Citizens Bank and Pennsylvania Gov. Ed Rendell make major jobs announcement in Berks County
“Citizens Job Bank” helps create 500 new jobsPhiladelphia (December 19, 2006) - Citizens Bank of Pennsylvania announced today that East Penn Manufacturing Company, Inc., a lead-acid battery manufacturer, is expanding its overall operation. As part of the Citizens Job Bank program, East Penn Manufacturing secured a $10 million Citizens Job Bank loan and will create at least 500 new jobs during the next three years.
“Creating new jobs and expanding operations will help boost the local economy and create new opportunities for residents,” said Ralph Papa, President of Citizens Bank of Pennsylvania. “Citizens Bank is pleased to offer Citizens Job Bank loans to Pennsylvania’s businesses and to assist in the expansion of the workforce in Berks County and across the commonwealth.”
“This investment is great news for residents of Berks County and Pennsylvania’s economy,” said Gov. Edward G. Rendell. “In cities and towns across the commonwealth, we’re using our resources to attract private-sector investment, create new opportunities for Pennsylvanians, and revitalize our communities. This approach has helped rebuild our economy and foster an environment where businesses can compete in the global market.
“It is another example of how we continue to use our resources to bring private investments to our local communities, while creating hundreds of new jobs. I am thrilled that today we are celebrating the expansion of a manufacturing company, which is an industry Pennsylvania has always been known for,” Rendell said.
With the help of a $21.4 million state investment, East Penn Manufacturing, the largest manufacturing employer in Berks County, is expanding its global manufacturing complex in Lyon Station. The project includes construction of a new battery plant, a new distribution facility and related infrastructure. East Penn Manufacturing will also expand its existing battery plants and health and safety center.
At least 500 new jobs will be created within three years and 4,828 existing jobs will be retained.
The Citizens Job Bank, which is a public-private partnership created in conjunction with the Commonwealth of Pennsylvania in March 2004, is designed to help companies stay and expand in Pennsylvania. The $250 million Citizens Job Bank loan initiative complements the Commonwealth’s existing economic development incentives by targeting mid-sized and large companies that need access to capital for business expansion. Companies eligible for the program include any public or privately owned businesses engaged in manufacturing and industrial companies in Pennsylvania or those that relocate here. To date, the Citizens Job Bank has created more than 5,100 jobs.
For information on the Governor’s Action Team and the Citizens Job Bank visit www.NewPA.com or call 1-866-GONEWPA (1-866-466-3972).
About Citizens Bank of Pennsylvania
Citizens Bank of Pennsylvania is a $36 billion state-chartered bank with dual headquarters in Pittsburgh and Philadelphia. It has approximately 400 branches, more than 675 ATMs throughout Pennsylvania. It also operates 13 retail branches and 25 ATMs in southern New Jersey and a commercial loan office in Virginia. It is a subsidiary of Citizens Financial Group, Inc., a $164 billion commercial bank holding company headquartered in Providence, R.I. Citizens has more than 1,600 branches, approximately 3,200 ATMs and 26,000 employees in a 13-state retail branch network and has non-branch retail and commercial offices in about 40 states. Citizens is the eighth-largest commercial banking company in the United States ranked by deposits and ninth in assets as of March 31, 2006. Citizens is owned by RBS (The Royal Bank of Scotland Group plc).
About East Penn Manufacturing Company, Inc.
Established in 1946, East Penn is a leading manufacturer of high quality lead-acid batteries and accessories for the commercial, marine, automotive, telecommunications, industrial, and stationary markets. At more than 490 acres, East Penn claims to have the largest, most modern single-site lead-acid battery manufacturing facility. The company was also named one of Fortune’s “100 Best Companies to Work For” in 2006. To learn more about East Penn Manufacturing Co., Inc., visit www.eastpenn-deka.com.
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