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| Citizens Bank of Pennsylvania |
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Overview:
In 1828, Citizens Financial Group got its start as a small community bank called the High Street Bank in Providence, Rhode Island.
Citizens Financial Group, Inc. is a $136 billion commercial bank holding company. It is headquartered in Providence, R.I., and, through its subsidiaries, has more than 1,500 branches, more than 3,700 ATMs and approximately 22,600 employees. Its two bank subsidiaries are RBS Citizens, N.A. and Citizens Bank of Pennsylvania. They operate a 12-state branch network under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont, and the Charter One brand in Illinois, Michigan and Ohio. CFG has non-branch retail and commercial offices in about 40 states. CFG is owned by RBS (The Royal Bank of Scotland Group plc). |
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History:
Today, Citizens Financial Group has more than 1,500 branches, more than 3,700 ATMs, and approximately 22,600 employees in 12 states covering New England, the Mid-Atlantic and the Midwest. We weren't always that big, though - we started with one bank in Providence, Rhode Island. Here's how we grew.
1828 – High Street Bank is established in Providence, Rhode Island to serve the growing commercial banking needs of Rhode Island’s industries.
1871 – Citizens Savings Bank, a mutual savings bank, received its charter.
1947 – The first retail branch opens in Cranston, Rhode Island.
1948 – High Street Bank is acquired and renamed Citizens Trust Company.
1950 – Citizens Savings Bank is the first mutual savings bank to become a member of the FDIC.
1954 – Citizens Bank acquires the Greenville Trust Company, adding $8 million to its franchise.
1984 – George Graboys is named chief executive officer and Citizens Financial Group is established as the bank’s holding company.
1986 – Citizens purchases its first subsidiary, Gulf States Mortgage Company, which later becomes Citizens Mortgage Corporation.
1988 – Citizens Bank gains market share in Massachusetts with its acquisition of Fairhaven Savings Bank, which becomes Citizens Bank of Massachusetts, a subsidiary of Citizens Financial Group.
1988 – Citizens Financial Group becomes a subsidiary of The Royal Bank of Scotland Group plc, one of the largest banking groups in the United Kingdom.
1990 – Construction of the 13-story Citizens Plaza in downtown Providence is completed and becomes Citizens’ new Corporate Headquarters. Citizens Bank acquires Old Colony Bank, making it the 2nd largest bank in Rhode Island in assets under management.
1992 – Lawrence Fish succeeds George Graboys as Citizens Bank’s Chairman. An acquisition of Plymouth Five Cent Savings Bank doubles the customer base of Citizens Bank of Massachusetts.
1993 – Citizens Bank acquires Boston Five Bancorp and the former New England Savings Bank in New London, Connecticut.
1994 – Citizens Bank expands its asset size over $9 billion by acquiring Neworld Bancorp, Inc., New London-based former Coastal Federal Savings Bank, and certain assets of the former Old Stone Bank in Providence, Rhode Island. The bank begins to offer mutual funds through its retail bank branches in Rhode Island, Connecticut and Massachusetts.
1995 – To make banking even easier for our customers, Citizens Bank acquires Quincy Savings Bank and opens its first supermarket banking location. Today, supermarket banking has grown to include over 50 locations in some of the country’s leading retailers.
1996 – Citizens Bank acquires Manchester-based First New Hampshire Bank from the Bank of Ireland and Middletown, Connecticut-based Farmers & Mechanics Bank.
1997 – Citizens Bank of Massachusetts acquires Grove Bank, headquartered in Chestnut Hill, Massachusetts. Citizens Bank of Connecticut acquires The Bank of New Haven.
1998 – Citizens Bank of Massachusetts builds a stronger presence in the Boston area with its acquisition of Woburn National Bank. Citizens Bank also acquires 4 out 5 branches of Branford Savings Bank of Connecticut, further expanding its presence throughout New England.
1999 – Citizens Bank purchases the Commercial Banking Group from State Street Corporation and introduces Citizens Bank Online [link to Online Banking intro page], its electronic banking service.
2000 – Citizens Bank purchases UST Corporation of Boston, Massachusetts, making Citizens Bank of Massachusetts a $14 billion full-service bank. The acquisition includes the insurance brokerage Brewer & Lord.
2001 – Citizens Bank purchases Mellon Bank’s retail units, expanding its presence into the Mid-Atlantic area and increasing its assets to over $53 billion.
2002 – Citizens acquires Medford Bancorp.
2003 – Citizens Bank completes the purchase of Commonwealth Bancorp of Norristown, Pennsylvania; Port Financial Corporation in Brighton, Massachusetts; Community Bancorp in Hudson, Massachusetts; and The Feitelberg Company, one of southeastern New England’s largest insurance agencies. Citizens becomes the 7th largest banking and insurance operation in the U.S.
2004 – Citizens Bank further strengthens its presence in the Mid-Atlantic with its acquisition of Charter One Financial, Inc., based in Cleveland, Ohio. Citizens also purchases the credit card business of People’s Bank, headquartered in Bridgeport, Connecticut, and Lynk Systems, Inc., an electronic payment processing firm headquartered in Atlanta, Georgia. Citizens Bank of Pennsylvania acquires Thistle Group Holdings, Co., parent company of Roxborough Manayunk Bank (RMB). RMB is a $914 million banking company headquartered in Philadelphia.
2006 – RBS (The Royal Bank of Scotland Group plc) combined the domestic asset finance businesses of Citizens Bank and Charter One Bank with its existing US RBS Lombard business. The newly created entity, RBS Asset Finance, ranks as the 8th largest bank lessor in the United States with assets of approximately $6 billion.
2007 – Citizens Financial Group, parent company of Charter One Bank, acquires GreatBanc, a $1.2 billion bank holding company with three community-banking subsidiaries including GreatBank, GreatBank Chicago and First National Bank. This transaction expands Charter One’s presence in Chicago, Skokie and Evanston and provides entry into the towns of Olympia Fields, Chicago Heights, Frankfort, Cary and Algonquin.
On September 1, 2007, Charter One Bank, N.A., Citizens Bank of Connecticut, Citizens Bank (Delaware), Citizens Bank New Hampshire, Citizens Bank of Massachusetts, Citizens Bank of Rhode Island, Citizens Bank, N.A. and RBS National Bank became one bank: RBS Citizens, N.A., operating through its Citizens Bank and Charter One brands and RBS Card Services. Citizens Bank of Pennsylvania, which has branches in Pennsylvania and New Jersey and a commercial loan office in Virginia, remains a separate bank. It is not part of RBS Citizens, N.A. |
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