First Niagara Finances $3 Million Loan for Stratford’s Electric Heater Company

First Niagara Bank, N.A., a wholly owned subsidiary of KeyCorp (NYSE: KEY) today announced it has closed on a $3MM loan with Hubbell Electric Heater Company (HEHC). The financing will be used to refinance an existing mortgage with the bank along with the renovation of the second floor of the company’s headquarters, located on Seymour Street in Stratford, CT.

Founded in 1920, HEHC is a leading manufacturer of engineered water heaters and heating systems specifically designed and manufactured for use in commercial, industrial, foodservice, marine, naval and offshore applications.

“Prior to this latest round of financing, we’ve enjoyed a long and positive relationship with First Niagara; when it came time to make decisions about this next phase of our company’s growth, it only made sense to go with a bank that we trust and are confident that their financing package will help continue the development of our longstanding business,” said CEO William Newbauer.

The portion of First Niagara’s facility, which was coordinated by Relationship Manager Matthew Farrell, allocated to the renovation of the second floor of HEHC’s building will be used to replace interior walls, plumbing, heating, floors, lighting, electrical work and will be used to purchase new office furniture, supplies and computers.

The upgrades are part of a $6.1MM renovation and expansion project sponsored by the Department of Economic and Community Development. HEHC expects to fill up to 35 new positions within the company including manufacturing, engineering, production, marketing, administration and quality control jobs.

“First Niagara believes in maintaining long-term relationships with our customers and we are pleased to have been able to provide this latest facility to a company that is 100-percent Connecticut-based, with customers from across the globe,” said Steven Hoffman, First Niagara’s First Vice President and Business Banking Team Leader for Fairfield County.

Renovations at HEHC are currently underway and are expected to be complete by October of 2016.