Brookline Bancorp commercial finance subsidiaries combine operations
Eastern Funding, a premier financial lender to laundromats and other businesses, announced that it has successfully merged operations with Macrolease Corporation. Macrolease is a leading specialized equipment finance and leasing company serving the fitness, wellness and nutrition markets. Both companies are subsidiaries of Brookline Bancorp, a publicly traded bank holding company (www.brooklinebancorp.com).
Macrolease (www.macrolease.com), based in Plainview, New York, has provided equipment financing for fitness centers, wellness spas, nutritional food franchises, municipalities, healthcare facilities, schools and universities, and more for over 50 years. Eastern Funding, founded in 1997, primarily serves laundry, car wash, grocery and tow and recovery businesses. In addition to financing equipment, Eastern Funding also offers funding for business acquisitions and commercial real estate – including SBA 504 loans.
The melded company boasts an active loan portfolio of more than $1.2 billion and a customer base that spans over 20 market segments. Paul Vecker will remain in his role as President of Macrolease and will also serve as Chief Revenue Officer of the combined companies. Notably, the successful merger of these two companies will see the retention of all current Eastern Funding and Macrolease employees.
“Eastern Funding and Macrolease are both well established leaders in the markets they serve. With stellar reputations for integrity, transparency and best in class customer service, both Eastern Funding and Macrolease have risen to the top of the industry. Both companies will benefit from this merger, which will broaden and enhance the products and services that can be offered to the marketplace. The merging of operations will result in significant benefits for all existing and new customers through enhanced technology, customer service and a more seamless loan process,” notes Michael Fanger, president of Eastern Funding. “Our commitment to building rock-solid relationships, taking the time to understand our customers’ businesses and providing custom-tailored financing is stronger than ever. Whether you do business with us as Eastern Funding, Macrolease or Specialty Vehicle Funding, you can rest assured that our professionals will provide you with personalized service of the highest quality.”
Both companies rank among the top 100 US equipment finance companies in 2021. (Monitor Magazine).