02/01/2016
Citizens announces $40.6 million in financing for Lutheran Homes Society
Funds will be used to refinance debt, renovate facilities
TOLEDO – Citizens Bank announced today a deal with Lutheran Homes Society to provide $40.6 million in new financing to refinance bond debt, which will provide $5 million in new funds to renovate current facilities.
Lutheran Homes Society is a nonprofit social ministry organization based in Toledo that has been serving the needs of youth and elderly since 1860. Today, more than 3,600 individuals located throughout northwest Ohio and southeast Michigan benefit from the housing, medical care and community services offered through LHS ministries.
“The Citizens Commercial Banking team really understands our work and was able to bring great ideas to the table,” said Lorinda Schalk, Vice President for Finance & Accounting/CFO. “Citizens bankers are excellent financial partners who excel at execution and provide great services. We look forward to working with them more in the future.”
“Lutheran Homes Society provides important and needed services to members of the community,” said Joseph DiRocco, President of Citizens Bank, Ohio. “We are pleased to be able to help the management team at Lutheran Homes Society achieve their strategic and financial goals.”
For more information, go to Citizens Commercial Banking.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $138.2 billion in assets as of December 31, 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 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 as Citizens Bank, Citizens Commercial Banking and Citizens One. Additional information about Citizens and its full line of products and services can be found at www.citizensbank.com.
