09/30/2015
Citizens Bank provides $26 million credit facility to Alarm Detection Systems
CHICAGO – Citizens Bank announced today that it is providing a $26 million senior secured credit facility to Aurora, Illinois-based Alarm Detection Systems.
Founded in 1968, Alarm Detection Systems is a family-owned and operated company that installs and services fire alarms, CCTV and access controls. The credit facility will be used for general corporate purposes and to finance a portion of the acquisition of Safe Systems, a privately owned security alarm company located in Colorado.
“As a longtime client, we continue to be impressed by how quickly and effectively the Citizens team is able to complete transactions like this one,” said Terry Olah, Executive Vice President and Chief Financial Officer of Alarm Detection Systems. “The funds will be used to execute our long-term growth strategy.”
“Alarm Detection Systems has a great business and we’re excited to be able to offer our expertise in security alarm industry financing to help them achieve their strategic and financial goals,” said Greg Buscone, senior vice president and Market Manager of Specialized Banking at Citizens.
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 $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.
