Citizens Bank provides $15 million senior credit facility to Security Partners LLC
LANCASTER, PA – September 19, 2016 – Citizens Bank announced today that Citizens Commercial Banking has provided a new $15 million senior credit facility to Security Partners LLC, a Lancaster, PA-based provider of wholesale monitoring services and RMR resources for security alarm dealers.
“We are pleased to have come to terms with Citizens Bank. From the start of negotiations to the completion of our agreement, the Citizens Bank team clearly demonstrated their commitment to our growth and long-term success,” said Patrick M. Egan, Chief Executive Officer and Owner of Security Partners, LLC.
Security Partners will use the new credit facility to refinance existing debt and for expansion capital.
“Citizens Bank has experienced teams that focus on key growth sectors such as the security alarm industry,” said Mike Bodnar, President of Security Partners LLC. “Citizens’ expertise is a key differentiator and helped set the tone for the whole transaction – from the great ideas the team brought to meetings to the seamless execution of the deal. This new credit facility comes after two years of investment in our central station and customer service infrastructure and will give us the financial resources for adding more dealers and monitored subscriber accounts.”
“We are very happy to have Security Partners as a client at Citizens Bank,” said Greg Buscone, Senior Vice President and Market Manager of Specialized Banking at Citizens Commercial Banking. “We look forward to supporting the Security Partners team’s continued growth and success.”
For more information, go to Citizens Commercial Banking.
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.
About Security Partners, LLC
With four central stations in Lancaster, PA, San Antonio, TX, Anaheim, CA and Las Vegas, NV, Security Partners provides dealers with the latest products; customized monitoring services and support to help them substantially grow their businesses, while protecting the lives and property of their subscribers. Providing wholesale monitoring services to dealers across the country, Security Partners has become a premier central station for traditional services, new technology, and superior customer care. Security Partners provides traditional monitoring services and advanced services, as well as education, training, and monitoring for new media services. The Advanced Services Division provides managed video and access control services along with the latest in mobile safety and GPS tracking devices. Through the Security Partners Dealer Network, security installers across the U.S. take advantage of decades of experience to grow their product and services, customer base, and RMR revenue. For more information about Security Partners, please visit www.SecurityPartners.com.
SOURCE: Citizens Financial Group, Inc.