Citizens Financial : Bank provides $35 million credit facility to Retail Concepts

01/25/2017

HOUSTON, TX - Citizens Bank announced today that Citizens Commercial Banking is providing a $35 million credit facility to Retail Concepts, which operates 33 retail stores and an ecommerce website under the name Sun & Ski. Citizens is the sole lender and administrative agent.

Founded in 1980, Retail Concepts' stores are located in 13 states primarily in the southern and eastern United States. Originally a ski and snowboard shop that sold cycling and outdoor gear in the summer, Sun & Ski has grown to include stores dedicated to satisfying the needs of a wide array of active lifestyle customers. East Coast store locations focus spring and summer season on patio and outdoor furniture and accessories.

A new Citizens client, Retail Concepts will use the new funds to pay off existing debt, grow the retail store base and online platform, and for working capital and general corporate purposes.

'We appreciate the expertise of the team at Citizens,' said Frank Stanley, co-owner and CFO of Retail Concepts. 'They brought great ideas to the table and were able to execute this transaction very quickly and seamlessly.'

'Retail Concepts is a great new client for Citizens and we're happy to have been able to make this deal happen quickly for them,' said Chris Carmosino, president of Business Capital at Citizens Bank. 'Providing asset-based lending revolving credit facilities is just one of the ways that Citizens delivers value for clients at every stage of their business life cycle.'

Citizens is positioned as a strategic and financial partner, offering deep expertise, great ideas and seamless deal execution. The Citizens Commercial Banking approach puts clients first, and offers solutions that help clients make the best decisions throughout the life cycle of their business.

For more information about Citizens, visit theCitizens Commercial Bankingwebsite.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation's oldest and largest financial institutions, with $149.5 billion in assets as of December 31, 2016. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. In Consumer Banking, Citizens helps its retail customers 'bank better' with mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 Citizens Bank branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Citizens also provides wealth management, mortgage lending, auto lending, student lending and commercial banking services in select markets nationwide. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services including lending and deposits, capital markets, treasury services, foreign exchange and interest hedging, leasing and asset finance, specialty finance and trade finance.

Citizens operates through its subsidiaries Citizens Bank, N.A., and Citizens Bank of Pennsylvania as Citizens Bank, Citizens Commercial Banking and Citizens One. Additional information about Citizens and its full line of products and services can be found at www.citizensbank.com.