11/19/2015
Citizens Bank Provides New Commercial Financing for Turbocam, Inc.
$26 million provides liquidity and flexibility for growth
BOSTON – Citizens Bank announced today that Citizens Commercial Banking has provided a $15 million commercial line of credit and Citizens Asset Finance has provided an $11 million lease line for Barrington, N.H.-based Turbocam, Inc., which develops and manufactures turbomachinery, including turbo chargers, rocketry components and aerospace blades for a range of industrial clients.
“We are very pleased to have worked with Citizens Bank on this transaction,” said Doug Patteson, Chief Financial Officer of Turbocam, Inc. “The deal team at Citizens brought a number of great ideas to the table and executed the new transaction quickly and seamlessly. The credit facilities provide significant liquidity and flexibility for Turbocam to help facilitate growth.”
“This is an exciting time for Turbocam, Inc. and we are glad to have been able to help the management team achieve their strategic and financial goals,” said Joe Carelli, President of Citizens Bank, New Hampshire.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $135.4 billion in assets as of September 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.
