Cambridge, MA – Cambridge Savings Bank (CSB) announced it has provided a loan to finance the rollout of an Employee Stock Ownership Plan (ESOP) for Metro Walls, a full-service commercial framing, drywall, and acoustical company with locations across New England.
With the former owner, Mike Dion, stepping down at the outset of 2022, Metro Walls successfully implemented a succession plan in which existing shareholders sold 100% of their shares to the employees through an ESOP. The lending package allows the company to stay independent and remain focused on its purpose and values, while maintaining its growth path under the leadership of new president, Bryan Hussey.
Metro Walls’ average employee tenure is nearly 12 years, and with this newly implemented structure, all of the company’s roughly 250 employees will share in its success and future growth as they earn shares throughout their employment at the company. The ESOP is an added benefit on top of Metro Walls’ existing full-suite, inclusive benefits package.
“In getting to know Bryan and the Metro Walls team, it was incredibly apparent the value the company places on their employees,” said Kevin Burke, FVP, senior corporate banking loan officer at CSB. “It was a pleasure supporting their leadership team in their efforts to incentivize their hard-working staff.”