Eastern Bank announced Crime Prevention Security Systems, LLC (CPSS) as a new commercial customer. Founded in 1975 by John Pastore, Founder and President, and his wife, Randi Elrad, Vice President of Sales, CPSS is a family-owned business. Headquartered in Gainesville, FL, servicing North and Central Florida, CPSS designs, installs and services security and fire alarm systems, as well as home automation systems, audio and video. Eastern Bank is providing a full banking solution to CPSS, which includes a revolving line of credit and cash management services.
“Crime Prevention Security Systems is thrilled to begin a new banking relationship with Eastern Bank,” said Pastore. “Central to our business philosophy is that we are neighbors serving neighbors. As a bank with a mission to do good in the community, Eastern understands our model. The flexibility of the financing solution offers the resources we need to support our future plans and we look forward to Eastern’s support.”
Eastern Bank provided $8.5 million of working capital financing to support growth.
“For over 45 years, Crime Prevention Security Systems has been recognized as a local leader in security and alarm products, providing peace of mind and excellent customer service to their customers,” said Greg Buscone, Executive Vice President, Senior Commercial Banking Officer of Eastern Bank. “We are proud to assist with their financing needs.”
Eastern provides a range of commercial financing offerings to help companies across many industries to 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.
Mark H. Sandler, Managing Director at SPP Advisors, LLC represented CPSS in this transaction.
The Commercial Banking team advising Crime Prevention Security Systems includes Buscone and Senior Vice President, Commercial Group Director Brendan O’Neill.