PROVIDENCE, R.I.--(BUSINESS WIRE)--Citizens Financial Group, Inc. (CFG) today announced it has completed the sale of its Chicago-area retail branches and small business and select middle market relationships in the Chicago market to U.S. Bank National Association, the lead bank of U.S. Bancorp (NYSE: USB). CFG maintains a market presence and continues to serve Chicago-area customers through several local commercial and consumer business lines not included in the sale.
As previously disclosed, the sale included the Chicago-area Charter One branch network and Chicago-area deposits and loans.
“The close of this transaction marks an additional milestone for Citizens as we continue to sharpen our focus on enhancing revenue growth and improving the effectiveness of our operating platform,” said Bruce Van Saun, CFG Chairman and Chief Executive Officer. “This sale puts us in a good position to reinvest in attractive opportunities to deliver long-term growth. We remain focused on delivering a great banking experience for our customers.”
CFG will continue to deliver consumer banking products and services offered through its retained businesses in the Chicago market, including mortgage, home equity, auto and student lending. The company’s commercial banking division also continues to provide a broad range of commercial banking services in Illinois including asset-based lending, equipment leasing, commercial real estate lending, treasury solutions, capital markets, sponsor finance, franchise finance and corporate banking services.
About Citizens Financial Group, Inc.
Citizens Financial Group is the 13th largest retail bank holding company in the United States according to SNL Financial with $126.9 billion of total assets as of March 31, 2014. Headquartered in Providence, Rhode Island, CFG delivers a broad range of retail and commercial banking products and services through branches and ATMs in an 11-state footprint across the New England, Mid-Atlantic and Midwest regions; and through online, telephone and mobile banking platforms. Its two bank subsidiaries are Citizens Bank, N.A., and Citizens Bank of Pennsylvania. They operate a branch network under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont; and the Charter One brand in Michigan and Ohio. CFG’s website is citizensbank.com.