Eastern Bank added Boston Warehouse Trading as a new commercial banking customer. Eastern Bank is providing full banking solutions to the company, including a $13 million revolving line of credit for working capital and inventory management as well as treasury management services and solutions.
Eastern Bankshares, the stock holding company for Eastern Bank, and Century Bancorp, the stock holding company for Century Bank and Trust Company, entered into a definitive all-cash merger agreement with an aggregate transaction value of $642 million.
Eastern Bank added Curate Partners and its subsidiaries as new asset-based lending customers in the bank’s commercial banking division. Eastern Bank provided Curate with a $7 million asset-based loan for working capital purposes.
Eastern Bank announced that Donald B. Lewis has joined its Commercial Lending Division as Senior Vice President, Head of Asset Based Lending.
Eastern Bank promoted General Counsel and Corporate Secretary Kathleen C. Henry and Enterprise Risk Management Director Steven L. Antonakes to executive vice president.
Eastern Bank’s recent growth has led to its launch of an asset-based lending unit, headed by Robert Barnhard as team leader. Drawing upon experience gained at RBS Citizens, LaSalle Bank, IBJ Schroder and Gordon Brothers Finance, Barnhard has just the level of expertise the bank needs to become a go-to asset-based lender.
The Boston Business Journal reported that Eastern Bank plans to launch an asset-based lending practice and that it has hired Bob Barnhard, from Commerce Bank, to lead the new team.