CAMBRIDGE, Mass.–(BUSINESS WIRE)–Cambridge Savings Bank (SCB)a full-service mutual bank with a customer-focused approach and more than $5 billion in assets, announced that its commercial lending team provided a loan package to facilitate Information Technology TransCOR’ business succession plan. Retiring as chairman, TransCOR’s founder recently sold the company to longtime employee, Derek Biersteker, who assumed the lead role. CSB supported TransCOR’s acquisition strategy with a lending solution that included two Small Business Association (SBA) term loans totaling $2.1 million and a $2.5 million non-SBA line of credit .
Transitioning to his new role, Derek was looking for a financial institution that offered innovative solutions to oversee the acquisition and maximize the company’s growth potential. While learning about TransCOR’s business needs, the CSB team identified areas of improvement for the business related to safety and security. As a result, TransCOR is also leveraging CSB’s cash management tool to enable maximum efficiency and eliminate potential security threats in the future.
“For me, the first step in running the TransCOR business effectively was finding a trusted partner to help oversee the financial needs of the business,” said Beersteker. “I went through the due diligence process by interviewing several financial institutions and was impressed with the CSB team from the start. The flexibility they offer and their genuine understanding of our business have been key parts of the continued success of our organization after the change of ownership.
Located in Georgetown, MA, TransCOR provides rugged mobile computing solutions for reliable data recovery, communications and storage. Their products, including the Panasonic TOUGHBOOK, are designed to survive extreme conditions such as drops up to 1.80 meters, rain, pressure, altitude, extreme heat or cold, dust and vibration and are optimized with wireless systems devices, global mobile broadband and super-fast processors. Proudly serving municipal public safety departments, government organizations, and field service organizations in the Greater Northeast, TransCOR’s in-house installation team provides ergonomic and safe installation in customer vehicles.
“We are excited to have the opportunity to support TransCOR in its next evolution of growth,” said Jessica Kouyoumjian, Vice President, Commercial Lending at CSB. “It was a pleasure getting to know Derek and his inspiring vision for the future of TransCOR. Together, we worked to craft a financial package that ensures the company will be well positioned to achieve its goals and continue to meet to the needs of its customers under new management.”
CSB’s Commercial division is focused on serving the needs of their local communities and businesses, offering a full range of business banking and lending, commercial real estate lending, cash management and business services solutions. Cambridge Savings Bank is the bank you can trust to provide personalized services to meet your business needs. To learn more about CSB’s custom solutions for business entities, please contact Rob KershawSenior Vice President, Senior Business Banking Team Leaderat rkershaw@cambridgesavings.com.
About Cambridge Savings Bank
Cambridge Savings Bank is a full-service banking institution with over $5 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, our customers and the communities we serve. One of Massachusetts’ oldest and largest community banks, Cambridge Savings Bank offers a full range of personal and business banking services through a strong Massachusetts-based branch network and digital banking solutions for customers. traders, small businesses and consumers. To find out more about how we can meet your needs, visit us at cambridgesavings.com, or better yet, come meet us to help you get the most out of your banking relationship. FDIC member.
About TransCOR Information Technologies
TransCOR Information Technologies is a technology solutions company that develops and integrates custom rugged mobile computing solutions for reliable data retrieval, communications and storage in extreme environments. They help customers assess their specific mobile computing needs and develop systems with the right software, accessories, services and expertise to create compelling solutions. TransCOR further enhances the installation and implementation of rugged mobile computing with rugged carriers, modems, printers and peripherals that match the capabilities of full desktop systems. Located in the Northeast, their customers include public safety, government, utilities and more. For more information, visit: transcor-it.com.
