06/16/2015
Citizens Bank Provides $13 Million in New Financing for Asahi/America Inc.
BOSTON – Citizens Bank announced today that it has provided a $10 million revolving line of credit and $3 million owner-occupied real estate loan to Asahi/America Inc.
Asahi/America Inc., a wholly owned subsidiary of AOC Industries, is a manufacturer and supplier of corrosion resistant fluid flow products.
Asahi/America used the real estate loan and revolving line of credit to acquire its new headquarters, a 200,000-square-foot manufacturing and warehouse facility at 655 Andover St. in Lawrence. The company recently celebrated the grand opening of the new facility.
“The Citizens Commercial Banking team brings great ideas to the table and was able to execute quickly to help us meet our strategic and financial goals,” said Stephen Harrington, Chief Financial Officer at Asahi/America Inc. “Citizens was an excellent partner on this transaction and we’re very excited to be growing and moving into our new headquarters in Lawrence.”
“Asahi/America is a great client with an excellent business operation,” said Jerry Sargent, President of Citizens Bank in Massachusetts. “The Citizens team was happy to be able to help Asahi/America management meet their goals.”
For more information, go to the Citizens Commercial Banking website.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $136.5 billion in assets as of March 31, 2015. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. In Consumer Banking, Citizens 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 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 select markets nationwide. In Commercial Banking, Citizens 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 through its 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.
