Citizens Financial Group Completes Charter One Acquisition; Transaction Makes Citizens One of the Top U.S. Bank Holding Companies.PROVIDENCE, R.I. -- Citizens Financial Group, Inc. (Citizens) announced it has completed its transaction to acquire Charter One Financial, Inc. (NYSE NYSE See: New York Stock Exchange :CF) today. The acquisition extends Citizens' retail and commercial banking into six additional states. At the close of the transaction, Citizens became the 12th largest commercial bank holding company in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. with more than $131 billion in assets, and the ninth largest in deposits with more than $88 billion. The acquisition, which was announced on May 4, brought the Cleveland-based Charter One franchise to Citizens for a purchase price of $44.50 in cash for each share of common stock or approximately $10.5 billion. "This is a significant transaction for Citizens. It brings us to the Midwest, and expands our presence in New England and the Mid-Atlantic," said Lawrence K. Fish, Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Citizens Financial Group, Inc. "We look forward to bringing to thousands of new customers Citizens' successful model of outstanding customer service and strong commitments to our communities and employees." Beginning September 1, 2004, customers of both Citizens Bank and Charter One can use nearly 2,700 Citizens Bank and Charter One ATMs in 13 states to make cash withdrawals without incurring ATM fees. Charter One customers may also continue to bank as usual by phone, ATM, online or at a branch. About Citizens Financial Group As of the Charter One Financial acquisition on August 31, 2004, Citizens Financial Group, Inc. is a $131 billion commercial bank holding company. It is headquartered in Providence, R.I., and has more than 1,530 offices, approximately 2,700 ATMs and approximately 24,000 employees in 13 states. It operates in Connecticut, Delaware, Illinois, Indiana, Massachusetts, Michigan, New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). , New Jersey, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Ohio, Pennsylvania, Rhode Island Rhode Island, island, United States Rhode Island, island, 15 mi (24 km) long and 5 mi (8 km) wide, S R.I., at the entrance to Narragansett Bay. It is the largest island in the state, with steep cliffs and excellent beaches. and Vermont. Citizens is the 12th largest commercial banking company in the United States in asset size and ninth when ranked by deposits. Citizens is owned by The Royal Bank of Scotland Group The Royal Bank of Scotland Group plc (LSE: RBS) is a British banking and insurance holding company based in Edinburgh, Scotland, UK.[1] It includes The Royal Bank of Scotland plc [2]) founded in 1727 by a Royal Charter of King George I. plc. The Citizens Web site is www.citizensbank.com. |
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