Eastland Shoe Corp. Secures $5 Million Credit Facility from Cambridge Savings Bank
Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $5 billion in assets, today announced it has recently extended a new credit facility for Freeport, Maine-based Eastland Shoe Corp.
By taking the time to understand the company’s unique needs and challenges, CSB’s Asset-Based Lending team created a custom solution for Eastland that will enable the company to refinance existing debt, as well as provide additional liquidity that the company will utilize to support multiple growth initiatives.
“As a family-owned business that’s been around for over 65 years, we understand the importance of working with the right partners to grow our business,” said Jim Klein, President of Eastland. “When we met Cambridge Savings Bank, their relationship-centric approach was apparent right away. We knew their Asset Based Lending team was the right fit for our needs. They asked the right questions, and it was clear that they genuinely cared about our success.”
“We’ve always taken great pride in supporting the businesses in our communities, getting to know our customers and working with them to find out how we can best serve their needs,” said Yvonne Kizner, Senior Vice President – Asset Based Lending at CSB. “The pandemic has only strengthened our commitment, and resolve. Once we understood how we could best add value for Eastland Shoe Company, we delivered a comprehensive and flexible financing package that should serve them well into 2021 and beyond.”
Cambridge Savings Bank’s commercial division is focused on serving the needs of our local communities and businesses. Offering a full suite of Corporate Banking and Lending, Commercial Real Estate Lending, Treasury Management and Trade Services solutions, Cambridge Savings Bank is the bank you can trust to provide customized services to meet your business needs, no matter how big or small.
About Cambridge Savings Bank
Cambridge Savings Bank is a full-service banking institution with over $5 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, customers and the communities we serve. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services and has branches located in Arlington, Bedford, Belmont, Burlington, Cambridge, Charlestown, Concord, Lexington, Melrose, Newton, and Watertown. To learn more about how we can meet your needs, visit us at cambridgesavings.com, or better yet, stop by one of our branches.