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Citizens Bank and Delaware County Council announce continued success of $142 million economic and community initiative
County’s Revitalization Program surpasses goals for second consecutive yearPHILADELPHIA (July 10, 2007) - Citizens Bank, in partnership with Delaware County Council, presented a second annual report card today on its community initiative designed to help support the Delaware County Revitalization Program. In 2005, Citizens Bank committed $142 million in loans and program support over five years to help support the Delaware County Revitalization Program.
In a presentation today before the Delaware County Council, Citizens Bank executives reported that the program’s goal for the second year was to provide $27.3 million in loans and program support. An analysis of second year results indicates that $37.6 million was delivered in loans for projects and programs that foster affordable housing, home improvement, economic development, financial literacy, small business and commercial development.
“Citizens Bank is thrilled that we have exceeded our second-year program goals by more than $10 million,” said Ralph J. Cicalese, Citizens Bank’s Market Executive for Delaware County. “We are grateful that so many grassroots community agencies have partnered with us again this past year. To a large extent, the success of Citizens Bank in Delaware County depends on the continued growth and revitalization of many of the first generation communities that this program seeks to help. We praise the Delaware County Council for its commitment in making this program a success.”
“We applaud Citizens Bank for its successful second year supporting the Delaware County Revitalization Program,” said Linda A. Cartisano, Esq., Vice Chairman of the Delaware County Council. “It has been an extraordinary partnership and we look forward to continued revitalization of our municipalities by making them more attractive, livable, safe, and economically viable. We are looking forward to continuing this successful program over the next three years.”
Cicalese and members of the Delaware County Council announced the results at a news conference held in the County Council Public Meeting Room. The Delaware County Neighborhood Investment Program year-two results include $13.7 million in small business loans, $9.7 million in mortgage loans, $477,880 in home improvement loans and $13.6 million in other consumer and business loans throughout the five planning regions designated under the Delaware County Revitalization plan as well as other low- to moderate-income census tracks in Delaware County.
In addition to the lending program, the Citizens Bank Foundation provided $125,500 in program support to a variety of projects, including $20,000 to the Community Action Agency for home winterization, $25,000 for Volunteer Tax Assistance programs with PathwaysPA and $10,000 to Neighbor to Neighbor for its educational enrichment programs for low-income Delaware County youth.
In addition to the Revitalization Program, Citizens Bank partnered with Delaware County Council to collect new school supplies for low-income children. In 2006, 500 backpacks filled with school supplies were distributed to community agencies in Delaware County. The Tools for School program will again collect new school supplies in all Citizens Bank branches from July 23 until August 10.
The partnership, which was announced in June 2005, represents the largest community investment initiative Citizens Bank has made in Delaware County in support of crucial revitalization efforts. The program to date has provided a total of $77 million in loans, investments and program support to revitalize Delaware County.
About Citizens Bank of Pennsylvania
Citizens Bank of Pennsylvania is a $34 billion state-chartered bank with dual headquarters in Pittsburgh and Philadelphia. It has approximately 400 branches, more than 660 ATMs throughout Pennsylvania. It also operates 13 retail branches and 26 ATMs in southern New Jersey and a commercial loan office in Virginia. It is a subsidiary of Citizens Financial Group, Inc., a $161 billion commercial bank holding company headquartered in Providence, R.I. Citizens has more than 1,600 branches, approximately 3,100 ATMs and more than 25,000 employees. It has a13-state retail branch network plus 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 September 30, 2006. Citizens is owned by RBS (The Royal Bank of Scotland Group plc).
About the Delaware County Revitalization Program
The Delaware County Revitalization Program was established by County Council in 2003 to encourage economic development and smart growth in all 49 municipalities through two distinct but related initiatives. One initiative seeks to guide revitalization efforts in the County's first-generation municipalities by making them more attractive, livable, safe, and economically viable. This initiative encompasses 29 municipalities, including 22 boroughs, 6 townships and the City of Chester. Each of these five Revitalization planning areas has developed and adopted an Action Plan prioritizing objectives and specific projects to cooperatively work towards achieving this goal.
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