Positive
Eastern Bank provided a term loan to Landry's Bicycles for its conversion to a 100% employee-owned company.
Landry's Bicycles recognized as one of America's Best Bike Shops, enhancing its reputation.
The shift to employee ownership may strengthen teamwork and customer service, potentially driving future growth.
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None.
Provides Financing For Conversion To A 100% Employee-Owned Company And Ongoing Working Capital Needs
BOSTON--(BUSINESS WIRE)--
Eastern Bank is pleased to announce Landrys, Inc. (Landry’s Bicycles) as a new commercial banking customer. Founded in 1922, Landry’s Bicycles is rated as one of "America's Best Bike Shops" by the National Bicycle Dealers Association and operates eight full-service, retail bicycle stores in Massachusetts, located in Boston, Braintree, Charlestown, Natick, Newton, Norwood, Westborough and Worcester. Landry’s has also been recognized as National Bicycle Dealer of the Year for supporting bicycle advocacy. Landry’s has more than 200 employees and is led by a team of dedicated, long-term employees. Eastern Bank provided a term loan to support Landry’s conversion to a 100% employee-owned company, and is also providing a revolving line of credit and banking services to support the company’s ongoing financial needs.
Mark Gray, President and CEO of Landry's, commented, “As Landry’s Bicycles begins to celebrate our 100th year in business, we are extremely excited to become a 100% employee-owned company. Everyone who works at Landry’s is passionate about cycling and serving our valued customers. Becoming 100% employee-owned will help strengthen our commitments to collaborative teamwork, exceptional customer service and long-term business viability as we strive to be the best bike shop for the world. As we step courageously toward achieving our highest aspirations, we are truly fortunate to work together as employee-owners in our company. Eastern’s experience with and appreciation for our business model are instrumental to our goals for the future, and we look forward to working with them.”
“Landry’s Bicycles began a century ago with humble roots as a local, family business and we are proud to support what is now one of the longest operating bike shops in America,” said Greg Buscone, Executive Vice President, Senior Commercial Banking Officer of Eastern Bank. “Its mission to get more people into bicycling and improve local cycling conditions is an important part of our community, and it is a pleasure to welcome them to Eastern.”
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 Landry’s Bicycles includes Executive Vice President, Senior Commercial Banking Officer Greg Buscone, Senior Vice President and Commercial Team Leader Dan Field, and Senior Vice President and Commercial Relationship Manager David Nussbaum.
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.
