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Citizens Financial Group provides home buyer assistance to 3,000th employee…and counting
Citizens has granted approximately $15.4 million in forgivable loans to colleagues purchasing homes since 2002PROVIDENCE, R.I. (February 15, 2007) - In less than five years, Citizens Financial Group, Inc. has granted approximately $15.4 million in forgivable loans to assist 3,000 employees in purchasing homes. Citizens’ Home Buyer Assistance Program was created in June 2002 as part of the company’s commitment to being a best place to work for its colleagues. Eligible employees receive $5,000, five-year forgivable loans toward the purchase of primary residences and $8,000, five-year forgivable loans toward homes located in emerging communities.
“Homeownership is an important step toward building assets, deepening roots in the community and stimulating the economy. Citizens is pleased to reach this milestone in assisting colleagues with down payments, closing costs or other expenses associated with purchasing a new home,” said Lawrence K. Fish, Chairman and CEO of Citizens Financial Group.
Citizens’ 3,000th Home Buyer Assistance Program recipient is Tracy Kirby, an Assistant Manager at Citizens Bank’s Stop & Shop branch in North Smithfield, RI. She received a $5,000 forgivable loan, which she and her fiance put toward downpayment and closing costs for their first home. It is located in Woonsocket, RI.
“Benefits like Citizens’ Homebuyer Assistance Program bring value, provide a sense of deep appreciation and make a real difference for colleagues,” said Kirby.
Citizens’ Home Buyer Assistance Program has assisted colleagues through some challenging times for homebuyers and sellers. In 2005, the National Association of Realtors®’ housing affordability index fell to 14-year lows as the rising cost of homeownership posed challenges for many U.S. consumers. While prices have decreased since August and become slightly more affordable for homebuyers, a housing index by Standard & Poor’s recently showed that November 2006 prices of U.S. single-family houses rose at the slowest rate in more than 10 years – posing challenges for sellers who may be positioning themselves to buy.
As it has expanded into new geographies, Citizens Financial Group has brought its Home Buyer Assistance Program to new employees. In 2004, Citizens expanded the program to Charter One colleagues in the Midwest, New York and Vermont. Presently on average, Citizens provides approximately 15 loans per week to colleagues purchasing homes.
Employees are eligible if they have one year of service as of the application date, earn a base salary of less than $100,000, are in “good standing” and are benefit eligible, working 20 or more hours per week.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is a $164 billion commercial bank holding company. It is headquartered in Providence, R.I., and has more than 1,600 branches, approximately 3,200 ATMs and 26,000 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 March 31, 2006. Citizens is owned by RBS (The Royal Bank of Scotland Group plc).
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