Eastern Bank Welcomes Stanley Tree Service, Inc. As A Commercial Customer

Rhea-AI Summary

Eastern Bank has partnered with Stanley Tree Service, providing financial support as the company transitions to a fully employee-owned structure through an Employee Stock Ownership Plan (ESOP). Founded in 1986, Stanley Tree serves commercial accounts and major utilities in Rhode Island and Southern Massachusetts. Eastern Bank is providing a term loan and credit lines to facilitate this transition. Stanley Tree's President emphasizes the competitive advantage of employee ownership for retention and community engagement. Eastern Bank aims to strengthen its commercial banking portfolio with this partnership.

Positive

• Eastern Bank supports Stanley Tree's transition to 100% employee ownership, enhancing employee retention.
• Eastern Bank provides a term loan and revolving lines of credit to meet Stanley Tree's financial needs.
• Stanley Tree's employee ownership model is expected to give a competitive edge in the market.

Negative

• None.

Eastern Bank is pleased to announce Stanley Tree Service, Inc. (Stanley Tree) as a new commercial banking customer. Stanley Tree was founded in 1986 as a residential tree trimming and service company. It has grown to serve many commercial accounts and major electric utility customers in Rhode Island and Southern Massachusetts, providing vegetation management services its customers require. Stanley Tree has 240 employees and is led by a team of dedicated, long-term employees. Eastern provided a term loan to support Stanley Tree’s conversion to employee ownership through the implementation of an Employee Stock Ownership Plan (ESOP), making it a fully employee-owned company. Eastern Bank is also providing a revolving line of credit and an equipment line of credit to support the company’s ongoing financial needs.

“Stanley Tree believes in recognizing the people who helped build this business and giving back to the community that we call home,” said Stanley Zuba, President, CEO and Founder of Stanley Tree Service, Inc. “Changing to an employee-owned structure will give Stanley Tree a competitive edge and assist with employee retention while rewarding those long-term employees who helped to build this company. Eastern’s experience with ESOPs has been instrumental as we transition ownership of the company to our dedicated employees, and we look forward to working with Eastern for our treasury, working capital and other financing needs.”

“We are proud to help Stanley Tree Service reach its goal of becoming 100 percent employee-owned and are pleased to support their ongoing 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 Stanley Tree Service 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.

Lazear Capital Partners, building upon its extensive experience in the tree care industry, served as financial advisor and worked with Stanley Tree Service to design a custom solution that included employee benefits, financial flexibility and maximized tax advantages.

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/20210721005789/en/

FAQ

What is the significance of Eastern Bank's partnership with Stanley Tree Service?

Eastern Bank's partnership supports Stanley Tree's transition to employee ownership, which enhances employee retention and competitiveness.

What financial support did Eastern Bank provide to Stanley Tree Service?

Eastern Bank provided a term loan and revolving lines of credit to Stanley Tree Service to assist with their employee ownership transition.

When was Stanley Tree Service established?

Stanley Tree Service was founded in 1986.

How does employee ownership benefit Stanley Tree Service?

Employee ownership is expected to enhance employee retention and provide a competitive edge in the market.

What industries does Eastern Bank support with its commercial financing?

Eastern Bank offers commercial financing solutions across various industries, including working capital and equipment financing.