10/30/2014
Citizens Commercial Banking provides $45 million in new financing for St. George’s School
$25 million will be used for construction of new Academic Center
MIDDLETOWN, RI (October 30, 2014) – Citizens Commercial Banking, the commercial banking division of Citizens Financial Group (NYSE: CFG), announced today that it is providing $45 million in new financing to St. George’s School for the construction of a new Academic Center and to refinance existing debt.
Founded in 1896, St. George’s School is a private boarding and day school for grades 9-12 with 365 students on 125 acres in Middletown, R.I.
The first phase – construction of a new laboratory science wing – should be ready for the opening of school next September. The second phase – a complete renovation of the duPont Science Building into new classroom space – is scheduled for completion in December 2015. The combined project is expected to create 50 construction jobs.
“The Citizens Commercial Banking team came up with great financing solutions that allowed us to refinance our debt and achieve our goal of building a new Academic Center that will help educate students for years to come,” said Elizabeth McGrath, director of finance at St. George’s School. “Citizens showed its strong commitment to Rhode Island and to education throughout this transaction.”
“St. George’s School has a long tradition of providing the highest level of education to students from Rhode Island and around the world,” said Keith D. Kelly, senior vice president and Rhode Island market manager for Citizens Commercial Banking. “We are pleased to be able to partner with St. George’s School to help educators there achieve their financial goals.”
Formerly known as RBS Citizens, Citizens Commercial Banking is the commercial banking division of Providence, R.I.-based Citizens Financial Group. For more information about Citizens Commercial Banking, go to
www.citizensbank.com/commercial.
About Citizens Financial Group
Citizens Financial Group Inc. is one of the nation’s oldest and largest financial institutions, with $131.3 billion in assets as of September 30, 2014. Headquartered in Providence, Rhode Island, the company offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Consumer Banking helps its retail customers “bank better” with mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 Citizens Bank and Charter One branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Citizens also provides mortgage lending, auto lending, student lending and commercial banking services in selective markets nationwide. Citizens Commercial Banking offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services including lending and deposits, capital markets, treasury services, foreign exchange and interest hedging, leasing and asset finance, specialty finance and trade finance.
Citizens operates via subsidiaries Citizens Bank, N.A., and Citizens Bank of Pennsylvania. Additional information about Citizens and its full line of products and services can be found at www.citizensbank.com.
