Providence, RI (July 21, 2005) - Gov. Donald L. Carcieri and Citizens Bank of Rhode Island President and CEO Joseph J. MarcAurele today announced that Cimini & Associates, a light manufacturer of specialty alloys, has been awarded a Citizens Bank Job Bank loan for $400,000 to create 10 new jobs at its headquarters in Westerly.
"Citizens Bank shares Governor Carcieri's commitment to job creation in Rhode Island and we're proud to serve as a financial engine to create new jobs in the state," said Joseph J. MarcAurele, President & CEO of Citizens Bank. "Cimini & Associates is creating 10 good jobs that will positively impact the local economy which is our goal in creating the Citizens Job Bank."
Gov. Carcieri joined Citizens Bank President Joseph J. MarcAurele in February for the announcement of the creation of the Citizens Job Bank to create more than 2,500 new jobs locally and throughout New England. The new loan pool requires borrowers to create a minimum of one full-time job for every $40,000 borrowed at the fixed interest rate of 3.5 percent. The jobs must be created within three years after the funds are borrowed.
"From the first day I took office, I made job creation a top priority," said Carcieri. "Citizens is certainly playing a crucial role in helping us drive our economy. This initiative, first announced back in February, is a perfect complement to existing EDC loan programs. With the announcement of this second Job Bank Loan, we are continuing towards my goal of adding 20,000 jobs in four years. My thanks to Citizens Bank for their continued commitment to growing Rhode Island's job force."
Cimini & Associates performs light manufacturing of specialty alloys for jewelry manufacturers and industrial applications. More recently the company has diversified its production base from the jewelry industry and has developed relationships with a broad array of manufacturing and technology companies for machine and manufactured parts for the super conductor and dental fields.
We would like to thank Citizens Bank and the Governor for giving us the opportunity to grow our business here in Rhode Island," said George Cimini, President of Cimini & Associates. "The loan from Citizens Bank will allow us to expand our facility, increase production and hire new workers."
Under the requirements for the Citizens Job Bank, the minimum loan size is $240,000 and the maximum is $10 million. The loans will be available to qualified borrowers starting this month. Companies eligible for the program include any public or privately owned business in a broad array of industry sectors, including manufacturing, information technology and life sciences.
The Rhode Island Department of Economic Development (RIEDC) will conduct annual audits to certify that borrowers fulfill job creation commitments. The agency will also market the unique program to companies already in Rhode Island and those businesses considering relocating to the Ocean State.
"Today's announcement represents the continued progress of the Citizens Job Bank program," stated Michael McMahon, Executive Director of the Rhode Island Economic Development Corporation. "The spirit of this program is being realized in all corners of the state. Cimini & Assocites is a wonderful example of the vibrancy of Rhode Island's small business community and the growth these companies are experiencing at this point in time. Cimini's continued growth also highlights the innovation that is occurring within our state's manufacturing sector."
Companies interested in obtaining more information about the program can log on to www.citizensbank.com or www.blueskyri.com or call 1-888-358-0100 (Citizens Bank) or 1-401-222-2601 (RI EDC).
Citizens Bank of Rhode Island, with $11 billion in assets, offers a complete range of banking services and has the largest branch banking network in Rhode Island with 78 branches and 146 ATMs. Citizens' history in Rhode Island dates to 1828. It has more than 4,900 employees.
Citizens Bank of Rhode Island is a subsidiary of Citizens Financial Group, Inc., a $131 billion commercial bank holding company headquartered in Providence, R.I. Citizens has more than 1,580 offices, approximately 2,800 ATMs and approximately 24,000 employees in 13 states. It operates in Connecticut, Delaware, Illinois, Indiana, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Vermont. Citizens is the 12th largest commercial banking company in the United States in asset size and ninth when ranked by deposits. Citizens is owned by RBS (The Royal Bank of Scotland Group plc).