Eastern Bank announced it has provided financing to support the conversion of Surety Bond Professionals (SBP), a Massachusetts-based, independent surety-only agency, to a 100% employee-owned company. The financing includes a term loan to facilitate the establishment of an Employee Stock Ownership Plan (ESOP), a revolving line of credit to support the company’s ongoing working capital needs, cash management solutions, as well as the availability of a comprehensive range of wealth management and retirement planning services.
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Surety Bond Professionals delivers comprehensive contract bonding solutions to construction contractors nationwide, including bid, performance, payment, subdivision, supply and maintenance bonds. It works across a range of contractor types, including general contractors, HVAC, plumbing, solar/EPC, demolition, roofing and masonry. SBP also works with a network of CPAs and construction attorneys that provide contractors with additional resources for growing their business.
“Surety Bond Professionals was built with a deep commitment to integrity, personal service, long-term relationships and exceeding the expectation of what a bonding experience should be,” said Mark Leskanic, Founder and President of Surety Bond Professionals. “Transitioning to employee ownership is a natural extension of our philosophy and recognizes the critical role of our team in serving our clients’ needs. We wanted a bank that understands ESOPs and works as an extension of our team, and Eastern Bank’s experience, collaboration and daily communications made them an ideal choice.”
“Surety Bond Professionals has built a strong, client-focused platform centered around its deep surety expertise and commitment to excellent service,” said Greg Buscone, Executive Vice President, Chief Commercial Banking Officer of Eastern Bank. “We are proud to support their commitment to employee ownership with a tailored, relationship-driven financing solution.”
Eastern Bank provides a range of commercial financing offerings to help companies across many industries improve cash flow, increase efficiencies and build for the future. Commercial lending solutions include working capital/lines of credit, equipment/term loans, real estate loans, acquisition financing, asset-based lending, franchise lending and employee stock ownership plan-related financing.
The Commercial Banking team advising Surety Bond Professionals includes: Executive Vice President, Chief Commercial Banking Officer Greg Buscone; Senior Vice President and Commercial Group Director Dan Field; Senior Vice President and Commercial Team Leader David Nussbaum; Relationship Manager Tom Barcikowski; and Vice President and Portfolio Manager Sarah McCabe.
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