In November 2015, Citizens Financial Group (NYSE: CFG) became a fully independent publicly-traded company, just over a year after the successful completion of the largest commercial bank initial public offering (IPO) in U.S. history. Citizens now embarks on a new and exciting chapter as we aspire to become a top-performing regional bank.
The First 150+ Years
Built on the principle that we succeed only when our customers succeed, Citizens Financial Group, Inc. is one of the oldest and largest financial services firms in the United States. Our history dates back to High Street Bank, founded in 1828, which established Citizens Savings Bank in 1871. By 1981, we had grown to 29 branches in Rhode Island with approximately $1.0 billion of assets. In 1988 we became a wholly-owned subsidiary of the RBS Group.
A Bigger Bank Serving More Communities
Following our acquisition by RBS Group in 1988, we grew rapidly, largely through a series of over 25 strategic bank acquisitions as highlighted below. These acquisitions greatly expanded our footprint throughout New England and into the Mid-Atlantic and the Midwest, transforming us from a local retail bank into one of the largest retail U.S. bank-holding companies with nearly $170.0 billion in assets at the start of the global financial crisis.
Along the way, one thing has never changed: We are committed to serving the well-being of our customers and the communities. Because when it comes right down to it, Citizens is not really our bank. It’s yours.
Becoming a Stand-alone U.S. Regional Bank
Following the global financial crisis, we undertook a number of decisive steps to reposition and strengthen our business profile, including:
- Transformed business mix: We have focused on achieving a more balanced business mix across our commercial and consumer businesses;
- Improved deposit mix to include a greater percentage of lower cost and more stable demand, checking, money market and savings accounts, and reduced our reliance on wholesale funding;
- Improved strategic focus: Identified and began reducing our exposure to certain non-core assets deemed to be inconsistent with our strategic goals, generally as a result of geographic location, industry, product type or risk level;
- Optimized our geographic footprint: Exited certain geographies where we had underperforming market share positions and redeployed the capital into businesses with more attractive growth and return characteristics. In 2008, we sold 18 branches in the New York Adirondacks region, and in 2009, we sold our Indiana branch franchise, which consisted of 65 branches. In 2012, we sold 57 mostly in-store branches in Long Island and Westchester County, New York, and on June 20, 2014, sold 103 Chicago retail branches along with certain assets and deposits;
- Refined our branch service delivery model: We have reduced our branch footprint while building out self-service channels through online and mobile banking;
- Increased infrastructure investment: Invested more than $1.0 billion in infrastructure and technology from 2009 to year end 2013.
In the years since the global financial crisis we have brought together a seasoned management team with an average of over 24 years of banking experience at large financial institutions. The team is focused on delivering improved returns, through a strong focus on organic growth and efficiency initiatives, along with a more disciplined allocation of capital and resources. This performance-driven culture is designed to enhance our competitiveness by rigorously analyzing the risk-return profiles of our diversified businesses and selectively investing in those that are well positioned to gain market share, improve efficiency and generate long-term growth and sustainable profitability.
FAQs
History is the study of past stories of the events, peoples and countries that have brought political, social and economical changes to the society.
How do you answer the question what is history? ›
The science that tries to understand past events is called 'history'. The past includes many events that have already taken place. History attempts to find out answers to many questions by studying the way of thinking of past societies , their actions and the consequences.
How to answer a discuss question in history? ›
'Discuss' question words typically require an in-depth answer that takes into account all aspects of the debate concerning a research topic or argument. You must demonstrate reasoning skills with this type of question, by using evidence to make a case for or against a research topic/argument.
Does Chegg work for history? ›
History can be a difficult subject for many students, but luckily we're here to help. Our history question and answer board features hundreds of history experts waiting to provide answers to your questions. You can ask any history question and get expert answers in as little as two hours.
What does US history teach you? ›
Students who study American history should be familiar with the Puritans and colonization, the American Revolution, the Constitutional Convention, the Civil War, World War I, the Great Depression, the New Deal, World War II, and the Cold War.
What are examples of history? ›
Examples of these histories include deaf history, the history of movies, the history of Arabia, the history of science, the geologic history of Earth, the history of the organization of work, the history of logic, the history of early Christianity, and the history of coffee, among many others.
What is a good history question? ›
On what date was the Declaration of Independence signed? Which President attended the Yalta Conference? What achievement is Amelia Earhart best known for? The Statue of Liberty was a gift from what European country?
What is history in your own words? ›
History is the study of the past that helps us understand our heritage, society, learn from past mistakes, and predict the future. History is the recording of past events and facts, aiming to provide a truthful account of what happened in the past.
What are the 3 types of history? ›
The history of three types is a common way of categorizing historical periods: ancient history, medieval history, and modern history. Ancient history typically covers the period from the emergence of early civilizations to the fall of the Roman Empire.
How to answer how questions? ›
- A question that begins with “How” should be answered by explaining the means. And not the time as in the use of “When”.
- Definitions from Oxford languages:
- adverb how.
- in what way or manner; by what means."how does it work?" ...
- Examples can be:
- How are you doing?
- I am doing fine!
- When you were in the hospital, how were you!
This type of question asks you to explain as fully as possible the significance of an historical issue (ie why something was important either in the short term or long term). Focus on the given issue and provide as much explanation as you can. Use your knowledge of the issue as fully as possible.
How to answer an 8 marker in history? ›
An 8 mark question allows you to talk about two key points. Each point will need an example and then an explanation of the example in relation to the topic in the question.
Does Chegg snitch to colleges? ›
Chegg's privacy policy states that they will not disclose student information to any third party, except where legally required. They ensure to strictly adhere to their privacy policy.
Do most college students use Chegg? ›
Subscriptions to Chegg have spiked since nearly every college in the world went virtual. In the third quarter, they grew 69% over the previous year, to 3.7 million.
Is Chegg accurate? ›
Textbook solutions are well-written and verified so that those answers can be trusted about 95% of the time. I say 95% of the time because although Chegg offers a solution to determining problems or questions, one of the disadvantages is that an expert does not verify these solutions.
What is this history? ›
"History" is an umbrella term comprising past events as well as the memory, discovery, collection, organization, presentation, and interpretation of these events. Historians seek knowledge of the past using historical sources such as written documents, oral accounts, art and material artifacts, and ecological markers.
What is the meaning of history? ›
history noun (PAST EVENTS)
(the study of or a record of) past events considered together, especially events of a particular period, country, or subject: I studied modern European history at college.
What is the answer to history in Persian? ›
Passokh beh Tarikh [Answer to History]
