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 add
|SOURCE Citizens Bank|
Copyright©2010 PR Newswire.
All rights reserved