Eastern Bank has provided financing for the sale of 100% of the stock of Raycon Construction, LLC to a newly formed Employee Stock Ownership Plan (ESOP). This transaction was facilitated by Eastern Bank and also included a revolving line of credit to support Raycon Construction’s ongoing financial needs. The decision to establish an ESOP was made in order to take care of loyal employees at the Northeast-based concrete construction contractor, which was founded in 2007.
Eastern Bank had been providing commercial insurance through its subsidiary Eastern Insurance Group LLC prior to this transaction. Executive Vice President Greg Buscone led Eastern Bank’s commercial banking team as they advised Raycon Construction on this conversion process.
