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Citizens Bank Provides $26MM to Alarm Detection Systems

October 01, 2015, 07:54 AM
Filed Under: Security Systems

Citizens Bank announced it is providing a $26 million senior secured credit facility to Aurora, Ill.-based Alarm Detection Systems. Founded in 1968, Alarm Detection Systems is a family-owned and operated company that installs and services fire alarms, CCTV and access controls. The credit facility will be used for general corporate purposes and to finance a portion of the acquisition of Safe Systems, a privately owned security alarm company located in Colorado.

“As a longtime client, we continue to be impressed by how quickly and effectively the Citizens team is able to complete transactions like this one,” said Terry Olah, Executive Vice President and Chief Financial Officer of Alarm Detection Systems. “The funds will be used to execute our long-term growth strategy.”

“Alarm Detection Systems has a great business and we’re excited to be able to offer our expertise in security alarm industry financing to help them achieve their strategic and financial goals,” said Greg Buscone, senior vice president and Market Manager of Specialized Banking at Citizens.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $137.3 billion in assets as of June 30, 2015. 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 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.

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