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Armorcast Products Company

Armorcast Products Company
Paul Boghossian, Armorcast Products Company

When H.P. Boghossian first started Armorcast Products Company in 1966, he didn’t set out to create an innovative leader in the utilities industry, but that’s exactly what they’re known for today. The early years of Armorcast involved selling and installing reinforced fiberglass architectural elements for retail construction, movie studios, and Las Vegas hotels. It wasn’t until 1972 that Armorcast introduced their signature product line of durable underground protective enclosures for utility companies. Around this time, Armorcast established a partnership with Community Bank. When Citizens Business Bank acquired Community Bank in August of 2018, the team at Armorcast were initially concerned about what changes might be in store for them.

When your bank of 40 years is acquired, you worry you’re just going to be another number to them. That hasn’t been the case,” says Paul Boghossian, Mr. Boghossian’s son, and the current President of Armorcast. Within the first few weeks of the acquisition, the President & CEO of Citizens Business Bank, was visiting with Paul and his team at Armorcast Products headquarters. He was there to reassure the team that they could expect the same level of personal attention that they’d grown accustomed to with their previous bank. Despite an abundance of banks persistently trying to convert Armorcast as a new customer, Paul and his team chose to continue their banking with Citizens Business Bank. “We’re a good example of a satisfied transition customer. We had a lot of options, but we gave the Bank a chance and I’m glad we did.”

Armorcast Products has plans to relocate to a larger facility in the summer of 2019, and according to Paul, “Citizens Business Bank was critical in us being able to do that.” To facilitate their transition, Armorcast implemented a Bridge Loan to purchase the new building, which allowed them the time to find a buyer and exchange their current facility as part of a 1031 Reverse Exchange transaction. Paul relied heavily on the expertise of the Bank’s Relationship Management team, and their ability to provide the necessary financing to make the purchase a reality.

Paul Boghossian
Armorcast Products Company