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Citizens Banks – The bank that is truly meant for Citizens
Citizens Bank is the 13th largest bank in the United States (2015) and belongs to the Citizens Financial Group. It is an American Bank based in Providence Rhode Island, operating in many states in the US including Connecticut, Delaware, Massachusetts, Michigan, New Jersey, New Hampshire, New York, Ohio, Pennsylvania, Rhode Island and Vermont.
There are quite a few number of banks the world over that have taken this name, but what sets Citizens Financial Group banks apart is its deep-rooted history. Founded in 1828 as the High Street Bank in Providence, Rhode Island as Citizens Savings Bank, it then became Citizens Trust Company. With 29 branches in that state, the bank began expanding quickly.
Established as a holding company, when the bank acquired The Greenville Trust Company in 1954, it was popular as Citizens Financial Group. By 1985, Citizen’s Bank (that was till then known as a mutual savings bank) became a federal stock savings bank. It started expanding to other states beginning with Massachusetts in 1986.
The Royal Bank of Scotland took over Citizens Bank in 1988, stepping into the US market. Under RBS, Citizens Bank acquired several smaller banks in New England. And from there it went on to become the ninth largest bank in the United States with more than 1400 branches across 13 states.
Why Citizens Bank?
With an impressive growth history, and an estimated total assets value of USD 145.2 billion (as of June 30, 2016), Citizens Bank is indisputably one of the most important banks in the US. Throughout the various acquisitions in the intervening years since its establishment, Citizens Bank has committed itself to serve the well-being of the customers and the communities. The core belief of Citizens Bank is that, it is more of a people’s bank than anything else, thereby making a Citizens Bank investment a huge success.
Handling global financial crisis
The global financial crisis that affected many banks world over changed certain core practices of Citizens Bank, which adapted itself and repositioned its business profile, strengthening it by decisive changes.
The focus shifted towards achieving a balanced mix of business across commercial and consumer businesses and improving deposit mixes so a greater percentage of lower cost and more stable demand checking, money market and savings accounts helped reduce the reliance of the bank on wholesale funding. Exiting places that were underperforming (after having geographically identified those areas by analysis); Citizens Bank infused and reused that capital into businesses where growth and return were possible.
The strategic focus shifted and improved; and the inconsistent non-core assets faced sidelining. The non-core assets identification came based on the geographic location, industry, and product type or risk level. An investment of USD 1 billion in infrastructure and reducing branch printouts to build self-service channels including mobile and online banking helped take Citizens bank directly to the people.
With an estimated total asset value of USD 147 billion and deposits of USD 108.3 billion, Citizens bank is one of the largest financial services firms in the US, operating with 1200 branches and 32000 ATMs as on September 30, 2016. And tracing its roots back to 1828, it is one of the oldest serving banks in the US.
Citizens Bank offers many retail and commercial banking products and services to individuals and companies. It is most famous for the award-winning mobile apps, robust online offerings, 24/7 customer contact centre and availability in over 11 states. The services offered also include mortgage lending, auto lending, student lending, digital investment opportunities and commercial banking businesses. Wholesale banking products including treasury services, foreign exchange, and specialty finance are also offered.
The strong business mix of a 46% Consumer Banking Loans and 54% Commercial Banking loans, Citizens Bank franchise makes good target for investment. Citizens bank properties have high value owing to the fact that it has a good track record historically as well as has a contemporary standing.
Citizens Banks Properties For Sale Across the United States :
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Virgin Islands, Washington, West Virginia, Wisconsin, Wyoming