The aim of this article is to provide an introduction to the RBS Citizens Bank.
History of RBS Citizens
The RBS Citizen Bank started out as the High Street Bank in 1828, in Rhode Island. The company remained the High Street bank until 1871, when the Rhode Island Legislature gave the bank a new charter. After the new charter, the RBS Citizens expanded to 29 different offices around Rhode Island. Then it was renamed Citizen Savings Bank, and the parent group formed the Citizens Trust Company.
RBS Citizen’s First Branch
The first retail branch was opened up in 1947 in Cranston, Rhode Island. During the 1950s, the company became a member of the FDIC, which was the first time a mutual fund bank had done so. Also, the RBS Citizens gained about eight million dollars to the franchise by acquiring the Greensville Trust Company in 1954.
Before the 1990s, the RBS Citizens went through a lot of changes. The company had changed from a mutual savings bank status to a federal stock savings bank and bought out Gulf States Mortgage Company in 1986. This was the company’s first subsidiary purchase, and it later became known as Citizens Mortgage Corporation.
In 1986, RBS Citizens also expanded into other states, starting with Massachusetts. Later, in 1988, the company became a subsidiary to one of the United Kingdom’s largest banking groups, RBS (Royal Bank of Scotland Group plc). The RBS used the company as a stepping stone to break into the American financial market. In following years, the RBS Citizens Bank expanded outside of New England and many other companies. This expansion allowed the company to be recognized as the region’s second largest bank by gaining massive assets of millions of dollars from the other companies. With the purchasing of Mellon Financial Corporation, expansion into Pennsylvania, New Jersey, and Delaware became possible. And, with the purchase of the Cleveland-based Charter One Bank, it expanded into Ohio, Illinois, Michigan, Indiana, Vermont, and New York.
RBS Citizens Bank Services
On a personal level, RBS Citizens has many services it provides. Checking accounts are available in different formats; there green checking, student checking, interest checking, and relationship checking, each of them supporting different values and features. Also, there is a wide variety of savings accounts, CDs, money market accounts, and borrowing options. RBS Citizens also totes debit cards and credit cards. And with these cards, customers can earn points buy purchasing goods with the cards. The points that are awarded to the customers can be used for electronics, gift cards, merchandise, and traveling.
For small businesses, the company offers similar services, but in a small business level. On a commercial scale, the RBS CitizensBank offers financing by lending, asset finance lending, business capital, real estate lending, and loan Syndication. For cash management, collections, disbursements, reporting, health saving, and more are available. They also offer specialty services on a commercial level, like professionals banking, private equity, publishing, nonprofit, healthcare, and deposit verification.
Other services are in global markets/ international banking, interest rate risk management, government banking, and investing. The RBS Citizens Bank continues to expand the long-term market gain of other companies and opening of new offices around the country.