Spencer Savings Bank recently closed on a $22 million loan for a global manufacturing company headquartered in New York City. The deal is the bank’s largest single transaction in history, signaling a continued appetite for growth and the desire for borrowers to work with a community bank.
“We were delighted to have the opportunity to provide a substantive financing for such a well- managed global company,” stated John Duncan, Executive Vice President and Chief Lending Officer. “We worked very closely with the company to structure a credit package which matched their long-term financing requirements.”
The borrower is a $300 million revenue company with international operations and employs 7,000 employees worldwide with principal operations in the United States. The loan was a mortgage securing a distribution facility.
“This transaction, right in the heart of the Meadowlands and in the shadow of MetLife Stadium, is the epitome of the customer focus, service and attention to detail that our lending clients have come to expect from Spencer Savings Bank,” stated Ryan Peene, Senior Vice President and Director of Market Growth.