Citizens Financial Group
Citizens Financial Group Inc
, is based in Providence. The structure has offices in Connecticut, Delaware, Illinois, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, and Vermont.
The bank was founded under the name High Street Bank in 1828 and re-established according to a second charter, issued by the Rhode Island legislature, as the Citizens Savings Bank. Initially, the bank expanded across Rhode Island, opening 29 offices. Later, in 1954, the body bought out the Greenville Trust Company and this is how the Citizens Financial Group holding was created. In 1985, the bank was transformed from a mutual savings institution to a federal stock savings one. Within 16 years, the bank managed to become the second largest bank in the area. Its growth continued with the buy-out of Mellon
Financial Cooperation’s retail banking division, with branches in Delaware, New Jersey, and Pennsylvania. After acquiring the credit card division of People's Bank, Connecticut, Citizens was able to issue credit cards with the bank label.
The buy-out of Mellon Financial Corporation’s retail division brought Citizens an additional advantage – a full-blown network of branches in supermarkets. An exclusive feature of the supermarket branches is that they are open on Sunday, when regular banks are closed.
The variety of services offered by the Group expanded and allowed the processing of credit, debit, loyalty, gift and check operations, EBT and other non-cash transactions.
In 2008, the Group was investigated for suspected involvement in the purchase and sale of subprime securities which invoked the sub-prime mortgage crisis and the global recession. In 2009, Citizens Bank undertook layoffs in all of its branches. Its losses for the first quarter of 2009 totaled $114 million.
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