Rockland Trust Provides More Than $17 Million in Financing for Fallon Ambulance Services
ROCKLAND, MA (October 11, 2013) - Rockland Trust today announced it has provided more than $17 million in financing to Fallon Ambulance Services, Inc., the largest independently owned ambulance service in Massachusetts. Provided by Rockland Trust's Asset-Based Lending group, this financing includes a revolving line of credit, term loan, real estate mortgage, and capital expenditure line of credit designed to maintain Fallon Ambulance Services' current operations, while better positioning the company for future growth.
"Fallon Ambulance Service provides an invaluable service to our community," said Chris O'Connor, Senior Vice President of Asset-Based Lending at Rockland Trust. "We were pleased to provide this financing to help them continue to grow throughout the state and provide the most advanced life saving techniques to Massachusetts residents."
A division of Rockland Trust's Commercial Lending team, the Asset-Based Lending group provides companies with senior debt and asset-based credit facilities for a variety of uses, including working capital, acquisitions, turnaround financing, capital expenditures, restructuring, and growth. Rockland Trust's financing for Fallon Ambulance Services totals more than $17.4 million, and will support company operations, real estate assets, machine and equipment upkeep, and future purchases.
"With this financing from Rockland Trust, we will be able to continue effectively and safely servicing the Massachusetts community," said Tim Fallon, Owner of Fallon Ambulance Services. "Chris O'Connor and the entire Rockland team took the time to understand our business and what we need to grow, offering us support, expertise, and service we have not encountered elsewhere."
About Fallon Services, Inc.
Fallon Ambulance Service, Inc. is the largest independently owned ambulance service in Massachusetts, with more than 500 employees, a fleet of 115 vehicles, and six municipal contracts representing more than 400,000 Massachusetts residents. During the last decade, Fallon has solidified its reputation as an industry leader by investing in the most advanced medical equipment and life-saving technology, in continuous education for its employees and in a comprehensive range of quality assurance programs. For more information, please visit www.fallonambulance.com.
About Rockland Trust
A full-service commercial bank headquartered in Massachusetts with $5.9 billion in assets, Rockland Trust is the sole bank subsidiary of Independent Bank Corp. (NASDAQ: INDB), providing a wide range of consumer, business, investment, and insurance products and services. Named a Boston Globe "Best Place to Work" for four consecutive years and one of America's "Best Banks" by Forbes for three consecutive years, Rockland Trust's network consists of more than 75 retail branches, 11 commercial lending offices, five investment management, and three residential lending centers in Massachusetts and Rhode Island. To find out why Rockland Trust is the bank "Where Each Relationship Matters®", please visit www.RocklandTrust.com. Member FDIC. Equal Housing Lender.