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Salem Five Leads $14,000,000 Financing for Signature Breads.

Commercial banking finances recapitalization of Chelsea-based baker

SALEM, Mass. -- The commercial banking division of Massachusetts-based financial institution, Salem Five Bank, announced its successful completion of a $14,000,000 recapitalization financing. Signature Breads, a former subsidiary of General Mills, was acquired through recapitalization with Salem Five and subordinated loans from Bay Colony Development Corporation, The Economic Stabilization Trust and MB Capital Fund II.

"This is an excellent example of how Salem Five is answering the needs of businesses," said Joseph M. Gibbons, President and Chief Executive Officer at Salem Five. "The lenders in our commercial banking division are well versed in the complex cash management and financing needs of middle market companies and are committed to helping them grow with loans in excess of $20,000,000."

Signature Breads is a par-baked bread manufacturer that serves local and national food distributors from its plants in Chelsea, Massachusetts and Tempe, Arizona.

Anthony Rodriguez, Plant Manager for Signature Breads, Inc. said, "Signature Breads is a unique place. We have a diverse workforce here. Without the efforts of the lending organizations, all the jobs would have been lost and the production facility might have relocated to outside of New England. Salem Five was instrumental in working with us to keep Signature Breads here."

John Hall, Senior Vice President, Commercial Banking, said, "This was a great team effort - bringing together different partners and making this happen for the Signature Bread employees. We were able to help them regain a company that will continue to grow and provide revitalization, and jobs, to the Chelsea area."

Founded in 1855, Salem Five operates 20 branches in Salem, Beverly, Boston, Danvers, Hamilton/Wenham, Lynn, Malden, Marblehead, Middleton, North Andover, Peabody, Saugus, and Swampscott, Massachusetts. With $2.4 billion in assets, Salem Five is the third largest savings Bank headquartered in Massachusetts. Salem Five provides customers with a full range of retail and commercial banking products and services. In addition, Salem Five operates Salem Five Mortgage Corporation, LLC, a mortgage banking company with offices in Massachusetts, Maine, New Hampshire, and Rhode Island. Salem Five Mortgage Corporation services $1.5 billion in loans for investors and is the largest Fannie Mae Seller/Servicer headquartered in Massachusetts. Salem Five Investment Services, LLC offers stocks and bonds, mutual funds, asset management accounts, annuities, domestic and foreign securities, as well as financial and retirement planning, portfolio review and professional money management services. Salem Five Boyle Insurance offers a complete line of personal and commercial insurance services.
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Publication:Business Wire
Date:Jan 8, 2007
Words:413
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