Navigation Links
Citizens Bank Provides $70 Million in Financing Toward $100 Million Expansion of The Wistar Institute
Date:9/23/2011

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 addition to the financing announced today, Citizens Bank provides the Wistar Institute cash management, deposit and foreign exchange services.

The Wistar Institute broke ground on the project today which is expected to have a positive economic impact on the city and region. Construction of the research facility will create approximately 380 jobs. In addition, more than 100 new research and administrative jobs at Wistar will be created when the project is complete in 2014. For more information about the expansion project, visit www.wistar.org.

About Citizens Bank of Pennsylvania

Citizens Bank of Pennsylvania is a state-chartered bank with dual headquarters in Pittsburgh and Philadelphia. It has 385 branches and 988 ATMs throughout Pennsylvania. It also operates 13 retail branches and 107 ATMs in southern New Jersey, and a commercial loan office and 20 ATMs in Virginia. It is a subsidiary of Citizens Financial Group, Inc., a $132 billion commercial bank holding company headquartered in Providence, R.I.

Citizens Financial Group, through its subsidiaries, has more than 1,500 branches and approximately 3,900 ATMs, and more than 20,900 colleagues. CFG's two bank subsidiaries are RBS Citizens, N.A. and Citizens Bank of Pennsylvania. They operate a 12-state branch network under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont, and the Charter One brand in Illinois, Michigan and Ohio. CFG has non-branch retail and commercial offices in more than 30 states. CFG is owned by RBS (The Royal Bank of Scotland Group plc). CFG's website is citizensbank.com.


'/>"/>
SOURCE Citizens Bank
Copyright©2010 PR Newswire.
All rights reserved

Related biology technology :

1. Regenicin COO Receives Citizenship Award from VFW Post 1 in Colorado
2. Report Details How States Respond to Citizens United Decision
3. Generex Provides Update on Spinout of Antigen Express
4. Tengion Provides Business Update and Reports Second Quarter 2011 Financial Results
5. BioMarin Provides Update on GALNS Phase 1/2 Extension Study (MOR-100)
6. Generex Provides Clarification of Facts
7. Nile Therapeutics Provides Update on Ongoing Phase I Clinical Trial of Cenderitide
8. Analysis Provides New Insights Into Use of SYMLIN® in Patients With Type 1 Diabetes Using Insulin Pumps
9. China-Biotics Provides Update
10. Juventas Therapeutics Demonstrates JVS-100 Delivery to Patients with Heart Failure is Safe and Provides Clinical Benefit
11. Tengion Provides Business Update and Reports First Quarter 2011 Financial Results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/23/2016)... (PRWEB) , ... June 23, 2016 , ... ... today announced the launch of the Supplyframe Design Lab . Located in ... to explore the future of how hardware projects are designed, built and brought ...
(Date:6/23/2016)... ... ... In a new case report published today in STEM CELLS Translational Medicine, doctors ... being treated for breast cancer benefitted from an injection of stem cells derived from ... frequent side effect of cancer treatment. , Lymphedema refers to the swelling ...
(Date:6/23/2016)...  Blueprint Bio, a company dedicated to identifying, protecting ... has closed its Series A funding round, according to ... "We have received a commitment from Forentis Fund that ... meet our current goals," stated Matthew Nunez . ... complete validation on the current projects in our pipeline, ...
(Date:6/23/2016)... , June 23, 2016 On ... session at 4,833.32, down 0.22%; the Dow Jones Industrial Average ... 500 closed at 2,085.45, down 0.17%. Stock-Callers.com has initiated coverage ... INFI ), Nektar Therapeutics (NASDAQ: NKTR ), Aralez ... Inc. (NASDAQ: BIND ). Learn more about these ...
Breaking Biology Technology:
(Date:5/12/2016)... WearablesResearch.com , a brand of Troubadour ... from the Q1 wave of its quarterly wearables survey. ... receptivity to a program where they would receive discounts ... company. "We were surprised to see that ... LaColla , CEO of Troubadour Research, "primarily because there ...
(Date:4/28/2016)... 2016 First quarter 2016:   ... with the first quarter of 2015 The gross margin ... (loss: 18.8) and the operating margin was 40% (-13) ... Cash flow from operations was SEK 249.9 M (21.2) , ... unchanged, SEK 7,000-8,500 M. The operating margin for 2016 ...
(Date:4/15/2016)...  A new partnership announced today will help ... in a fraction of the time it takes ... life insurance policies to consumers without requiring inconvenient ... Diagnostics, rapid testing (A1C, Cotinine and HIV) and ... weight, pulse, BMI, and activity data) available at ...
Breaking Biology News(10 mins):