Citizens Bank announced that Citizens Commercial Banking has arranged $32 million of credit facilities for Bensalem, PA-based thrift retailer 2nd Ave LLC. Citizens acted as lead arranger and sole senior lender for the financing.

The new credit facilities will be used by 2nd Ave to recapitalize its business.

“Citizens brought a total solution to the table for us and executed it,” said Tony Peressini, CEO of 2nd Ave. “We couldn’t be more excited about our partnership with Citizens Bank as we continue to grow our business.”

“At Citizens, we think about the needs of our clients from their point of view and offer holistic solutions that deliver the combined strength of the entire bank,” said Daniel K. Fitzpatrick, President of Citizens Bank, Mid-Atlantic Region, and Head of National Industry Verticals Banking. “The credit facilities provided to 2nd Ave demonstrate one of the ways that Citizens delivers substantial value for our clients at every stage of their business life cycle.”

Citizens is a trusted strategic and financial adviser, consistently delivering clear and objective advice. The Citizens Commercial Banking approach puts clients first by offering great ideas combined with thorough market knowledge and excellent execution to help our clients enhance their business and reach their potential throughout their business life cycle.