PHILADELPHIA, Sept. 23, 2011 /PRNewswire/ -- Citizens Bank today announced that it is providing $70 million in debt financing toward a major expansion by The Wistar Institute that includes a new seven-story 89,700-square-foot research tower above its current historic facility at 36th and Spruce streets in University City.
The expansion will enable Wistar – an international leader in basic biomedical research, particularly cancer research and vaccine development – to expand its research operations, recruit new faculty and pursue collaborative biomedical research in emerging areas of science.
The work of The Wistar Institute is of vital importance not only to the Philadelphia community, but worldwide, and we are glad to be able to offer financing support to Wistar as it pursues its strategic plan for continued growth," said Daniel K. Fitzpatrick, Citizens Bank President and CEO for Pennsylvania, New Jersey and Delaware. "We commend the members of Wistar's management team on their vision for the Institute and look forward to seeing this expansion move forward."
"At a time when biomedical research is advancing at a lightning pace, The Wistar Institute finds itself constrained by aging facilities designed for 19th and 20th century science," said Wistar President and CEO Russel E. Kaufman, M.D. "We are grateful to Citizens Bank for partnering with us to expand the Institute and advance our mission to improve public health and save lives through science."
As part of the funding package, Citizens Bank's Healthcare and Not-for-Profit Banking Group provided $55 million in permanent tax-exempt financing and a $15 million swing loan that will help bridge a $35 million capital campaign The Wistar Institute has undertaken to support the expansion. Citizens' Healthcare and Not-for-Profit Group is a team of local bankers that focuses on meeting the specific banking needs of the not-for-profit sector in the greater Philadelphia area. In addition to the financing announced today, Citizens Bank provides the Wistar Institute cash management, deposit and foreign exchange services.
The Wistar Institute broke ground on the project today which is expected to have a positive economic impact on the city and region. Construction of the research facility will create approximately 380 jobs. In addition, more than 100 new research and administrative jobs at Wistar will be created when the project is complete in 2014. For more information about the expansion project, visit www.wistar.org.
About Citizens Bank of Pennsylvania
Citizens Bank of Pennsylvania is a state-chartered bank with dual headquarters in Pittsburgh and Philadelphia. It has 385 branches and 988 ATMs throughout Pennsylvania. It also operates 13 retail branches and 107 ATMs in southern New Jersey, and a commercial loan office and 20 ATMs in Virginia. It is a subsidiary of Citizens Financial Group, Inc., a $132 billion commercial bank holding company headquartered in Providence, R.I.
Citizens Financial Group, through its subsidiaries, has more than 1,500 branches and approximately 3,900 ATMs, and more than 20,900 colleagues. CFG's two bank subsidiaries are RBS Citizens, N.A. and Citizens Bank of Pennsylvania. They operate a 12-state branch network under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont, and the Charter One brand in Illinois, Michigan and Ohio. CFG has non-branch retail and commercial offices in more than 30 states. CFG is owned by RBS (The Royal Bank of Scotland Group plc). CFG's website is citizensbank.com.
SOURCE Citizens Bank