Mellon Financial
After purchasing the PSFS bank branches and the PSFS name from Meritor, Mellon began operating its bank branches as Mellon PSFS. Acquiring the remainder of the PSFS branches from Meritor in 1992, Mellon continued to expand in the 1990s including the construction of combination Mellon PSFS and Acme Markets branches, the first of which opened in 1994. In 2001 Mellon PSFS had 350 branches and 650,000 customers in Pennsylvania, South New Jersey and Delaware. Mellon PSFS's parent company, Mellon Financial, was interested in abandoning its retail banking assets and focus on high income investments. On July 17 Mellon Financial announced it was selling its retail banking business, including Mellon PSFS, to Citizens Financial Group for US$2 billion. At the end of November 2001, all Mellon PSFS branches became branches of the newly formed Citizens Bank of Pennsylvania.