Citizens Financial Group launches “Be Inspired Awards” during National Volunteer Week

Volunteer recognition program will honor CFG colleagues who perform exemplary service to the community; winners designate $2,500 to non-profits

Providence, R.I. (April 20, 2007) - Citizens Financial Group, Inc. has launched “Be Inspired Awards,” a volunteer recognition program for colleagues who perform exemplary service to the community. Award nominations begin this week in concurrence with National Volunteer Week (April 15 to 21). The awards are part of CFG’s Colleagues in Action program which recognizes the importance of community volunteerism.

Citizens Financial Group colleagues last year donated more than 330,000 volunteer hours to non-profit organizations and initiatives in CFG’s 13-state Citizens Bank/Charter One footprint. Based on the hourly wage for volunteers as determined by the Independent Sector, these hours saved non-profits more than $6 million. 

In honor of Be Inspired Award winners, CFG will donate $2,500 to the non-profits of each winner’s choosing, generating a total of $30,000 in financial support annually for community organizations whose mission falls within CFG’s giving guidelines.

“Citizens is proud to commemorate National Volunteer Week by launching a program that recognizes our colleagues’ tremendous contributions through the act of volunteering,” said Stephen D. Steinour, President & CEO of Citizens Financial Group, Inc. “We look forward to celebrating the winners this summer with donations to the organizations that mean so much to them and the communities we serve.”

Be Inspired Awards will be presented in June during CFG’s annual Colleague Appreciation Week, when colleagues are recognized for the role they play in the company’s success with barbeques, outings, parties, games and prizes. Nominations are made by co-workers or colleagues nominating themselves. One colleage or one team of colleagues will be chosen by state selection committees consisting of CFG colleagues and community leaders.

CFG’s volunteer function is one of several ways the company addresses the needs of the community. Last year, CFG and its subsidiaries contributed $27 million to thousands of non-profit organizations. Over the past five years, the company has quadrupled its philanthropic support – contributing a minimum of 1 percent of its pre-tax earnings with 75 percent of the funds directed to organizations that qualify for assistance under the federal Community Reinvestment Act.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is a $161 billion commercial bank holding company. It is headquartered in Providence, R.I., and has more than 1,600 branches, approximately 3,100 ATMs and more than 25,000 employees. It operates its 13-state branch network in Connecticut, Delaware, Illinois, Indiana, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Vermont, and has non-branch retail and commercial offices in about 40 states. Citizens is the eighth-largest commercial banking company in the United States ranked by deposits and ninth ranked by assets as of September 30, 2006. Citizens is owned by RBS (The Royal Bank of Scotland Group plc).