Citizens Bank announced that Citizens Commercial Banking’s Security Finance Group is providing a $25 million credit facility to Arlington-based American Alarm and Communications. Citizens is the sole lender.
Founded in 1971, American Alarm is a leading residential and commercial provider of security and life-safety systems across New England. The company is managed by Lou and Wells Sampson, sons of the company founder, Dick Sampson.
A new credit customer of Citizens, American Alarm will use the revolving credit facility for general corporate purposes and acquisitions.
“The Citizens’ Security Finance Group is a class act. Their experience in this industry was a key differentiator,” said Lou Sampson, Chief Financial Officer of American Alarm and Communications. “The Citizens team followed through on promises and worked hard to bring helpful best practice ideas to the table.”
“We are very excited to have American Alarm as a new credit client at Citizens,” said Greg Buscone, Senior Vice President and Market Manager of Specialized Banking at Citizens Commercial Banking. “With a team dedicated to companies in the electronic security industry, Citizens looks forward to working with the American Alarm management team to support their growth and success.”
Separately, Citizens Bank announced that Citizens Commercial Banking is providing a $21.5 million credit facility to West Bridgewater-based Specialty Commerce Corp. Citizens is the sole lender.
Specialty Commerce Corp. is a direct to consumer catalog and Internet retailer of niche hair products (wigs and extensions) and apparel in the United States and United Kingdom and home study courses for medical/dental professionals in the United States. Founded in 1978, SCC has more than 350 employees and distributes more than 26 million catalogs annually.
A new client for Citizens, SCC will use the $21.5 million credit facility to refinance existing debt. The company is also choosing Citizens for its cash management and corporate card services.
“The Citizens team brought great ideas to the table and executed this transaction seamlessly,” said Peter Tulp, Chief Financial Officer and Chief Operating Officer of Specialty Commerce Corp. “This deal significantly reduced our debt service and we look forward to working more with Citizens in the future.”
“Specialty Commerce Corp. is a great new client for Citizens and we’re very happy to help them achieve their strategic and financial goals,” said Jerry Sargent, Massachusetts President of Citizens Bank. “Citizens works hard to deliver value for clients at every stage of their business life cycle.”
The Citizens Commercial Banking team leads by putting clients first and offering the solutions that help them make the best decisions throughout the life cycle of their business. Combining the personal attention of a smaller bank with the sophisticated capabilities of a major financial institution, Citizens aims to be a go-to strategic and financial partner by offering unrivaled industry expertise, great ideas and seamless deal execution.