10/06/2015
Citizens Bank closes $60 million bond placement for New England Institute of Technology
Funds will be used to build new 420-bed residence hall on East Greenwich campus
PROVIDENCE – Citizens Bank announced today that it has closed a $60 million bond placement for the New England Institute of Technology.
The tax-exempt, non-bank qualified bond private placement was made through the Rhode Island Health and Educational Building Corporation. The Series 2015 bond will be used to finance the design and construction of a 420-bed residence hall on New England Institute of Technology’s campus at One New England Tech Boulevard in East Greenwich, R.I., as well as various campus infrastructure improvement projects.
New England Institute of Technology is a private, non-profit technical college with an enrollment of more than 3,000 students and is accredited by the New England Association of Schools and Colleges, Inc. Since 1940, New England Tech has provided employer-driven education to its students through more than 50 associate, bachelor’s, master’s and online degree programs.
“We are very pleased to have worked with Citizens Bank on this transaction,” said New England Institute of Technology President Richard I. Gouse. “The deal team at Citizens brought a number of great ideas to the table and executed the new transaction very well.”
“We are happy to help the New England Institute of Technology leadership achieve its strategic and financial goals,” said Marc Paulhus, President of Citizens Bank, Rhode Island.
For more information about Citizens, 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.
