Eastern Bank Welcomes Koopman Lumber Company, Inc. As A Commercial Banking CustomerApril 5, 2019
Eastern Provides Full Banking Solution Including $20 Million Loan Facility For Working Capital
BOSTON, April 5, 2019 – Eastern Bank, America’s oldest and largest mutual bank, is pleased to announce Koopman Lumber Company, Inc. as a new commercial banking customer. Founded in 1939, Koopman Lumber is a third-generation family owned and operated business serving contractors, remodelers, and homeowners across Massachusetts and New England.
Eastern is providing a full banking solution to meet Koopman Lumber’s financing needs. This includes a $20 million line of credit along with a comprehensive cash management solution. Koopman Lumber has been a customer of Eastern Insurance since 2001, which has provided Property and Casualty insurance for Koopman during a period of great growth and expansion.
Among its nine locations in Massachusetts, Koopman Lumber operates full line lumber, hardware, paint, lawn, and garden stores in Whitinsville, Uxbridge, and Grafton; a lumber, hardware, paint, and design center in Sharon; a full service paint store in Milford; lumber yards in Hudson and Andover; and two lumber distribution centers serving the building trade.
“Eastern’s banking solutions and service approach are an excellent match to our business needs, and a wonderful complement to the Property and Casualty insurance services already provided to us by Eastern Insurance,” said Denise Brookhouse, Koopman Lumber CFO. “The missions of our organizations are also well-aligned and we share a commitment to outstanding customer service, local job opportunities, and active community engagement.”
“We appreciate Koopman Lumber’s vision of always building for the future by strengthening the roots it has cultivated over decades of business and setting high standards for excellent customer service,” said Greg Buscone, Executive Vice President, Senior Commercial Banking Officer of Eastern Bank. “We are proud to provide a banking solution to support their goals and to welcome them as a customer.”
Eastern provides a range of commercial financing offerings to help local companies across many industries improve cash flow, increase efficiencies, and build for the future. Commercial lending solutions include seasonal working capital/lines of credit, equipment and term loans, and asset based lending.
Senior Vice President Frank Coccoluto led a Saugus, Massachusetts-based commercial banking team on this financing.
About Eastern Bank
Founded in 1818, Boston-based Eastern Bank is America’s oldest and largest mutual bank, with $11 billion in assets and over 115 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. Eastern provides exceptional access to fairly priced banking, investment and insurance products and services for consumers and businesses of all sizes. Eastern Bank, which includes Eastern Wealth Management and Eastern Insurance, is known for its outspoken advocacy and community support that has exceeded more than $125 million in charitable giving since 1999. An inclusive company, Eastern employs 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.
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