ETFOptimize | High-performance ETF-based Investment Strategies

Quantitative strategies, Wall Street-caliber research, and insightful market analysis since 1998.


ETFOptimize | HOME
Close Window

Eastern Bank Announces DPV Transportation (DPV) As A Commercial Banking Customer

Provides Capital To Support Future Business Growth

Eastern Bank is pleased to announce global ground transportation company DPV Transportation, Inc. (DPV) as a new commercial banking customer. Headquartered in Everett, MA, DPV is the largest certified minority-owned ground transportation business in New England operating a fleet of over 80 vehicles from Greater Boston to New York and employing hundreds of people. After working with Eastern Bank as a small business banking customer during its start-up, DPV is now transitioning to the bank’s commercial banking portfolio. Eastern Bank is providing a $5 million equipment line of credit for growth capital to support the purchase of new vehicles and a $1 million revolving line of credit to support the company’s ongoing working capital and general corporate needs.

DPV is a past participant in the Foundation for Business Equity’s Business Equity Initiative, which Eastern incubated in 2017 to support the growth of businesses owned by people of color. After gaining access to quality capacity building, business networking and high touch strategic advisory services, DPV evolved its business model with new innovations and practices, such as a customized mobile application with real-time tracking capabilities, to bolster safety and comfort for its corporate client base.

“What began as a humble venture, shuttling athletic teams, has now evolved a decade and a half later into a thriving enterprise that moves Fortune 100 corporations and industry-leading clients forward through safe, state-of-the-art ground transportation,” said Daniel Perez, Founder and CEO of DPV Transportation. “We value Eastern’s commercial banking transportation industry expertise and how it has supported the growth of our company in providing more than just capital, by also serving as a trusted business resource.”

MassDevelopment, the state’s development finance agency and land bank working with businesses, banks and communities to stimulate economic growth across the Commonwealth, contributed another $6 million in loan financing through the State Small Business Credit Initiative (SSBCI), which provides loans and guarantees with flexible terms that focus on businesses within socially and economically disadvantaged areas and/or businesses owned and controlled by socially and economically disadvantaged individuals.

“This financing will help DPV Transportation grow, meet demand for its services and create new jobs,” said MassDevelopment President and CEO Dan Rivera. “MassDevelopment is proud to deliver federal resources from the State Small Business Credit Initiative to help entrepreneurs and emerging companies expand their footprint in Massachusetts. By working with community-focused banks like Eastern Bank, we are able to create financing packages that meet the needs of our clients.”

Greg Buscone, Executive Vice President, Chief Commercial Banking Officer of Eastern Bank, added, “MassDevelopment leads important work involving the expansion of businesses in our community, and we appreciate their additional financing as we proudly announce DPV Transportation as a commercial banking customer. It has been exciting to see how the company has developed through the years from a smaller enterprise to a larger business, and we look forward to supporting its growth.”

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 and employee stock ownership plan-related financing.

The Commercial Banking team advising DPV Transportation includes Executive Vice President, Chief Commercial Banking Officer Greg Buscone; Senior Vice President and Commercial Group Director Dan Field; Senior Vice President and Commercial Relationship Manager David Nussbaum; and Commercial Portfolio Manager Tom Barcikowski.

Surfside Capital Advisors served as financial advisor to DPV Transportation.

About Eastern Bank

Founded in 1818, Boston-based Eastern Bank has more than 120 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. As of December 31, 2023, Eastern Bank had approximately $21 billion in total assets. Eastern provides a full range of banking and wealth management solutions for consumers and businesses of all sizes, and takes pride in its outspoken advocacy and community support that includes $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, X and Instagram. Eastern Bankshares, Inc. (Nasdaq Global Select Market: EBC) is the stock holding company for Eastern Bank. For investor information, visit investor.easternbank.com.

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.


 

IntelligentValue Home
Close Window

DISCLAIMER

All content herein is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy, nor should it be interpreted as a recommendation to buy, hold or sell (short or otherwise) any security.  All opinions, analyses, and information included herein are based on sources believed to be reliable, but no representation or warranty of any kind, expressed or implied, is made including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. We undertake no obligation to update such opinions, analysis or information. You should independently verify all information contained on this website. Some information is based on analysis of past performance or hypothetical performance results, which have inherent limitations. We make no representation that any particular equity or strategy will or is likely to achieve profits or losses similar to those shown. Shareholders, employees, writers, contractors, and affiliates associated with ETFOptimize.com may have ownership positions in the securities that are mentioned. If you are not sure if ETFs, algorithmic investing, or a particular investment is right for you, you are urged to consult with a Registered Investment Advisor (RIA). Neither this website nor anyone associated with producing its content are Registered Investment Advisors, and no attempt is made herein to substitute for personalized, professional investment advice. Neither ETFOptimize.com, Global Alpha Investments, Inc., nor its employees, service providers, associates, or affiliates are responsible for any investment losses you may incur as a result of using the information provided herein. Remember that past investment returns may not be indicative of future returns.

Copyright © 1998-2017 ETFOptimize.com, a publication of Optimized Investments, Inc. All rights reserved.