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Citizens Bank

Citizens Financial Group, Inc. is an American bank headquartered in Providence, Rhode Island, and operates in the states of Connecticut, Delaware, Indiana, Illinois, Massachusetts, Michigan, New Hampshire, New Jersey, Upstate New York, Ohio, Pennsylvania, Rhode Island and Vermont.

Mortgages Funded by Citizens Bank

Citizens Bank History and Facts

Citizens is a wholly owned subsidiary of the Royal Bank of Scotland, with headquarters based in Edinburgh, Scotland. Citizens was first established in 1828 as the High Street Bank in Providence, Rhode Island. In 1871, the Rhode Island legislature gave a second charter to establish the Citizens Savings Bank which eventually acquired its parent group to form Citizens Trust Company. The bank then expanded through Rhode Island, opening a total of 29 branches in that state. Citizens Financial Group was established as a holding company when the bank acquired The Greenville Trust Company in 1954.

In 1985, Citizens changed status from a mutual savings bank to a federal stock savings bank. Expansion into other states began with Massachusetts in 1986. In 1988, Citizens agreed a takeover from the Scottish based bank, the Royal Bank of Scotland (RBS), which used Citizens Bank as a stepping stone into the American market. In the following sixteen years under RBS ownership, Citizens acquired several smaller banks in the New England area to become the second largest bank in the region. In 1996, the acquisition of First NH Bank saw the Bank of Ireland gain a 23.5% stake in Citizens, which was repurchased two years later by RBS.

Expansion outside New England began in 2001, when RBS purchased the retail banking division of Mellon Financial Corporation in Pennsylvania, New Jersey and Delaware, and three years later, bought Cleveland-based Charter One Bank for $41 billion with branches in Illinois, Ohio, Indiana, Michigan and upstate New York. The merger of these banks into the Citizens Bank brand name made the enlarged group the ninth largest bank in the United States with over $128 billion in assets and 1,400 branches across 13 states, making Citizens Financial Group contribute 25% to the profits of RBS. In July 2003, the bank purchased the naming rights to the new home field of the Philadelphia Philly’s, calling it Citizens Bank Park.

In 2004 RBS purchased the credit card division of Connecticut-based People’s Bank. This purchase will allow Citizens to issue and market its own credit cards. In addition, RBS purchased Lynk systems of Atlanta, Georgia to processes non-cash transactions (such as credit, debit, EBT, loyalty, gift, and check transactions) from merchant point-of-sale terminals, web sites, and ATMs. The company has been re-branded as RBS Lynk.

In early 2005, seven Citizens Bank branches in Butler County, Pennsylvania were renamed Charter One. This re-branding resolved a 3 1/2-year-old name dispute with Butler-based Citizens National Bank. By mid-2005, Citizens National and Citizens Financial agreed to a compromise. Citizens National Bank changed their name to NexTier Bank, while the Charter One branches will revert to the “Citizens Bank” name.

A new corporate logo, designed to show Citizens Bank’s connection to the Royal Bank of Scotland, debuted in 2005.

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