Cambridge Savings Bank Provides Stauer With a $10.5 Million Credit Facility to Facilitate Future Growth
Capital will be used to support ongoing business needs, enabling the introduction of new products and strengthening the firm’s unique position in the jewelry industry and adjacent markets
CAMBRIDGE, Mass.–(BUSINESS WIRE)–#SMBs—Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and nearly $7 billion in assets, today announced that its Asset-Based Lending (ABL) team has provided a $10.5 million credit facility to Stauer, a direct marketing retailer offering consumers affordable jewelry, watches, accessories, and collectibles with a satisfaction guarantee. Stauer will leverage the financing to repay its outstanding revolver and term loan balance, finance ongoing working capital needs, and support daily operations.
Founded in 2003 by Michael Bisceglia, Stauer’s mission is to revolutionize the jewelry industry by offering high-quality items at a lower cost than luxury brands. The jewelry retailer sells a broad range of mainstream and high-end products, available for purchase 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 has always prioritized delivering unparalleled quality, value, and service to our esteemed customers,” said Bisceglia. “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.”
Stauer was looking to partner with a bank that understands its consumer product inventory and could develop a customized solution to leave it well positioned for future growth. The closing marks the beginning of the relationship between Stauer and CSB. The bank has already played a crucial role in helping the online retailer with a flexible lending package that allows for future growth.
“At Cambridge Savings Bank, we strive to foster genuine relationships with each individual and business that we serve,” added Yvonne Kizner, Senior Vice President, Asset-Based Lending at CSB. “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.”
CSB’s commercial division is focused on serving the needs of its local communities and businesses, offering a full suite of Corporate Banking and Lending, Commercial Real Estate Lending, Asset-Based Lending, Treasury Management, and Trade Services solutions. To learn more about CSB’s custom solutions for commercial entities, please contact Yvonne Kizner at [email protected].
About Stauer
Stauer is a direct marketing retailer of jewelry, watches and other accessories sold through catalogs, magazine ads, e-commerce, direct mail and through its call center. The Company is headquartered in Burnsville, MN which is also the location of the distribution center and all the inventory, but the owner/sponsor Stanfield Capital (“Stanfield”) is based in Needham, MA. To learn more please visit: www.stauer.com.
About Cambridge Savings Bank
Cambridge Savings Bank is a full-service banking institution with over $6 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, customers, and the communities we serve. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services across a robust Massachusetts-based branch network and through digital banking solutions for commercial, small business and consumer customers. In March 2023, Kroll Bond Rating Agency affirmed CSB’s investment-grade rating, reinforcing the bank’s position as a reliable business lender. To learn more about how CSB can meet your needs, visit us at cambridgesavings.com, or better yet, come meet us to help you make the most out of your banking relationship. Member FDIC. Equal Housing Lender.
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