Cambridge Savings Bank (CSB), a full-service?mutual bank with a customer-first approach and more than $5 billion in assets, provided a loan to finance the rollout of an Employee Stock Ownership Plan (ESOP) for Metro Walls, a full-service commercial framing, drywall, and acoustical company with locations across New England.
With the former owner, Mike Dion, stepping down at the outset of 2022, Metro Walls successfully implemented a succession plan in which existing shareholders sold 100% of their shares to the employees through an ESOP. The lending package allows the company to stay independent and remain focused on its purpose and values, while maintaining its growth path under the experienced leadership of new president, Bryan Hussey.
When Metro Walls was seeking a financial institution to facilitate the succession planning process, CSB came highly recommended from a third-party consultant. After being introduced to Mike, Bryan, and their team, CSB acted quickly on the deal.
“CSB has been a phenomenal partner. From the moment they sat down with us to discuss financing options, it just felt right,” said Hussey. “The combination of CSB’s knowledge in this space and the level of experience on the team made the entire process simple and seamless. Thanks to our partners at CSB, I am confident about the future success of Metro Walls and the satisfaction of our respected employees.”
Metro Walls’ average employee tenure is nearly 12 years, and with this newly implemented structure, all of the company’s roughly 250 employees will share in its success and future growth as they earn shares throughout their employment at the company. The ESOP is an added benefit on top of Metro Walls’ existing full-suite, inclusive benefits package. The plan leaves Metro Walls well positioned to recruit and retain future employees because it offers a tangible example to share with potential candidates of how the company takes care of its employees.
“In getting to know Bryan and the Metro Walls team, it was incredibly apparent the value the company places on their employees,” said Kevin Burke, FVP, Senior Corporate Banking Loan Officer at CSB. “It was a pleasure supporting their leadership team in their efforts to incentivize their hard-working staff. Accommodating our partner’s one-of-a-kind needs is always a rewarding process and we look forward to the next opportunity to continue to champion Metro Walls and the evolution of their growth.”
The loan package for Metro Walls is one of many successful ESOP deals CSB has executed and the Bank hopes to engage in similar lending activity with clients across New England in the near future. CSB’s commercial division is focused on serving the unique needs of their local communities and businesses, offering a full suite of Corporate Banking Lending, Commercial Real Estate Lending, Treasury Management and Trade Services solutions. To learn more about CSB’s custom lending solutions, please visit cambridgesavings.com or contact Kevin Burke at kburke@cambridgesavings.com.
Cambridge Savings Bank is a full-service banking institution with nearly $6 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, 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. To learn more about how we can meet your needs, visit cambridgesavings.com, or better yet, come meet us to help you make the most out of your banking relationship. Member FDIC.