Provides Financing for Working Capital and Real Estate
BOSTON--(BUSINESS WIRE)--
Eastern Bank is pleased to announce The GEM Group, Inc. as a new asset based lending customer. Founded in 1958, The GEM Group, which goes to market under the brand name Gemline, is an award-winning supplier of high-quality branded products to the promotional products industry. Headquartered in Lawrence, MA, where it maintains an integrated manufacturing and distribution center, The GEM Group is ranked as one of the largest industry suppliers by the Advertising Specialty Institute (ASI) and most recently received ASI’s 2021 Supplier of the Year Award. Eastern Bank is providing $33.1 million in financing to The GEM Group.
“The GEM Group is pleased to begin a new banking relationship with Eastern Bank,” said Jonathan Isaacson, CEO and Chairman of The GEM Group. “We have a shared commitment to outstanding customer service, economic development in underrepresented communities and giving back to the community, and we look forward to their support with our day-to-day business, working capital and financing needs.”
“The GEM Group has long been recognized as a leader in promotional products and for its customer service and stewardship in the community,” said Bob Rivers, CEO and Chair of the Board of Eastern Bankshares, Inc. and Eastern Bank. “We are especially proud to support an award-winning business contributing to greater economic opportunity in Lawrence.”
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 The GEM Group 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 110 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. As of June 30, 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.
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Media contact:
Andrea Goodman
Eastern Bank
[email protected]
781-598-7847
Investor contact:
Jill Belliveau
Eastern Bankshares, Inc.
[email protected]
781-598-7920
Source: Eastern Bank