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Citizens Bank makes $100,000 contribution to Mt. Washington Valley Economic Council’s Technology Village

Funds provided through CDFA to be used for Phase II of project

Manchester, N.H.             (June 11, 2009) - Citizens Bank has announced its contribution to Phase II of the Mt. Washington Valley Economic Council’s Technology Village in Conway, N.H., which will assist in the completion of the village and provide infrastructure for future development of the land. The bank’s $100,000 contribution through the Community Development Investment program will benefit the Mount Washington Valley by stimulating business growth in the area.

Citizens Bank also funded Phase I of the development, contributing $150,000 in CDFA tax credits to the project in 2004-2006. This additional $100,000 contribution will bring the bank’s total contribution to $250,000 in tax credits.

Phase I of the project resulted in the creation of the Technology Business Center, which serves as a multipurpose facility aimed at providing incubator space and resources for small high-tech businesses. The center provides resources and support services such as a receptionist, phone system, office equipment (fax and copier) and high speed Internet connection in a cost-effective environment. In addition, Granite State College has purchased Unit 2 within the complex and provides space to White Mountains Community College and Plymouth State University for holding classes.

The Mt. Washington Valley Economic Council has begun work on Phase II of the Tech Village, and is currently seeking sub-division approval.  This would create the availability of 16 lots for lease or sale, each approximately three to five acres and able to house buildings of up to 10,000 square feet. A total of $625,000 in funds awarded from CDFA will outfit the 81-acre property with infrastructure including roads, water and sewer lines. 

According to Jac Cuddy, executive director of the Mt. Washington Valley Economic Council, this is the second time Citizens Bank was able to help fund the Tech Village through the Community Development Investment program.

“Citizens Bank’s very generous contribution has been critical in keeping this project moving forward and we are thankful to the bank and for the tax credit program to help make this a reality,” said Cuddy. “The completion of the facility will enable us to continue to provide incubator space for small high-tech businesses just starting out; increase the number of highly skilled, high paying jobs and help diversify the economic base of the region.”

The tax credit program enables businesses to contribute to CDFA-approved economic or community development projects in exchange for a state tax credit that can be applied against the New Hampshire business profits, business enterprise and/or insurance premium taxes. The credit is equal to 75 percent of the contribution. For more information about supporting the Technology Village through the CDFA Tax Credit Program please contact Jac Cuddy at Mount Washington Valley Economic Council at 603.447.6622.

“Providing technical assistance to small businesses throughout the state is an important community outreach initiative of Citizens Bank, and we are very pleased to help support this technology-driven initiative in the Mount Washington Valley,” said Cathleen A. Schmidt, president of Citizens Bank New Hampshire. “We are very proud to be able to work through the CDFA tax credit program, which makes for an efficient and effective way to partner with the nonprofit economic development sector. The Tech Village truly is stimulating business and the economy in the area and will provide greater opportunities for all.”

About the Mt. Washington Valley Economic Council

Founded in 1990, the Mt. Washington Valley Economic Council was created to address a clear need for long-range economic planning for the region. Conceived as a public/private partnership the council identified the need to go beyond town boarders and create a larger, more regional identity. The 12 valley towns which were selected to make up the council include Albany, Bartlett, Chatham, Conway, Eaton, Freedom, Jackson, Madison, Ossipee, Tamworth, N.H., and Brownfield and Fryeburg, Maine. Its mission is to enhance our communities by fostering the formation of new business and attracting businesses to relocate to the area, with a commitment to help them diversify, prosper and enhance their sustainability while preserving the region’s natural beauty.

About Citizens Bank

Citizens Bank is a division of RBS Citizens, N.A., operating its seven-state branch network in Connecticut, Delaware, Massachusetts, New Hampshire, New York, Rhode Island and Vermont.  It has 76 branches and 156 ATMs in New Hampshire.

RBS Citizens, N.A. is a subsidiary of Citizens Financial Group, Inc., a $167 billion commercial bank holding company headquartered in Providence, R.I. 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 about 40 states. It is one of the 10 largest commercial banking companies in the United States ranked by assets. CFG is owned by RBS (The Royal Bank of Scotland Group plc).