10/05/2016
Citizens Bank provides $21.5 million credit facility to Specialty Commerce Corp.
BOSTON – Citizens Bank announced today that Citizens Commercial Banking is providing a $21.5 million credit facility to West Bridgewater-based Specialty Commerce Corp. Citizens is the sole lender.
Specialty Commerce Corp. is a direct to consumer catalog and Internet retailer of niche hair products (wigs and extensions) and apparel in the United States and United Kingdom and home study courses for medical/dental professionals in the United States. Founded in 1978, SCC has more than 350 employees and distributes more than 26 million catalogs annually.
A new client for Citizens, SCC will use the $21.5 million credit facility to refinance existing debt. The company is also choosing Citizens for its cash management and corporate card services.
“The Citizens team brought great ideas to the table and executed this transaction seamlessly,” said Peter Tulp, Chief Financial Officer and Chief Operating Officer of Specialty Commerce Corp. “This deal significantly reduced our debt service and we look forward to working more with Citizens in the future.”
“Specialty Commerce Corp. is a great new client for Citizens and we’re very happy to help them achieve their strategic and financial goals,” said Jerry Sargent, Massachusetts President of Citizens Bank. “Citizens works hard to deliver value for clients at every stage of their business life cycle.”
The Citizens Commercial Banking team leads by putting clients first and offering the solutions that help them make the best decisions throughout the life cycle of their business. Combining the personal attention of a smaller bank with the sophisticated capabilities of a major financial institution, Citizens aims to be a go-to strategic and financial partner by offering unrivaled industry expertise, great ideas and seamless deal execution.
For more information about Citizens, visit 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 $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.
