01/12/2018
Citizens Bank arranges $32 million credit facilities for 2nd Ave LLC
PHILADELPHIA – Citizens Bank announced today that Citizens Commercial Banking has arranged $32 million of credit facilities for Bensalem, PA-based thrift retailer 2nd Ave LLC. Citizens acted as lead arranger and sole senior lender for the financing.
The new credit facilities will be used by 2nd Ave to recapitalize its business.
“Citizens brought a total solution to the table for us and executed it,” said Tony Peressini, CEO of 2nd Ave. “We couldn’t be more excited about our partnership with Citizens Bank as we continue to grow our business.”
“At Citizens, we think about the needs of our clients from their point of view and offer holistic solutions that deliver the combined strength of the entire bank,” said Daniel K. Fitzpatrick, President of Citizens Bank, Mid-Atlantic Region, and Head of National Industry Verticals Banking. “The credit facilities provided to 2nd Ave demonstrate one of the ways that Citizens delivers substantial value for our clients at every stage of their business life cycle.”
Citizens is a trusted strategic and financial adviser, consistently delivering clear and objective advice. The Citizens Commercial Banking approach puts clients first by offering great ideas combined with thorough market knowledge and excellent execution to help our clients enhance their business and reach their potential throughout their business life cycle.
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 $151.4 billion in assets as of September 30, 2017. 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. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. 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 rate products and asset finance. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
About 2nd Ave LLC
Founded in 1959 and headquartered in Bensalem, PA, the Company operates a network of 2nd Ave and Village Thrift Value Stores in the Mid Atlantic US, reselling the highest quality of second hand clothing and household goods purchased from select charities, utilizing the solicitation services of GreenDrop LLC, an affiliate of 2nd Ave. The Company is dedicated to a life-long relationship with charitable organizations.
