The Eastern Company Announces Change in Banking Relations
01 Fevereiro 2010 - 1:29PM
Business Wire
The Eastern Company (NYSE Amex-EML) today announced that its
Board of Directors has approved the replacement of Bank of America,
N.A. as its primary lending institution and has entered into an
agreement with People’s United Bank for a revised secured senior
credit facility and line of credit.
The Board of Directors has determined that the new banking
relationship with People’s United Bank will provide greater
flexibility, lower cost and be more beneficial towards the
important goal of improving shareholder value.
People’s United Bank is a diversified financial services company
with $21 billion in assets, and provides consumer and commercial
banking services through a network of more than 300 branches in
Connecticut, Vermont, New Hampshire, Massachusetts, Maine and New
York. Through its subsidiaries, People’s provides equipment
financing, asset management, brokerage and financial advisory
services, and insurance services. People’s United Financial, Inc.
operates as a savings and loan holding company of People’s United
Bank and is traded on The NASDAQ Stock Market, (“PBCT”).
The Eastern Company is a 151-year-old manufacturer of vehicular
and industrial hardware, locks, metal castings, coin collection and
smart card products. It operates from nine locations in the U.S.,
Canada, Mexico, Taiwan and China. The diversity of the Company’s
products enables it to respond to the changing requirements of a
broad array of markets.
Forward-Looking
Statements: Information in this news release contains
statements which reflect the Company’s current expectations
regarding its future operating performance and achievements. Actual
results may differ due to the many economic uncertainties that
affect the Company’s business environment. Further information
about the potential factors which could affect the Company’s
financial results are included in the Company’s reports and filings
with the Securities and Exchange Commission. The Company is not
obligated to update or revise the aforementioned statements for
those new developments.
Eastern (AMEX:EML)
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