Eastern Bank provided financing to support the conversion of Surety Bond Professionals (SBP), a Massachusetts-based, independent surety-only agency, to a 100% employee-owned company. The financing includes a term loan to facilitate the establishment of an Employee Stock Ownership Plan (ESOP), a revolving line of credit to support the company’s ongoing working capital needs, cash management solutions, as well as the availability of a comprehensive range of wealth management and retirement planning services.
“Surety Bond Professionals was built with a deep commitment to integrity, personal service, long-term relationships and exceeding the expectation of what a bonding experience should be,” Mark Leskanic, founder and president of Surety Bond Professionals, said. “Transitioning to employee ownership is a natural extension of our philosophy and recognizes the critical role of our team in serving our clients’ needs. We wanted a bank that understands ESOPs and works as an extension of our team, and Eastern Bank’s experience, collaboration and daily communications made them an ideal choice.”
Greg Buscone, executive vice president, chief commercial banking officer of Eastern Bank, added, “Surety Bond Professionals has built a strong, client-focused platform centered around its deep surety expertise and commitment to excellent service. We are proud to support their commitment to employee ownership with a tailored, relationship-driven financing solution.”
The commercial banking team advising Surety Bond Professionals includes:
- Greg Buscone, executive vice president, chief commercial banking officer
- Dan Field, senior vice president and commercial group director
- David Nussbaum, senior vice president and commercial team leader
- Tom Barcikowski, relationship manager
- Sarah McCabe, vice president and portfolio manager
