The Federal Reserve Board announced its approval of an application by The Royal Bank of Scotland Group, which owns Providence-based Citizens Financial Group Inc. to acquire Cleveland’s Charter One Financial Bank.
Charter One has total consolidated assets of approximately
$41 billion and is the 30th largest depository organization in the United States.
On consummation of the deal, Citizens Financial will become
the 13th largest depository organization in the United States, with total
consolidated assets of approximately $121 billion and total deposits of
$88.5 million, which represent approximately 1.4 percent of the total amount of
deposits of insured depository institutions in the United States.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
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Citizens Financial and Charter One compete directly in nine
local banking markets in Connecticut, Massachusetts, New Hampshire, New York,
Pennsylvania and Vermont. The board reviewed the competitive
effects of the proposal in each of these banking markets and concluded the deal would not have an adverse effect on banking competition.
The purchase will bring Citizens into the Midwest market for the first time. The $10.5-billion purchase is expected to close in the fourth quarter of 2004.
