09/10/2015
Citizens Bank provides $17.5 million in new financing for SpeedyQ Markets
DETROIT – Citizens Bank announced today that it has provided $17.5 million of new senior secured credit facilities to SpeedyQ Markets, a subsidiary of Kimball, Mich.-based By-Lo Oil Company.
"We enjoyed working with Citizens’ Convenience and Retail Fuel Finance team on this new financing,” Kyle Lawrence, President of By-Lo Oil Company, said. “The Citizens deal team brought excellent ideas to the table and executed the transaction seamlessly."
“We are very pleased to be able to help By-Lo Oil Company’s management team achieve their strategic and financial goals,” said Michael R. Phelps, National Director of Convenience and Retail Fuel Finance at Citizens.
The financing includes a $12.5 million term loan and $5 million commercial lines of credit.
Founded in 1962, the By-Lo Oil Company operates 18 SpeedyQ Market convenience store and retail fuel locations, primarily in northeastern Michigan.
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.
