11/23/2015
Citizens Bank provides $17.5 million in commercial financing for Boston Preparatory Charter Public School
Funds will be used to build new charter school in Hyde Park and support growth
BOSTON – Citizens Bank announced today that Citizens Commercial Banking is providing $17.5 million in charter school financing to Boston Prep, a public charter school, for the construction and permanent financing of a new public charter school building at 885 River St. in Hyde Park.
Founded 12 years ago, Boston Prep has 415 students currently enrolled and 140 alumni enrolled in colleges and universities across America.
“The Citizens Commercial Banking Not-For-Profit team was an excellent partner on this transaction,” said Sharon Liszanckie, Executive Director of Boston Prep. “Citizens’ knowledge of public charter schools as well as its proven execution were key differentiators in selecting them and they were also able to provide a range of financing products to help us meet our goals. We are thrilled now to be able to deliver a permanent home for the students, teachers and families who have worked so hard to make Boston Prep successful.”
Citizens’ Not-For-Profit Financing group has a team that specializes in providing charter school financing. In addition to providing credit, Citizens also provides treasury solutions, cash management, interest rate risk management and commercial card programs tailored specifically for the needs of charter schools.
“Boston Prep is a great client that provides important educational opportunities and a path to college,” said Bruce Figueroa, Head of Not-For-Profit Banking for Citizens Bank. “The Citizens team is glad to be able to help the Boston Prep administration and board meet their strategic and financing goals.”
For more information on not-for-profit financing, 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 $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.
About Boston Prep
Boston Prep prepares 6th-12th grade students to succeed in four-year colleges, and to embody, in thought and action, lifelong ethical growth. Please visit www.bostonprep.org to learn more.
