Eastern Bank Welcomes Rex Lumber Company As A Commercial Banking CustomerFebruary 27, 2020
Provides Full Banking Solution Including $15 Million Loan Facility For Working Capital
BOSTON, MA, February 27, 2020 – Eastern Bank, America’s oldest and largest mutual bank, is pleased to announce Rex Lumber Company as a new commercial banking customer. Founded in 1946, Rex Lumber is a third-generation, family-owned and -operated business distributing hardwood lumber with revenue between $50 and $100 million. Rex’s customer base includes over 700 diverse and unique customers in the woodworking, retailing, and manufacturing industries. With the support of over 250 employees, Rex Lumber operates four lumber yards in Acton, Massachusetts; South Windsor, Connecticut; Englishtown, New Jersey; and Doswell, Virginia.
Eastern is providing a full banking solution to meet Rex Lumber’s financing needs. This includes a $15 million line of credit for working capital and a comprehensive cash management and deposit services solution. Rex Lumber has been a customer of Eastern Insurance Group for more than 25 years, and for its property and casualty insurance and employee benefits products and services.
“Rex Lumber is pleased to expand our longtime relationship with Eastern to meet both our business financial and insurance needs. Their process of adding commercial banking services was straightforward to put in place,” said Craig Forester, President, Rex Lumber. “As a family-owned and -operated business, Eastern’s leadership in the community resonates with our commitment to our customers, employees, and industry.”
“Rex Lumber has steadily been built based on the enthusiasm of its employees and the quality of its work, and we look forward to providing our commercial banking services to support its future business operations and plans,” said Greg Buscone, Executive Vice President, Senior Commercial Banking Officer of Eastern Bank.
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.
The Commercial Banking team advising Rex Lumber includes Executive Vice President, Senior Commercial Banking Officer Greg Buscone and Senior Vice President Matthew Hunt.
About Eastern Bank
Founded in 1818, Boston-based Eastern Bank is America’s oldest and largest mutual bank, with over $11 billion in assets and more than 110 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 $140 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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