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CFG Acquisition History

# Description State Year Assets
($ in millions)
 
Branches
1 Fairhaven Savings Bank MA 1988 $288 4
2 Bank of New England Old Colony RI 1990 $1,200 n/a
3 Marquette Credit Union RI 1991 $175 1
4 Plymouth Five Cents MA 1992 $200 12
5 New England Savings CT 1993 $700 21
6 Boston Five Bancorp MA 1993 $1,650 25
7 Neworld Bancorp MA 1994 $1,100 22
8 Coastal CT 1994 $100 9
9 Old Stone RI 1994 $1,100 28
10 Quincy Savings Bank MA 1995 $833 14
11 First NH NH 1996 $4,000 90
12 Farmers & Mechanics CT 1996 $530 12
13 Grove MA 1997 $750 10
14 Bank of New Haven CT 1997 $260 5
15 Woburn National Corp. MA 1998 $160 5
16 Branford Branches CT 1998 $67 4
17 State Street - Commercial Banking MA 1999 $2,200 4
18 UST Corp. MA 2000 $5,930 87
19 Mellon Bank's mid-Atlantic retail franchise PA/DE 2001 $16,400 345
20 Medford Bancorp Inc. MA 2002 $1,400 19
21 Commonwealth Bancorp. PA 2003 $1,800 60
22 Feitelberg Insurance (sold April 2006) MA 2003 n/a n/a
23 Port Financial Corp. (CambridgePort Bank) MA 2003 $1,500 11
24 Community Bancorp MA 2003 $457 10
25 Thistle Group Holdings, Co. PA/DE 2004 $914 15
26 Charter One Financial, Inc. OH 2004 $41,300 616
27 Credit card business of People's Bank
(now called RBS Card Services)
CT 2004 $2,048 n/a
28 Lynk Systems, Inc. (Atlanta), RBS WorldPay, formerly RBS Lynk
(sold 11-30-2010)
GA 2004 n/a n/a
29 RBS Asset Finance, the US portion of RBS Lombard
(acquired from the Royal Bank of Scotland Group plc)
IL 2006 $2,178 n/a
30 GreatBanc Inc. IL 2007 $1,200 10

Citizens had three acquisitions in different decades that helped shape the momentum of the company before to the start of its significant growth spurt in 1988, the year Citizens Financial Group, Inc. was acquired by The Royal Bank of Scotland Group,

Year Description
1947 High Street Bank. (In 1948, it became Citizens Trust Co.)
[Citizens Savings Bank bought a controlling interest in its original parent.]
1954 Greenville Trust Company (RI)
May 31, 1986 Gulf States Mortgage Company, Atlanta (GA)

 

 

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