Eastern Bank Taps ABL Veteran Jarrad Herzog for Strategic Growth

BOSTON, MA – January 15, 2026 – In a strategic move to bolster its commercial finance division, Eastern Bank has appointed Jarrad Herzog as Senior Vice President, Asset-Based Lending Relationship Manager. The hire signals a deliberate focus on strengthening the bank’s capacity to serve middle-market companies with complex financing needs, leveraging Herzog's extensive experience in a competitive New England market.

Founded in 1818 and standing as Greater Boston’s leading local bank with approximately $25.5 billion in assets, Eastern Bank's decision to bring in a seasoned professional like Herzog underscores a broader strategy of investing in specialized talent to drive growth. This appointment is poised to enhance the bank's offerings in asset-based lending (ABL), a critical financial tool for businesses looking to unlock capital from their receivables and inventory.

A Strategic Play in a Competitive Market

Herzog’s arrival is not a routine personnel change but a calculated investment aligned with Eastern Bank's strong growth trajectory. The bank reported robust performance in 2025, with period-end loans reaching $18.6 billion in the second quarter, an increase of $385.3 million driven primarily by commercial and industrial activity. Following this strong performance, the bank raised its full-year loan growth outlook to a range of 3-5%, and CEO Denis Sheahan has previously linked such growth directly to "strategic investments in hiring talent."

The focus on asset-based lending is particularly timely. The global ABL market, valued at nearly $900 billion in 2025, is projected to surge to $1.43 trillion by 2029. This growth is fueled by an increasing demand from businesses for flexible financing solutions that optimize working capital. By adding a specialist with a proven track record, Eastern Bank is positioning itself to better capitalize on this trend within its core markets of Massachusetts, New Hampshire, Rhode Island, and Connecticut.

Greg Buscone, Executive Vice President and Chief Commercial Banking Officer of Eastern Bank, highlighted the strategic value of the hire. “Jarrad is experienced in structuring a range of commercial lending options and excels in identifying the preferable solution to meet a company’s needs, and we are excited to welcome him to Eastern Bank,” Buscone stated.

Decades of Specialized Lending Expertise

Herzog brings more than a decade of highly specialized experience to his new role. Most recently, he served as a Senior Vice President and Relationship Manager at Beacon Bank & Trust, the entity formed from the merger of Berkshire Bank and Brookline Bancorp. There, he was responsible for originating and structuring complex credit facilities for clients across Greater Boston.

Prior to that, Herzog spent over ten years at BDC Capital Corporation, a firm renowned for providing customized and gap financing to New England businesses since 1953. His tenure as a Senior Vice President specializing in Asset-Based and Commercial & Industrial Lending at BDC Capital honed his ability to navigate intricate financial landscapes and support companies that may not fit traditional lending criteria. This background is invaluable in a market where businesses often need creative and flexible capital solutions to manage growth, seasonality, or turnarounds.

His expertise is further validated by his deep involvement in the finance community. Herzog currently serves as President of the Secured Finance Network’s (SFNet) New England Chapter and is an active member of the Association for Corporate Growth (ACG) and the Turnaround Management Association (TMA). This leadership role places him at the center of the region's secured finance industry, providing him with a unique perspective on market trends and an extensive professional network.

Reflecting on his new position, Herzog expressed his enthusiasm for joining the institution. “I look forward to contributing to Eastern Bank’s long-standing commitment to supporting businesses throughout the region,” he said. “Eastern’s collaborative culture and focus on helping clients achieve their goals strongly align to my approach in providing personalized, relationship banking.”

Fortifying a Position of Financial Strength

Eastern Bank's move to attract top talent like Herzog is made from a position of considerable financial and institutional strength. The bank's consistent recognition as the #1 U.S. Small Business Administration (SBA) 7(a) lender in Massachusetts for 17 consecutive years demonstrates a deep-seated commitment to the regional business ecosystem, from small businesses to the middle-market companies Herzog will now serve.

The bank's parent company, Eastern Bankshares, Inc. (NASDAQ: EBC), has maintained a solid financial footing, reporting an expanded net interest margin of 3.59% in Q2 2025 and earning a "Moderate Buy" consensus rating from market analysts. This stability, combined with strategic growth initiatives like the pending merger with HarborOne Bancorp, enables the bank to invest confidently in its commercial lending platforms.

By integrating Herzog’s specialized ABL skills with its comprehensive suite of commercial financing solutions—which include working capital lines of credit, equipment loans, and acquisition financing—Eastern Bank reinforces its value proposition. The appointment sends a clear message to the market that the bank is not only a community-focused institution with deep historical roots but also a forward-looking financial partner equipped to handle the sophisticated demands of modern business. By bringing Herzog aboard, Eastern Bank not only adds a seasoned expert to its roster but also signals its clear intent to deepen its influence and provide sophisticated financial solutions to the region’s core business community.