11/08/2016
Citizens Bank provides $20 million credit facility to Riesbeck’s Food Markets
SAINT CLAIRSVILLE, OH – Citizens Bank announced today that Citizens Commercial Banking is providing a $20 million revolving credit facility to Riesbeck’s Food Markets. Citizens is the sole lender.
Founded in 1925, Riesbeck’s Food Markets owns and operates 14 grocery stores in Ohio and West Virginia.
A longtime Citizens client, Riesbeck’s will use the funds for working capital and letters of credit.
“We have enjoyed a long partnership with the team at Citizens,” said Richard Riesbeck, chief executive officer of Riesbeck’s Food Markets. “They bring great ideas to the table and execute transactions quickly and seamlessly.”
“Riesbeck’s is a great client for Citizens and we’re very happy to help them achieve their strategic and financial goals,” said Chris Carmosino, president of business capital at Citizens Bank. “Providing working capital and letters of credit are just some of the ways that Citizens delivers 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 $147 billion in assets as of September 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
