Funds will be used for acquisitions, organic growth and to refinance existing debt.
LANCASTER, PA – Citizens Commercial Banking, the commercial banking division of Citizens Financial Group (NYSE: CFG), announced today that it is providing a $25 million senior secured credit facility for Lancaster, PA-based Select Security.
The funds will be used by Select Security to refinance existing debt, finance a recent business acquisition and provide debt capital for continued growth organically and by acquisitions.
“I was very impressed by how quickly and effectively the Citizens Commercial Banking team worked together to help us meet a very tight 30-day deadline on this transaction,” said Patrick Egan of Select Security. “We have a great long-term relationship with bankers on the Citizens team. We appreciate having a financing partner that understands the security alarm industry so well and that can contribute to the success of our growth plan.”
“Companies like Select Security show Pennsylvania’s economic strength,” said Dan Fitzpatrick, president of Citizens Bank, Pennsylvania. “We’re happy to be their financial partner.”
“Select Security has a great business and we look forward to continuing to work together to help the company meet its financial goals,” said Greg Buscone, senior vice president and Market Manager of Specialized Banking at Citizens Commercial Banking.
Select Security installs and monitors burglar, fire, smoke and video equipment in homes and commercial properties. Select Security is recognized as an SDM Top 100 company, was awarded the 2014 Installer of the Year designation by Security Sales and Integration and is one Inc. Magazine’s fastest growing 5000.
About Citizens Financial Group, Inc.
Citizens Financial Group Inc. is one of the nation’s oldest and largest financial institutions, with $131.3 billion in assets as of September 30, 2014. Headquartered in Providence, Rhode Island, the company offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Consumer Banking 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 and Charter One 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 selective markets nationwide. Citizens Commercial Banking 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.