Citizens and Mellon Close the Deal On Banks in the Mid-Atlantic Region.Business Editors PROVIDENCE, R.I.--(BUSINESS WIRE)--Dec. 1, 2001 Citizens Bank today announced its completion of the previously announced purchase of the retail, small business and certain middle market commercial banking businesses of Mellon Financial  This article or section may contain a proseline.Please help [ convert this timeline] into prose or, if necessary, a . Corporation. The deal includes 345 bank branches in Pennsylvania, New Jersey and Delaware. In July, Citizens Bank reached an agreement to acquire the retail, small business and certain middle market commercial banking businesses of Mellon Financial Corporation. Citizens paid a premium of $2.1 billion for this acquisition. This transaction made Citizens one of the top 20 commercial banks in the country and the third largest bank in Pennsylvania. The acquisition brings the total number of employees to more than 12,000 across seven states. Virtually all the 4,100 Mellon employees in Pennsylvania are being retained, including more than 2,000 employees in the Greater Philadelphia region. "From day one, we look forward to demonstrating to our customers, our employees, and to the community that Citizens is not your typical bank," said Lawrence K. Fish, Chairman, President & 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 are dedicated to providing extraordinary levels of service to our customers, to being an outstanding employer and a great corporate citizen in the communities where we live and work." Citizens previously announced that, as part of its commitment to customer service, it is eliminating certain transaction fees and reducing others at all of these new Citizens branches. Under the new fee structure, many customers will have the benefit of free checks, free debit cards debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. , and free access to 1,500 Citizens ATMs in the area. There will also be new accounts and services for small business customers. Citizens Bank of Pennsylvania recently received an Aa2 and Prime-1 rating for deposits from Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. . About Citizens Bank Citizens Bank of Pennsylvania and Citizens Bank in Delaware are subsidiaries of Citizens Financial Group, a $50 billion bank holding company headquartered in Providence, Rhode Island  “Providence” redirects here. For other uses, see Providence (disambiguation). Providence is the capital and the most populous city of the U.S. . With more than 12,200 employees, Citizens is New England's second largest commercial bank holding company. In addition to Pennsylvania and Delaware, Citizens operates banks in four states: 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. , Massachusetts, Connecticut and 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). . Combined, they have more than 770 retail and commercial lending offices and 1,479 ATM machines. Citizens is wholly 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. , a $490 billion global banking organization. Citizens Bank can be accessed on the world wide WEB at www.citizensbank.com. |
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