Date: 7/23/2012 TO 7/30/2012
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Event Description: Lowell, Mass., July 20, 2012 – Robert A. Caruso, Chairman of The Lowell Five Cent Savings Bank, is pleased to announce that The Lowell Five recently made a loan to ARLIN Manufacturing through the Commonwealth of Massachusetts Treasurer’s Office Small Business Banking Partnership. ARLIN Manufacturing will use the loan to purchase equipment that will result in the addition of 6 new manufacturing jobs at their Lowell plant. The Small Business Banking Partnership is an initiative through State Treasurer Steve Grossman’s office that makes deposits in Massachusetts community banks which lend to small businesses. The main objective of the program is to promote small business growth by providing credit worthy businesses greater access to loans. The program was launched in 2011, and The Lowell Five is the first bank in Lowell to participate. “We are pleased that our partnership with the Commonwealth of Massachusetts has resulted in 6 new manufacturing jobs. The role of community banks is to provide deposit and lending products to businesses and individuals in our neighborhoods. We believe the community as a whole will benefit from this loan and we look forward to financing additional small business initiatives,” said Caruso. ARLIN Manufacturing Company, Inc., located in Lowell, manufactures plastic films and sheets for packaging specialty industrial applications. Industries served include medical, pharmaceutical, food, audio/visual, electrical/electronics, building and construction, and thermoforming. "This loan allows ARLIN to purchase equipment and to expand our production of custom tape products to the medical, industrial and green/emerging technology markets. We are most excited about the prospect of bringing new jobs to the community that's been our home since 1954,” said Steve Mitchell V.P. of Engineering at ARLIN Manufacturing. About The Lowell Five Cent Savings Bank Locally governed and managed with over 150 years of strength and stability, The Lowell Five is a service oriented community bank providing comprehensive mortgage and loan products in excess of $20 million, extensive deposit and cash management products and services, and investment and insurance products for individuals, businesses, municipalities and non-profits throughout its 14 locations. The Lowell Five maintains one of the strongest capital positions of all Massachusetts savings banks and deposits are insured in full by both the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF).


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