Citizens Financial Group Inc. has completed its acquisition
of Charter One Financial, effective Aug. 31, becoming, in the process, the 12th
largest commercial bank holding company in the nation, with more than $131 billion
in assets, and the ninth largest in terms of deposits, with more than $88 billion.
The deal, announced May 4, was worth about $10.5 billion, with Citizens buying Cleveland-based Charter One for $44.50 in cash per share of common stock.
For Citizens, it means expanding its footprint from seven to 13 states, increasing its offices from 870 to 1,530, boosting its ATMs from about 1,700 to 2,700, and folding some 8,000 people into its work force, for a total of 24,000. As of Sept. 1, Charter One and Citizens customers can withdraw cash from both banks’ ATMs without fees.
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“This is a significant transaction for Citizens. It brings us to the Midwest, and expands our presence in New England and the Mid-Atlantic,” said Lawrence K. Fish, chairman, president and CEO of Citizens, in a news release. “We look forward to bringing to thousands of new customers Citizens’ successful model of outstanding customer service and strong commitments to our communities and employees.”
Citizens is owned by The Royal Bank of Scotland Group plc.
