Citizens Bank provides $16 million construction loan for Webster at Rye expansion

Citizens Bank provided a $16 million construction loan to the Rannie Webster Foundation for the expansion of the Webster at Rye assisted living facility. The Rannie Webster Foundation is a not-for-profit organized in 1976 to own and operate the Webster at Rye assisted living and nursing care facility. The $16 million loan will be used to add 52 new units of assisted living and related common space to the existing skilled nursing facility. "The Citizens commercial banking team brings great ideas to the table and was able to execute quickly to help us meet our goals," said Tom Argue, CEO of Webster at Rye. "Citizens was an excellent partner on this transaction and the Webster at Rye expansion will help provide needed services for more New Hampshire residents." "The Rannie Webster Foundation is a great client that provides important services," said Joe Carelli, president of Citizens Bank in New Hampshire. "The Citizens team was happy to be able to help Webster at Rye management meet their strategic and financial goals." Citizens Financial Group, Inc. is one of the nation's oldest and largest financial institutions, with $136.5 billion in assets as of March 31. Headquartered in Providence, R.I., 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 consumer banking, Citizens helps its retail customers "bank better" with mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 Citizens Bank branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Citizens also provides mortgage lending, auto lending, student lending and commercial banking services in select markets nationwide. 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. Citizens operates through its subsidiaries Citizens Bank, N.A., and Citizens Bank of Pennsylvania.