Cambridge Savings Bank provided an expanded credit facility to Worcester Envelope Company. The credit facility expansion was based upon the expected growth of Worcester as it becomes part of Moore, a marketing company.
Moore’s acquisition of Worcester, a third generation, family-owned envelope manufacturing company, will enable the company to expand its envelope manufacturing capacity, redundancy and location diversification. Cambridge Savings Bank’s asset-based lending team provided the financing for Moore’s acquisition of Worcester’s production facilities.
“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,” Derek Waterhouse, president of Worcester Envelope Company, said. “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,” John Bobbin, first vice president and senior asset-based lending officer at Cambridge Savings Bank, said. “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.”
