Citizens Bank, National Association: SBA business acquisition lending record
Citizens Bank, National Association (home state RI) approved 54 SBA 7(a) loans to buy existing businesses since FY2018, totaling $49.1M. The median loan was $709,000. It ranks number 162 of 280 lenders by count and made 0.1% of all SBA acquisition loans nationally.
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What this tells a borrower
- Deal size it funds. Half of its acquisition loans fell between $296,250 and $1,350,750. If your deal sits well outside that band, this lender may be less practiced at it.
- Geographic reach. Pennsylvania is the largest state (24% of loans). Loans appear in only 11 states, which points to a regional lender.
- Industry concentration. Full-Service Restaurants is 11% of its acquisition loans. The mix is spread across several industries.
- Overall 7(a) volume. 447 SBA 7(a) loans of any purpose since FY2020, totaling $322M. 76% of its acquisition loans were processed under the Preferred Lenders Program.
- Franchise share. 20% of its acquisition loans involved a franchise brand, against 18% for all lenders.
- Seasoned performance. Of its loans from FY2018 to FY2021: none charged off, against the 3.5% national average.
Citizens Bank, National Association acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 6 | $8.7M | $1,029,250 | |
| FY2019 | 11 | $6.6M | $589,000 | |
| FY2020 | 16 | $16.7M | $760,500 | |
| FY2021 | 5 | $7.5M | $1,360,000 | |
| FY2022 | 2 | $950K | $475,000 | |
| FY2023 | 0 | $0 | - | |
| FY2024 | 2 | $752K | $375,750 | |
| FY2025 | 6 | $4.8M | $330,000 | |
| FY2026 | 6 | $3.1M | $455,500 |
How often do these acquisition loans fail?
Of the 38 Citizens Bank, National Association acquisition loans approved from FY2018 to FY2021 (the seasoned cohort, every loan at least about five years old), none have been charged off by the SBA. 16 have already been paid in full.
For comparison, Citizens Bank, National Association has none charged off, against the 3.5% average across all SBA 7(a) acquisition loans in the same cohort. Non-acquisition 7(a) loans (every other stated purpose) approved FY2018 to FY2021 charged off at 6.2%.
"Charged off" is the SBA's final loss action on a defaulted loan after collection efforts. It lags default by a year or more, which is why only older cohorts are measured. It is not the same as a delinquency rate, and loans still outstanding can still fail. See charge-off in the glossary.
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States served
| # | State | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Pennsylvania | 13 | 24.1% | $15.9M | |
| 2 | Massachusetts | 12 | 22.2% | $13.8M | |
| 3 | Michigan | 11 | 20.4% | $5.4M | |
| 4 | Rhode Island | 6 | 11.1% | $3.1M | |
| 5 | Ohio | 3 | 5.6% | $4.8M | |
| 6 | Connecticut | 2 | 3.7% | $1.9M | |
| 7 | California | 2 | 3.7% | $1.2M | |
| 8 | Delaware | 2 | 3.7% | $950K | |
| 9 | Vermont | 1 | 1.9% | $1.3M | |
| 10 | New Jersey | 1 | 1.9% | $575K | |
| 11 | New York | 1 | 1.9% | $180K |
Industries financed
| # | Industry | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Full-Service Restaurants | 6 | 11.1% | $3.2M | |
| 2 | Machine Shops | 3 | 5.6% | $2.3M | |
| 3 | Limited-Service Restaurants | 3 | 5.6% | $1.7M | |
| 4 | Drycleaning and Laundry Services (except Coin-Operated) | 3 | 5.6% | $1.1M | |
| 5 | Motorcycle, ATV, and All Other Motor Vehicle Dealers | 2 | 3.7% | $3.5M | |
| 6 | Child Care Services | 2 | 3.7% | $2.9M | |
| 7 | Plumbing, Heating, and Air-Conditioning Contractors | 2 | 3.7% | $2.2M | |
| 8 | Coin-Operated Laundries and Drycleaners | 2 | 3.7% | $478K |
The purchase agreement decides what you bought, not the loan approval.
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Franchise brands financed
| # | Franchise | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Martinizing Cleaners | 5 | 9.3% | $2M | |
| 2 | Pearle Vision | 1 | 1.9% | $1M | |
| 3 | Altitude Trampoline Park | 1 | 1.9% | $567K | |
| 4 | Budget Blinds | 1 | 1.9% | $180K |
Questions buyers ask
Does Citizens Bank, National Association make SBA acquisition loans?
Yes. Citizens Bank, National Association approved 54 SBA 7(a) loans to buy existing businesses from FY2018 to FY2026, ranking number 162 of 280 lenders with 25 or more such loans. The SBA file shows past approvals only; it cannot tell you whether the lender will approve a particular buyer or deal.
How large are Citizens Bank, National Association's acquisition loans?
The median was $709,000, with the middle half between $296,250 and $1,350,750. The national median is $645,250, so this lender's typical loan is 10% higher than the national figure.
Which states does Citizens Bank, National Association lend in?
Pennsylvania (13), Massachusetts (12), Michigan (11), Rhode Island (6), Ohio (3), Connecticut (2). Its loans appear in 11 states, so it is closer to a regional lender.
Which industries does Citizens Bank, National Association finance?
Full-Service Restaurants (6), Machine Shops (3), Limited-Service Restaurants (3), Drycleaning and Laundry Services (except Coin-Operated) (3), Motorcycle, ATV, and All Other Motor Vehicle Dealers (2). The top industry is 11% of its acquisition loans.
How have Citizens Bank, National Association's acquisition loans performed?
Of 38 loans approved FY2018 to FY2021: none charged off, against the 3.5% national acquisition average. Charge-offs reflect the borrowers and industries a lender serves as well as its underwriting.
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Related
- Pennsylvania acquisitions
- Massachusetts acquisitions
- Michigan acquisitions
- Full-Service Restaurants
- Machine Shops
- Limited-Service Restaurants
- All lenders
Figures are aggregates of public SBA data. This page is not provided or endorsed by Citizens Bank, National Association.