1. EBC supports NEI General Contracting with a $30 million credit line. 2. NEI specializes in affordable housing and market-rate developments. 3. Eastern Bank aims to bolster community development through local partnerships. 4. EBC's financial solutions aim to enhance operational efficiency for clients. 5. Strong commitment to affordable housing aligns with EBC's community support values.
The new partnership with NEI General Contracting enhances EBC's market presence. Historically, banks fostering community projects often see an uptick in customer loyalty and trust.
The partnership reflects EBC's proactive role in community development, likely appealing to socially-conscious investors.
Investment in affordable housing can yield ongoing benefits as housing demand rises, contributing to sustained revenue streams for EBC over time.
Provides Full-Service Banking Relationship To Support Affordable Housing Development And National Expansion
Eastern Bank is pleased to announce NEI General Contracting (NEI) as a new commercial banking customer. Founded in 1998, NEI General Contracting is a leading general contractor specializing in affordable and market-rate housing, with extensive experience in ground-up construction, moderate rehabilitation, historic restorations and residential conversions. Headquartered in Boston, NEI also operates regional offices in Florida and Texas, serving clients across the Northeast, Southeast and Southwest. Eastern Bank is providing NEI with a $30 million working capital line of credit to support its day-to-day operations, three real estate loans to refinance existing facilities, as well as a full suite of treasury management services.
"NEI General Contracting has built a reputation for excellence in affordable housing and community development, and we're thrilled to welcome them to Eastern Bank," said Greg Buscone, Executive Vice President, Chief Commercial Banking Officer of Eastern Bank. "Their work is transforming neighborhoods and creating opportunities for individuals and families across the region. We're proud to provide a range of financial solutions supported by local decision-making to help with their growth objectives."
"We're excited to begin our relationship with Eastern Bank," said Josef Rettman, President of NEI General Contracting. "Their team understands the unique demands of the construction industry and the importance of local market expertise. Eastern's responsiveness and commitment to building strong relationships made them the right choice for our growing business."
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 NEI General Contracting includes: Executive Vice President, Chief Commercial Banking Officer Greg Buscone; Senior Vice President, Commercial Group Director Brendan O'Neill; Senior Vice President and Commercial Banking Team Leader Joseph Alberghini; Vice President, Commercial Relationship Manager Jake Bock; Vice President, Commercial Portfolio Manager Jacob Steinhoff; and prior to his retirement Senior Vice President, Commercial Team Leader Thomas King.
About Eastern Bank
Founded in 1818, Eastern Bank is Greater Boston's leading local bank with approximately 110 branch locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, Rhode Island and Connecticut. As of June 30, 2025, Eastern had approximately $25.5 billion in assets. Eastern provides a full range of banking and wealth management solutions for consumers and businesses of all sizes including through its Cambridge Trust Wealth Management division, the largest bank-owned independent investment adviser in Massachusetts with $8.7 billion in assets under management, and takes pride in its outspoken advocacy and community support that includes more than $240 million in charitable giving since 1994. An inclusive company, Eastern is comprised of deeply committed professionals who value relationships with their customers, colleagues and communities. Join us for good at www.easternbank.com and follow Eastern on Facebook, LinkedIn, and Instagram. Eastern Bankshares, Inc. (NASDAQ:EBC) is the holding company for Eastern Bank. For investor information, visit investor.easternbank.com.
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Media contact:
Andrea Goodman
Eastern Bank
a.goodman@easternbank.com
781-598-7847
Investor contact:
Andrew Hersom
Eastern Bankshares, Inc.
InvestorRelations@easternbank.com
617-897-1177