Eastern Bank Provides $33.1MM to The Gem Group

Eastern Bank added The GEM Group as a new asset-based lending customer. Founded in 1958, The GEM Group, which goes to market under the brand name Gemline, is a supplier of branded products to the promotional products industry. Headquartered in Lawrence, MA, where it maintains an integrated manufacturing and distribution center, The GEM Group is ranked as one of the largest industry suppliers by the Advertising Specialty Institute (ASI) and most recently received ASI’s 2021 Supplier of the Year Award. Eastern Bank is providing $33.1 million in financing to The GEM Group.

“The GEM Group is pleased to begin a new banking relationship with Eastern Bank,” Jonathan Isaacson, CEO and chairman of The GEM Group, said. “We have a shared commitment to outstanding customer service, economic development in underrepresented communities and giving back to the community, and we look forward to their support with our day-to-day business, working capital and financing needs.”

“The GEM Group has long been recognized as a leader in promotional products and for its customer service and stewardship in the community,” Bob Rivers, CEO and chair of the board of Eastern Bankshares and Eastern Bank, said. “We are especially proud to support an award-winning business contributing to greater economic opportunity in Lawrence.”

The commercial banking team for Eastern Bank that advised The GEM Group on this transaction included Greg Buscone, executive vice president and senior commercial banking officer for Eastern Bank; Don Lewis, head of asset-based lending for Eastern Bank; and Dan Bolger, senior vice president and relationship manager for Eastern Bank,