Citizens Bank of Pennsylvania, which will be purchasing the retail, small business and certain middle market commercial banking businesses of Mellon Financial Group, has announced the establishment of the state’s headquarters in both western and eastern Pennsylvania.
The two headquarters will be based in Pittsburgh and Philadelphia. Upon completion of the transaction, Citizens will become the third largest bank in Pennsylvania.
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An announcement concerning the physical locations of the western and eastern state headquarters is expected to be made soon.
“Citizens is a bank known for its exceptional focus on customers and community,” said Citizens Bank of Pennsylvania Chairman and Chief Executive Officer Stephen D. Steinour, who previously worked out of the bank’s Providence office. “Having management structures in both western and eastern Pennsylvania was a natural decision for us. This structure will not only enable us to serve our customers more effectively, but it also will better position us to grow throughout Pennsylvania and address the specific community, philanthropic and cultural needs of each region.”
The Pennsylvania Department of Banking approved Citizens’ application to operate in the Commonwealth earlier this month.
Pennsylvania Governor Tom Ridge expressed his support for the bank’s decision to create two headquarters in the Commonwealth.
“In Pittsburgh and Philadelphia, Citizens Bank has chosen two world-class cities in which to locate its headquarters,” said Ridge. “We welcome Citizens’ decision, look forward to their arrival and hope that they continue to build on their solid track record of community involvement.”
Pittsburgh Mayor Tom Murphy described the decision as “yet another win” for Pittsburgh.
Upon regulatory approval, Citizens Bank of Pennsylvania will retain all Mellon bank branches that are part of the acquisition and all branch employees. The purchase includes $11 billion in consumer deposits and $2.4 billion in commercial deposits.
Citizens Financial Group is a $32.4 billion bank holding company headquartered in Providence. Citizens presently operates banks in four states: Rhode Island, Massachusetts, Connecticut and New Hampshire. The company is wholly owned by The Royal Bank of Scotland Group, a $450 billion global banking organization.
