Employee Stock Ownership Plan (ESOP) lending

It’s important to have a banking team in your corner that provides you with trusted guidance and understands what it takes to establish and maintain a successful ESOP. Over the years, our bankers have found that not having this guidance is a common frustration shared between established ESOPs and companies considering an ESOP as a potential exit strategy.

Why Westfield Bank

Our team understands what it takes to start, build, and sustain your business. Over the last 20 years, we have become one of the fastest growing community banks in Ohio. We provide trusted local banking expertise whether you are an existing ESOP looking for a strategic partner or an entrepreneur in the midst of succession planning. We’ve worked with clients in niche markets like insurance and investment advisory, similar to ESOP companies in many ways, to succeed by providing financing for business perpetuation.

Some of the top reasons privately-owned companies consider an ESOP:

  • Tax advantages: Depending on your business structure, there are potentially significant tax benefits to you, the company, and your employees.
  • Legacy preservation: Providing opportunities for future growth and success for your existing employees, the company, and the local community while allowing you to gradually transition.
  • Thriving culture that empowers existing employees, increases productivity, boosts engagement and retention while providing the opportunity for employees to build wealth
  • Confidentiality: In contrast to other selling options, throughout the transition, your company’s confidential information is kept among a small team of trusted advisors.

Experience ESOP loans with Westfield Bank.

ESOP resources

Whether you’re an existing ESOP or considering a transition, we’re happy to share a few informational resources to help you on your journey. In the first episode of our Sharing Knowledge Series, we explored how an ESOP works. You can watch or listen to that episode HERE

There are also several state and national resources, including:

  1. The ESOP Association
  2. National Center for Employee Ownership
  3. Ohio Employee Ownership Center

Ready to plan for the next chapter? Start the conversation now by connecting with our team.

Karissa Bansek
Karissa Bansek
Commercial Portfolio Manager
Dan Bender
Dan Bender
SVP, Commercial Lending Team Leader