SNL Financial Provides Additional Data on Citizens Financial Group's $10.6 Billion Bid for CF.To download high-resolution, print-ready JPEG JPEGin full Joint Photographic Experts Group Standard computer file format for storing graphic images in a compressed form for general use. JPEG images are compressed using a mathematical algorithm. images, click on the thumbnail image above. WARNING: these images are very large (800K+) Click here for caption To download high-resolution, print-ready JPEG images, click on the thumbnail image above. WARNING: these images are very large (800K+) Click here for caption Photo Editors/Business Editors MULTIMEDIA AVAILABLE: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=4633669 CHARLOTTESVILLE, VA.--(BUSINESS WIRE)--May 5, 2004 SNL SNL Saturday Night Live SNL Sandia National Laboratories SNL School for New Learning (Depaul University) SNL Springfield News-Leader (Missouri newspaper) SnL Sweet N Low SNL Standard Nomenclature List Financial has released a new table of the fifty largest U.S. banks reflecting Citizens Financial Group's (Citizens), a subsidiary of 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. , announcement that it will acquire Charter One Financial (NYSE NYSE See: New York Stock Exchange :CF) for a reported $10.6 billion. SNL Financial's Director of Financial Institutions Group, Dave Kungl, noted, "The extension of the branch network into 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 and the Midwest is a good story, but the premium appears high relative to a group of comparable deals. The bank has also relied on sales of mortgage-backed securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. in recent years to help support earnings. Adjusted net income excluding gains on sale of securities has gone down in recent years." "Loan originations for non-single family loans are down over the last two quarters, an area where they hoped to improve. They have expanded branches very rapidly, and their net interest margin is lower than their peers, all of which have made some analysts worried," added Kungl. "Although they have ramped up revenues from deposit activities, Charter One has struggled to diversify as noninterest income as a percentage of operating revenue operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. also lags their peers." Please click the following link http://www.snl.com/press/20040505.pdf for additional deal-related analysis and data including comparable deal metrics for recent deals of similar size, comprehensive deposit market share data, a branch marketshare map, and a complete table of the fifty largest U.S. banks, or contact Mike Scott, Manager of M&A, at 434-951-7632 or email mailto:mscott@snl.com. This data has been provided by SNL Financial http://www.snl.com, the leading independent information providers for the bank and thrift industries. MULTIMEDIA AVAILABLE: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=4633669 |
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