Eastern Bank Provides Financing for Capstan Atlantic’s Conversion to an Employee-Owned Company
Eastern Bankshares, Inc. (EBC)
Company Research
Source: Business Wire
BOSTON--(BUSINESS WIRE)--Eastern Bank is pleased to announce it has provided the financing to facilitate Capstan Atlantic’s conversion to an employee-owned company. Founded in 1956 and located in Wrentham, MA, Capstan Atlantic is an industry leading powder metal manufacturer producing complex gears, sprockets and structural components for the automotive industry and a wide array of other applications, including lawn mowers, snowblowers and all-terrain vehicles. Eastern Bank is providing a term loan to support Capstan Atlantic’s conversion to employee ownership through the implementation of an Employee Stock Ownership Plan (ESOP), making it a fully employee-owned company. Eastern Bank is also providing a revolving line of credit to support the company’s ongoing financial needs.“Capstan Atlantic, which will be rebranded to Atlantic Sintered, is pleased to begin a new banking relationship with Eastern Bank,” said Ben Hall, President and CEO. “The creation of an employee stock ownersh
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