09/19/2016
Citizens Bank Provides $7 Million Loan to Merion Mercy Academy
Funds will be used to finance campus-wide improvements
MERION STATION, PA – Citizens Bank announced today that Citizens Commercial Banking is providing $7 million in construction financing to Merion Mercy Academy to help finance campus-wide improvements, including a new Art and Design Center.
Merion Mercy Academy is a private, Catholic all-girls high school sponsored by the Sisters of Mercy in Merion Station. It opened in 1884 and now enrolls nearly 475 girls from Delaware, Montgomery and Philadelphia counties in Pennsylvania as well as from southern New Jersey.
In addition to the new Art and Design Center, the funds will be used for new collaborative learning spaces, and renovations to the college counseling spaces, kitchen/dining hall and student activities/athletic center.
Citizens is the sole lender on this deal and Merion Mercy Academy is a new client of the bank.
“We greatly value our partnership with Citizens Bank and appreciate the Non-Profit Banking team’s great ideas and timely execution,” said Sister Barbara Buckley, the Head of School at Merion Mercy Academy. “Citizens worked closely with the school and its Board of Trustees to bring added value throughout the process.”
“We are very pleased to be able to help the leadership team at Merion Mercy Academy achieve its strategic and financial goals,” said Daniel K. Fitzpatrick, President of Citizens Bank of Pennsylvania, New Jersey and Delaware.
As part of its commitment to strengthening communities, Citizens Bank has a dedicated Non-Profit Banking team that provides specialized and value-added financing to healthcare entities and not-for-profit organizations.
Please visit the website for more information and Citizens Bank Non-Profit Banking solutions.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $145.2 billion in assets as of June 30, 2016. 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 wealth management, 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.
