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 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 ykizner@cambridgesavings.com.