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Rockland Trust Provides Asset-Based Credit Facility to Yankee Spirits Inc.
November 9, 2020
Source: Rockland Trust
Rockland Trust’s Asset-Based Lending Team announced today that it provided a $6 million revolving line of credit to Yankee Spirits Inc., a retailer of wine, beer, and spirits with four locations throughout Massachusetts. The company sells a wide variety of alcoholic beverages, and utilizes warehouse space at each location to purchase in larger quantities, enabling them to offer discount prices. Proceeds from the line of credit were used to refinance their existing credit facility and going forward, the line will be used to support continued growth.
“We’re pleased to partner with Yankee Spirits Inc., to support their business needs and to provide additional liquidity for future growth,” said Daniel J. Landers, Senior Vice President and Executive in Charge of Asset-Based Lending at Rockland Trust. “Yankee Spirits is well-positioned as a one-stop shop for alcohol, and has done a great job expanding its delivery, curbside pickup, and online ordering options.”
“Rockland Trust is a true banking partner who took the time to look at the Yankee Spirits business successes and challenges and help strategize the corporation’s banking needs for a successful future,” said Maureen Lang, Financial Controller, Yankee Spirits Inc., “During these unprecedented times, it is important to ask your banker what resources are available that meet the specific needs of the corporation.”
Yankee Spirits Inc., has been in business since 1971, has four retail “superstore” locations, located in Attleboro, Swansea, Norwood, and headquartered in Sturbridge, MA. Yankee Spirits, Inc., has experienced increased success through their online ordering portal, allowing for contactless delivery and curbside pickup for their customers throughout the COVID-19 pandemic.
About Rockland Trust
Independent Bank Corp. (NASDAQ Global Select Market: INDB) is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. Rockland Trust was named to The Boston Globe’s “Top Places to Work” 2019 list, an honor earned for the 11th consecutive year. In addition to this recognition, Rockland Trust was ranked the #1 Bank in Massachusetts, according to Forbes 2020 World’s Best Banks list. Rockland Trust is deeply committed to the communities it serves as reflected in the overall “Outstanding” rating received in its most recent Community Reinvestment Act performance evaluation. Rockland Trust offers a wide range of banking, investment, and insurance services. The Bank serves businesses and individuals through approximately 100 retail branches, commercial and residential lending centers, and investment management offices in eastern Massachusetts, including Greater Boston, the South Shore, the Cape, and Islands, as well as in Worcester County and Rhode Island. Rockland Trust also offers a full suite of mobile, online, and telephone banking services. Rockland Trust is an FDIC member and an Equal Housing Lender. To find out why Rockland Trust is the bank “Where Each Relationship Matters®,” please visit RocklandTrust.com.
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