PROVIDENCE – Citizens Financial Group Inc., the parent of Charter One Bank, yesterday said it has completed its purchase of GreatBanc Inc. for $167 million cash.
GreatBanc is a $1.2 billion holding company with three – GreatBank, GreatBank Chicago and First National Bank – that have 10 branches and 14 ATMs in three counties in Illinois.
The deal, announced on Oct. 30, makes Citizens’ Charter One the fourth-largest commercial bank in the Chicago region and gives GreatBanc customers free access to the Citizens Bank and Charter One ATM networks.
“The acquisition of GreatBanc strengthens our position in the Chicago market and continues our momentum and growth,” said Lawrence K. Fish, Citizens’ chairman and CEO. “The Chicago region is a large and important market for us.”
Citizens Financial Group Inc., a $164 billion commercial bank holding company, is the parent of Citizens Bank and Charter One Bank. It has about 3,200 ATMs, 26,000 employees and more than 1,600 branches in its 13-state network. Citizens Financial Group is owned by The Royal Bank of Scotland Group plc. Additional information is available at citizensbank.com.
