Citizens Financial : Bank provides $20 million credit facility to luxury jewelry firm David Webb, LLC

01/24/2017

NEW YORK, NY - Citizens Bank announced today that Citizens Commercial Banking is providing a $20 million revolving credit facility to David Webb, LLC. Citizens is the sole lender and administrative agent.

Established in 1948, David Webb is a premier jewelry brand whose namesake founder / designer redefined luxury jewelry. The company has a highly selective distribution strategy that includes boutique locations in New York City and Beverly Hills, Calif., select luxury retailers and international trunk shows

A new Citizens client, David Webb will use the funds for new store growth, working capital and general corporate purposes.

'We have really benefited from our partnership with the team at Citizens,' said Mark Emanuel, co-owner and CEO of David Webb, LLC. 'This is our first asset-based credit facility and they were able to bring great ideas to the table and execute the transaction quickly and seamlessly.'

'David Webb is a great new client and we're very happy to help them achieve their strategic and financial goals,' 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 aims to be a go-to strategic and financial partner by offering unrivaled industry 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 the Citizens Commercial Banking website.

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.