08/10/2015
Citizens Bank leads $130 million in financing for Madison Resource Funding
Funds will be used to support ownership buyout of staffing industry service provider
BOSTON – Citizens Bank announced today that it has led new financing to support an ownership buyout of Portsmouth, N.H.-based Madison Resource Funding, which provides payroll and back office services to clients in the staffing industry.
The Citizens Commercial Banking deal team worked with Citizens Capital Markets to arrange a three-bank club transaction, upsizing Madison’s credit facility from $95 million to $130 million.
“The recent Madison Resource Funding transaction continues our long-term relationship with Citizens Bank,” said Lenny Tierney, President of Madison Resource Funding. “Citizens is a valuable financial partner to Madison Resource Funding and we look forward to working with Citizens more in the future.”
“We are very pleased to be able to help the Madison Resource Funding management team achieve their strategic and financial goals,” said Chris Carmosino, President of Business Capital for Citizens Commercial Banking.
For more information, please 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 $137.3 billion in assets as of June 30, 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.
