SOURCE: Eastern Funding

Eastern Funding

September 28, 2011 08:00 ET

Eastern Funding Earns Top U.S. Bank Leasing & Financing Company Ranking

NEW YORK, NY--(Marketwire - Sep 28, 2011) - Eastern Funding LLC, one of the country's leading business financing companies (with a special focus on the coin laundry, convenience store, and dry cleaning industries), climbed up the annual ranking of The Top U.S. Bank Leasing & Finance Companies by Monitor. As a multi-channel publication that tracks and reports on equipment finance and leasing for finance professionals across the country, Monitor's July 2011 issue places Eastern Funding as the 36th-largest bank-owned leasing (finance) company in the nation.

Improving four places (from #40 in 2009), Eastern Funding increased net assets in 2010 by $29.4M. In a year when more than half of the top financing companies reported losses in net assets, Eastern Funding's 17% growth was the fourth highest listed. Eastern Funding's senior management team attributes the company's continued success to their commitment to providing custom finance solutions for each client.

Eastern Funding's Chief Credit Officer Marc Stern noted, "Our growth and success at Eastern Funding continues to be powered by our belief in the value of looking beyond standard credit criteria to develop financing that's tailored to help our customers reach their business goals. It's our customers that bring vision and opportunity to the table, and it's our commitment to then say 'yes' with the right financial solutions."

Headquartered in New York City, Eastern Funding has funded loans of more than $500 million since its inception in 1997. The company's consistent growth and success in the laundry business is reflected in its top ranking by Monitor.

Founded by commercial banking and lending veteran, Michael Fanger, Eastern Funding is a leader in financing for the laundry business and is considered a "one-stop shop" for direct lending. The company makes business financing available to facilitate new and used equipment purchases, acquisitions and refinancing of retail stores, real estate purchases, and provide fixed- and floating-rate loans. Eastern Funding LLC is a division of Brookline Bank (NASDAQ: BRKL) with offices headquartered in New York City. For more information about the company and its services visit www.EasternFunding.com.

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