Citizens retains several Chicago-area commercial businesses and local
mortgage, student and auto lending businesses
PROVIDENCE, R.I.--(BUSINESS WIRE)--
Citizens Financial Group, Inc. (CFG) today announced it has completed
the sale of its Chicago-area retail branches and small business and
select middle market relationships in the Chicago market to U.S. Bank
National Association, the lead bank of U.S. Bancorp (NYSE: USB). CFG
maintains a market presence and continues to serve Chicago-area
customers through several local commercial and consumer business lines
not included in the sale.
disclosed, the sale included the Chicago-area Charter One branch
network and Chicago-area deposits and loans.
“The close of this transaction marks an additional milestone for
Citizens as we continue to sharpen our focus on enhancing revenue growth
and improving the effectiveness of our operating platform,” said Bruce
Van Saun, CFG Chairman and Chief Executive Officer. “This sale puts us
in a good position to reinvest in attractive opportunities to deliver
long-term growth. We remain focused on delivering a great banking
experience for our customers.”
CFG will continue to deliver consumer banking products and services
offered through its retained businesses in the Chicago market, including
mortgage, home equity, auto and student lending. The company’s
commercial banking division also continues to provide a broad range of
commercial banking services in Illinois including asset-based lending,
equipment leasing, commercial real estate lending, treasury solutions,
capital markets, sponsor finance, franchise finance and corporate
About Citizens Financial Group, Inc.
Citizens Financial Group is the 13th largest retail bank holding company
in the United States according to SNL Financial with $126.9 billion of
total assets as of March 31, 2014. Headquartered in Providence, Rhode
Island, CFG delivers a broad range of retail and commercial banking
products and services through branches and ATMs in an 11-state footprint
across the New England, Mid-Atlantic and Midwest regions; and through
online, telephone and mobile banking platforms. Its two bank
subsidiaries are Citizens Bank, N.A., and Citizens Bank of Pennsylvania.
They operate a 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 Michigan and Ohio. CFG’s website is citizensbank.com.
Citizens Financial Group
Source: Citizens Financial Group, Inc.