Eastern Bank Provides Financing To Support Surety Bond Professionals’ Transition To Employee Ownership

Eastern Bank Provides Financing To Support Surety Bond Professionals’ Transition To Employee Ownership

Eastern Bank today 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.

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.”