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Quick Facts

Phone Number:
1-800-922-9999
Bank Website:
citizensbank.com
Assets Managed:
$118.88 Billion
Headquarters:
Providence, RI
Date Established:
May 13th, 2005
Equal Housing Lender / Member FDIC
RBS Citizens

Profile Information:

Bank Headquarters: Providence, Rhode Island
Stock Symbol: N/A (Private)
CEO: Ellen Alemany

RBS Citizens was first founded in 1828 and was named at the time the High Street Bank in Providence, Rhode Island. In 1871 they expanded to their second branch when the Rhode Island legislature allowed them to create the Citizens Savings Bank. From this they built 29 different branches throughout the state. They first moved outside of Rhode Island in 1986 when they opened there first branch in Massachusetts.

Citizens Bank was purchased by the Royal Bank of Scotland or RBS in 1998 after accepting a takeover big. This allowed the Scotland Company to move into the United States Market. Once RBS had taken over they moved into New England by purchasing banks in the state. It took until 2001 to increase expansion. This happened with the purchase of Mellon Financial Corporation that moved them into Delaware, New Jersey and Pennsylvania. They followed is up by purchasing Charter One Bank in 2004 making RBS Citizens the ninth largest bank in the United States.

The United States assets of RBS make up 25% of the profits within the company. They have made a name for themselves as their business has increased by sponsoring the new ballpark for the Philadelphia Phillies. The park has been named Citizens Bank Park since its opening.

RBS Citizens, with the purchase of Mellon Financial Corporation, started moving branches inside supermarkets. Most of these branches are inside Giant Eagle Markets. Many of these branches in New England are in the Stop & Shop stores. One of their marketing niches has been the fact that they offer full banking on Sunday from 10am to 3pm. They were one of the first companies to offer these services. They also opened a full service branch inside of a Dunkin Donuts in Bellingham, Massachusetts. This branch has teller windows, and a full service ATM.

RBS Citizens offer up normal banking services. They provide personal and small business services to their customers. With the purchase of Lynk Systems which is based out of Atlanta they started non-cash transactions such as credit and check transactions. They also now take merchant point of sale terminals along with web site purchases.

In the United States RBS Citizens is worth $151 billion. The company has grown to encompass 1,500 branches along with 3,500 ATMs. RBS Citizens employ over 22,600 workers in the United States. There are branches from RBS Citizens in twelve different states along with commercial offices in forty different states.

RBS Citizens has had its share of problems over the last two years starting in 2008. During this time they came under fire when F&S Oil went under and the bank did not allow the company more time to sell of its assets. Also they announced $8 billion in losses from sub-prime mortgages. The company also had to perform large spread layoffs during the 2009 year after losing $114 million in the first quarter. On January 27, 2010 a lawsuit had been filed for $8 billion against the company.






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