Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and nearly $7 billion in assets, announced that its Asset-Based Lending (ABL) team provided Stauer with a $10.5 million credit facility.
Stauer is a direct marketing retailer offering consumers affordable jewelry, watches, accessories, and collectibles with a satisfaction guarantee. And Stauer will utilize the financing to repay an outstanding revolver and term loan balance, finance working capital needs, and support operations.
Launched in 2003 by Michael Bisceglia, Stauer’s goal is to transform the jewelry industry by offering high-quality items at a lower cost than luxury brands. The jewelry retailer offers a broad range of mainstream and high-end products through catalogs, magazine ads, e-commerce, direct mail, and its call center. Based in Burnsville, Minnesota, Stauer has ties to Needham, Massachusetts, through its sponsor Stanfield Capital.
Stauer was looking to partner with a bank that understood its consumer product inventory and could develop a customized solution to position it well for future growth. And the closing marks the beginning of Stauer’s relationship with CSB. The bank already played a major role in helping the online retailer with a flexible lending package for future growth.
CSB’s commercial division is focused on serving the needs of its local communities and businesses. And it offers a full suite of Corporate Banking and Lending, Commercial Real Estate Lending, Asset-Based Lending, Treasury Management, and Trade Services solutions.
KEY QUOTES:
“Stauer has always prioritized delivering unparalleled quality, value, and service to our esteemed customers. Cambridge Savings Bank stood out to us in our search for lending solutions because they employ the same customer-centric approach to everything that they do. CSB not only recognizes our clear opportunities for growth, but also understands the unique needs of our business. They have been an invaluable resource as we identify solutions to meet our current and future goals.”
– Michael Bisceglia
“At Cambridge Savings Bank, we strive to foster genuine relationships with each individual and business that we serve. Stauer, being a like-minded partner, is eager to implement solutions that ultimately benefit their end client, which has made it easy to build a genuine connection. We are invested in the continued success of Stauer and committed to supporting its needs every step of the way.”
– Yvonne Kizner, Senior Vice President, Asset-Based Lending at CSB
