Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $5 billion in assets, 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 kbroyles@cambridgesavings.com.
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.