Cambridge Savings Bank Asset-Based Lending Team Empowers Expansion of Historic Local Business Worcester Envelope Company
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Apr 13, 2021--
Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $5 billion in assets, today announced it provided Worcester Envelope Company with an expanded credit facility, based upon the growth expected as Worcester becomes part of the performance driven marketing company Moore.
Moore’s acquisition of Worcester , a 3rd generation, family-owned custom envelope manufacturing company, enables the company to expand their envelope manufacturing capacity, redundancy, and location diversification. Demonstrating Moore’s commitment to empowering local institutions, CSB’s Lending team was able to deliver solutions that supported the needs of the company. CSB’s Asset-Based Lending team provided the financing solution for Moore’s acquisition of Worcester’s production facilities. As the facilities are now owned by Moore, the company can make renovations and improvements to support the continued growth and expansion of Worcester.
“Worcester Envelope Company was founded in 1893 – we have been able to expand and thrive for generations because customer care is the foundation our company is built on,” said Derek Waterhouse, president of Worcester Envelope Company. “CSB shares our dedication to the community and relationship-centric customer service. Worcester has been part of this business community for over 125 years and to have a local banking partner like CSB a part of our next chapter is very exciting.”
“CSB is proud of the opportunity to provide a historic local business with the opportunity to champion their unique vision for the company’s next evolution,” said John Bobbin, First Vice President – Senior Asset Based Lending Officer at CSB. “Our Asset-Based Lending team is eager to support the needs of local small-to-midsized businesses with a wide range of capital and financial resource requirements, while remaining in lock-step with our values – always centering trust and reliability at the heart of what we do.”
CSB’s commercial division is focused on serving the needs of their local communities and businesses, offering a full suite of Corporate Banking and Lending, Commercial Real Estate Lending, Cash Management and Trade Services solutions. Cambridge Savings Bank is the bank you can trust to provide customized services to meet your business needs. To learn more about CSB’s custom solutions for commercial entities, please contact firstname.lastname@example.org.
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 relationship managers, 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 across a robust Massachusetts-based branch network and through digital banking solutions for commercial, small business and consumer customers. To learn more about how we can meet your needs, visit us at cambridgesavings.com, or better yet, come meet us to help you make the most out of your banking relationship.
About Worcester Envelope Company
Worcester Envelope Company is a trusted custom envelope manufacturing company that operates out of a 180,000 square foot facility in Auburn, Massachusetts. Founded in 1893, the 125-year company thrives by focusing on the customer and coupling the hard work of employees with the most advanced technology available. Today, Worcester Envelope continues to focus on its customers and provide envelopes, as well as print and mail solutions, to help our customers grow.
Moore is a global leader in performance-driven marketing solutions focused on all facets of the consumer experience. With over 3,000 employees in 36 locations across the country, Moore is dedicated to helping clients fulfill their missions. The organization provides services including strategic consulting, creative development, media planning and buying, as well as research and analytics, production management and product fulfillment, database services and public relations to nonprofit, association, commercial and government clients and is a key contributor to strengthening these sectors.
View source version on businesswire.com:https://www.businesswire.com/news/home/20210413005232/en/
CONTACT: StreetCred PR
KEYWORD: MASSACHUSETTS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: OTHER MANUFACTURING FINANCE MARKETING BANKING COMMUNICATIONS SMALL BUSINESS PROFESSIONAL SERVICES MANUFACTURING
SOURCE: Cambridge Savings Bank
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PUB: 04/13/2021 10:00 AM/DISC: 04/13/2021 10:01 AM