Citizens Commercial Banking provides $45 million in new financing for St. George's School

Citizens Commercial Banking, the commercial banking division of Citizens Financial Group (NYSE: CFG), announced today that it is providing $45 million in new financing to St. George’s School for the construction of a new Academic Center and to refinance existing debt.

Founded in 1896, St. George’s School is a private boarding and day school for grades 9-12 with 365 students on 125 acres in Middletown, R.I.

The first phase – construction of a new laboratory science wing – should be ready for the opening of school next September. The second phase – a complete renovation of the duPont Science Building into new classroom space – is scheduled for completion in December 2015. The combined project is expected to create 50 construction jobs.

“The Citizens Commercial Banking team came up with great financing solutions that allowed us to refinance our debt and achieve our goal of building a new Academic Center that will help educate students for years to come,” said Elizabeth McGrath, director of finance at St. George’s School. “Citizens showed its strong commitment to Rhode Island and to education throughout this transaction.”

“St. George’s School has a long tradition of providing the highest level of education to students from Rhode Island and around the world,” said Keith D. Kelly, senior vice president and Rhode Island market manager for Citizens Commercial Banking. “We are pleased to be able to partner with St. George’s School to help educators there achieve their financial goals.”

Formerly known as RBS Citizens, Citizens Commercial Banking is the commercial banking division of Providence, R.I.-based Citizens Financial Group. For more information about Citizens Commercial Banking, go to www.citizensbank.com/commercial.