Citizens Financial Group has reported record cash operating earnings of $475 million for the year 2001, up 27 percent from $375 million for 2000. This marks the ninth consecutive year of record cash operating earnings for the company, a subsidiary of the Royal Bank of Scotland Group.
Cash operating earnings exclude the amortization of intangible assets related to various acquisitions, including good will and core deposit intangibles, one-time merger costs, grains from the sale of business lines and the cumulative effect of accounting change.
On Dec. 1,2001 Citizens completed the purchase of retail, small business and certain middle market commercial banking businesses for Mellon Financial Corporation. This transaction included 345 bank branches in Pennsylvania, New Jersey, Delaware, and the assumption of $14.4 billion in deposits. According to Citizens officials, the transaction had minimal impact on 2001 earnings results.
Seifert Systems Invests in Energy Efficiency to Strengthen Operations
For manufacturers, energy is more than just another operating expense. It plays a critical role…
Learn More
At Dec. 31, 2001, Citizens’ total assets were $53.1 billion compared with $30.9 billion at Dec. 31, 2000. The Mellon transaction on December 1, 2001 added assets of $17.5 billion, with New England assets growing by $4.7 billion during 2001.
