CAMBRIDGE, Mass.–(BUSINESS WIRE)–Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $5 billion in assets, today announced that its Commercial Lending team provided a $2.1 million commercial real estate mortgage and construction to permanent loan to acquire and renovate a new building in Hingham, Massachusetts to a special purpose entity controlled by Stephanie Hernan, President of Yankee Trader Seafood (YTS), in addition to a $300,000 working capital line of credit.
A local, third generation, woman-owned seafood processing business, YTS is run by CEO and President, Stephanie Hernan. When Stephanie needed financial assistance throughout the pandemic, CSB stepped in to help with finalizing the acquisition of the company’s new property and supported YTS with two PPP loans to navigate the heightened challenges businesses have faced over the past 2 years.
“During a time of uncertainty that kept us busy and challenged, Cambridge Savings Bank offered us solutions that allowed Yankee Trader Seafood to not only continue to operate, but to also increase production and expand our services,” said Hernan. “I have immense trust in Javier and the team at CSB to stick with us through thick and thin, keep us on track, and offer us guidance that will allow us to thrive in any environment. I will never change banks.”
YTS first engaged with CSB when they leased their old property and purchased a new building in Hingham with the intent to renovate and move their operations into this space. With financial assistance from CSB, YTS transitioned into their new building allowing their production to grow from one assembly line to three. In addition to increasing production of their seafood and meat products — sold to major chains including BJs, Stop & Shop, and Costco — YTS was able to expand their offering to include meal preparation kits during the pandemic. Their products can also be purchased directly through the company’s website.
Established in 1994, the Hernans have built their family business to 31 locations with distribution channels nationally and in Canada through continued innovation and hiring a team of highly trained staff, including a full-time corporate chef. Beyond manufacturing the products, YTS’s chefs have a focus on product development, and service select clients with tailored solutions available for white labeling.
“Getting to know Stephanie and the Yankee Trader Seafood business has been an absolute pleasure,” said Javier Bellini, VP, Corporate Banking Loan Officer at CSB. “Despite the challenges presented by the pandemic, it’s important to us at Cambridge Savings Bank that we support local companies doing business the right way. We look forward to continuing to support the evolving needs of YTS as they continue growing and innovating.”