American Alarm and Communications receives $25m
BOSTON—Citizens Bank on Oct. 4 announced today that Citizens Commercial Banking’s Security Finance Group is providing a $25 million credit facility to American Alarm and Communications.
Contacted by Security Systems News, Lou Sampson, chief financial officer of American Alarm and Communications, said in an email, “We have had a banking relationship with Citizens for more than 15 years. So, adding this new credit facility is a natural evolution of our work with the bank. At American Alarm we are growing steadily, both organically and through acquisition, so this new credit facility will support that strategy.”
While American Alarm has used Citizens for banking in the past, this is the first time that the company has received a credit facility from Citizens.
“We are very excited to have American Alarm as a new credit client at Citizens,” Greg Buscone, senior vice president and market manager of specialized banking at Citizens Commercial Banking, said in a prepared statement. “With a team dedicated to companies in the electronic security industry, Citizens looks forward to working with the American Alarm management team to support their growth and success.”
“The Citizens’ Security Finance Group is a class act. Their experience in this industry was a key differentiator,” Sampson said in the announcement. “The Citizens team followed through on promises and worked hard to bring helpful best practice ideas to the table.”