Cambridge Savings Bank helps local business owner drive impressive growth with business lending solution
CAMBRIDGE, Mass.–(BUSINESS WIRE)–Cambridge Savings Bank (SCB)a full-service mutual bank with a customer-focused approach and more than $5 billion in assets, today announced that its commercial lending team has provided a $2.1 million commercial real estate mortgage and a construction loan to permanent to acquire and renovate a new building in Hingham, Massachusetts to a special purpose entity controlled by Stephanie Hernan, president of Yankee Trader Seafood (YTS)plus a $300,000 working capital line of credit.
A local, third-generation woman-owned seafood processing company, YTS is led by CEO and President, Stephanie Hernan. When Stephanie needed financial assistance throughout the pandemic, CSB stepped in to help finalize the acquisition of the company’s new property and supported YTS with two PPP loans to meet the heightened challenges. companies have faced over the past 2 years.
“During a time of uncertainty that kept us busy and challenging, Cambridge Savings Bank provided us with solutions that allowed Yankee Trader Seafood to not only continue to operate, but also to increase production and expand our service,” said Hernan. “I have immense faith in Javier and the CSB team to stick with us through thick and thin, keep us on track and offer guidance that will allow us to thrive in any environment. I will never change banks.
YTS first became involved with CSB when they leased their old property and purchased a new building in Hingham with the intention of renovating and moving their operations to this space. With financial assistance from CSB, YTS transitioned to its new building, allowing its production to expand from one assembly line to three. As well as ramping up production of their seafood and meat products – sold to major chains such as BJs, Stop & Shop and Costco – YTS has been able to expand its offering to include meal prep kits during the pandemic. . Their products can also be purchased directly through the Company Website.
Founded in 1994, the Hernans have built their family business at 31 locations with distribution channels nationwide and in Canada through continuous innovation and the hiring of a team of highly skilled personnel, including a full-time business. Beyond product manufacturing, YTS leaders focus on product development and serve selected customers with available tailor-made solutions for white labeling.
“Getting to know Stephanie and the Yankee Trader Seafood business was an absolute pleasure,” mentioned Javier Bellini, Vice President, Head of Corporate Banking Lending at CSB. “Despite the challenges presented by the pandemic, it is important for us at Cambridge Savings Bank to support local businesses doing business the right way. We look forward to continuing to meet the changing needs of YTS as ‘they continue to grow and innovate.”
CSB’s Commercial division is focused on serving the needs of their local communities and businesses, offering a full range of business banking and lending, commercial real estate lending, cash management and business services solutions. Cambridge Savings Bank is the bank you can trust to provide personalized services to meet your business needs. To learn more about CSB’s custom solutions for commercial entities, please contact: [email protected]
About Cambridge Savings Bank
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 employees, our customers and the communities we serve. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full range of personal and business banking services through a strong Massachusetts-based branch network and digital banking solutions for customers. traders, small businesses and consumers. In 2022, CSB received an investment grade rating from rating agency Kroll Bond, strengthening the bank’s position as a trusted corporate lender. To learn more about how CSB can meet your needs, visit us at cambridgesavings.com, or even better, come meet us to help you get the most out of your banking relationship. FDIC member. Equal Housing Lender.
About Yankee Trader Seafood:
Yankee Trader Seafood is a family-owned, women-led seafood company based in Pembroke, Massachusetts. The organization is a seafood processor and has been producing frozen seafood entrees that have been distributed in national supermarkets and convenience stores for nearly three decades. Yankee Trader Seafood has 31 locations with distribution channels in the United States and Canada. For more information, please visit: yankeetraderseafood.com.