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Boston & New England  + Boston  + Finance  |  July 14, 2023
Emily Fu
By: Emily Fu

Eastern Bank Funds Raycon Construction’s ESOP Conversion 

Eastern Bank has provided financing for the sale of 100% of the stock of Raycon Construction, LLC to a newly formed Employee Stock Ownership Plan (ESOP).  

Raycon Construction, founded in 2007, is a concrete construction contractor in the Northeast. In addition to facilitating the sale, Eastern Bank is also providing a revolving line of credit to support the company’s ongoing financial needs. The decision to establish an ESOP was made to take care of the loyal employees of Raycon Construction.  

Eastern Bank has been a long-standing provider of commercial insurance to Raycon Construction through its subsidiary Eastern Insurance Group LLC. Eastern Bank’s commercial banking team, led by Executive Vice President Greg Buscone, advised Raycon Construction on the transaction. 

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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