Citizens Bank: Savings, Home Equity Lines of Credit, Mortgage Loans

Citizens Bank

www.citizensbank.com
Privately Held Company
(Finance: Consumer Services)

Citizens Bank is part of Citizens Financial Group, Inc. (CFG) which is a subsidiary that is entirely owned by Royal Bank of Scotland Group, headquartered in Edinburgh, Scotland. Originally founded in 1928, Citizens Financial Group is now headquartered in Providence, Rhode Island and employs an estimated 22,000 workers.

Contact Info
Contact Citizens Bank
Citizens Bank on LinkedIn

Services
Home Equity Lines of Credit, Credit Cards, Mortgages, Home Equity Loans, Banking, Refinance Loans

Overview
Citizens Bank provides personal banking, which includes checking, savings, money markets, and CDs. Consumers can also turn to Citizens Bank when seeking a mortgage loan, home equity loan, or home equity line of credit. In addition, the bank offers small business banking and commercial banking services. As with many leading banks, Citizens Bank also offers convenient services such as online banking, face-to-face banking at 1,500 plus branches, and has approximately 3,500 ATMs. Citizens offers Visa® Debit Cards and credit cards with rewards programs that offer perks on merchandise, gift cards, travel, gas, and cash back.

Citizens Bank provides many small business services, including Industry Solutions for Attorneys, lines of credit, small business mortgages, merchant services, payroll services, and cash management solutions to name a few. They also provide several services designed for student, such as free student checking, online bill pay, mobile alerts, enrollment in Green$ense™, and Green Savings™ with Steady Save®.

MoneyHelp is an online resource provided by Citizens Bank that offers financial planning services related to what’s most important in your life. For example, you may want to plan for your family’s future, available investment opportunities, retirement planning, or how to simply save more money. This is one of many custom designed programs and tools available for free on the bank’s website.

Citizens Financial Group, one of the largest foreign-owned banks the country, is the US banking segment of Royal Bank of Scotland (RBS). Citizens Financial Group has a large presence in the Northeast with over 1,500 branches, nearly a third of them inside supermarkets, in Connecticut, Massachusetts, New Jersey, Vermont, Rhode Island, Pennsylvania, New York, Delaware, and New Hampshire. RBS Citizens Bank and Charter One branches are also found in the Midwest states of Illinois, Ohio, and Michigan. The company’s Midwest expansion was in 2004 when Citizens Financial Group bought Charter One. Citizens Financial non-branch banking offices can be found throughout the country.

Charter One is just one of many financial institutions acquired by Citizens Financial since 2000. Also on the list is Medford Bancorp, Port Financial in Massachusetts, retail banking firm Mellon, plus Pennsylvania banks Commonwealth Bancorp and Thistle Group Holdings. In the Midwest, the Charter One Bank name was retained, however, in New York and Pennsylvania the Charter One Bank branches were converted to Citizens Bank.

In 2008, like with so many firms affected by the mortgage crisis, Citizens Financial posted a loss. The company’s nonperforming loans doubled in 2008 causing a loss of close to $1 billion to be reported. In the same year, Citizens Financial attempted to prevent further losses by selling 18 branch locations in upstate New York to Community Bank System. Additionally, all 65 Charter One branches in Indiana were sold to Old National Bancorp in 2009.

In 2008, Royal Bank of Scotland reported the largest loss ever in British corporate history. Consequently, the UK government acquired a 60 percent stake in the firm, which was then upped to nearly 85 percent in 2009.

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