FLINT, Mich., April 29, 2011 /PRNewswire/ -- Citizens Bank announced today that it was recently recognized by Michigan's Small Business Administration as the Preferred Lender of the Year. This was the third year in a row Citizens received this prestigious distinction. Citizens ranked No. 1 in Preferred Lender Program (PLP) loans approved during the SBA's fiscal year that ended September 30, 2010.
"We are very proud to be ranked No. 1 on the SBA's Preferred Lender list for the third year in a row. This demonstrates our consistent commitment to supporting small businesses across Michigan," said Tim Dixon, Head of SBA lending at Citizens Bank. "PLP lending status is granted to lenders based on excellent performance and production history with the SBA. As a preferred lender, Citizens Bank has the ability to approve SBA loan applications in-house on behalf of the SBA. This delegated underwriting provides for extremely fast loan approvals and expedited loan closings."
SBA loans can be used for a variety of purposes including: permanent working capital, equipment purchases, building expansion and acquisition, business acquisition, debt refinance and revolving credit needs.
Dixon added that the benefits of SBA lending include: lower down-payment requirements, which in turn, preserves cash for working capital; longer amortizations, which helps clients with improved cash flow; and, no balloon notes that provide access to long-term permanent capital.
Citizens Bank is a subsidiary of Citizens Republic Bancorp (NASDAQ: CRBC), a diversified financial services company providing a wide range of commercial, consumer, mortgage banking, trust and financial planning services to a broad client base. Citizens serves communities in Michigan, Ohio, Wisconsin and Indiana with 220 offices and 249 ATMs. Citizens is the largest bank holding company headquartered in Michigan with roots dating back to 1871 and is the 55th largest bank holding company headquartered in the United States. More information about Citizens is available at www.citizensbanking.com.
SOURCE Citizens Bank