page_title: Citizens Financial Group
section_title: Charter One Financial
hierarchical_section_title: Citizens Financial Group / History / Charter One Financial
caption_attribution_description: English: Charter One Bank branch, downtown Ypsilanti, MI 123 W. Michigan Ave.
context_page_description: Citizens Financial Group, Inc. is an American bank headquartered in Providence, Rhode Island, which operates in the states of Connecticut, Delaware, Maine, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, South Carolina, Pennsylvania, Rhode Island and Vermont.
  Between 1988 and its 2014 initial public offering, Citizens was a wholly owned subsidiary of The Royal Bank of Scotland Group. RBS sold its last 20.9% stake in the company in October 2015.
  Citizens operates more than 1,200 branches and approximately 3,200 ATMs across 11 states under the Citizens Bank brand.
  Citizens ranks 24th on the List of largest banks in the United States.
context_section_description: In August 2004, Citizens Financial acquired Cleveland-based Charter One Financial, parent company of Charter One Bank, with branches in Illinois, Ohio, Indiana, Michigan, upstate New York, and Vermont for $10.5 billion. Because Citizens Republic Bancorp of Flint, Michigan already operated under the Citizens Bank name in most of Charter One's territory, Citizens Financial elected to keep the Charter One name in Charter One's Midwestern footprint. However, it re-branded the New York and Vermont branches as Citizens Bank. This purchase made Citizens Financial the 12th largest bank in the United States with over $131 billion in assets and 1,530 branches across 13 states.
  In early 2005, the Charter One name replaced the Citizens Bank banner on seven branches in Butler County, Pennsylvania. This rebranding resolved a 3½-year-old name dispute with Butler-based Citizens National Bank. By mid 2005, Citizens National and Citizens Financial agreed to a compromise. Citizens National Bank changed its name to NexTier Bank, while the Citizens Financial Group branches reverted to the "Citizens Bank" name.
  A new corporate logo designed to show Citizens Bank's connection to the Royal Bank of Scotland debuted on April 26, 2005.
  In July 2006, Citizens Bank eliminated the mortgage department in Michigan and terminated over 100 employees.
  On September 1, 2007, the individual banks under Citizens Financial Group, excluding Citizens Bank of Pennsylvania, merged into RBS Citizens, N.A.
  In November 2008, Charter One sold its network of 65 branches in Indiana to Old National Bank which rebranded them under the Old National Bank banner. The transaction closed in June 2010.
  In 2014, Citizens sold 94 branches in metropolitan Chicago to U.S. Bancorp.
  Citizens Republic Bancorp was founded in Flint, Michigan in 1871 and merged with Republic Bank in 2006.  In 2007, Citizens Republic prevailed in a case to prevent Citizens Financial from using the similar name in Michigan and Ohio. FirstMerit Bank acquired Citizens Republic in 2013 and rebranded all branches as FirstMerit until 2016 when Huntington Bancshares acquired FirstMerit.  With conflicting names no longer an issue, Citizens Bank announced June 30, 2014, that Charter One branches in Michigan and Ohio would be rebranded as Citizens Bank. The name change officially took place on April 27, 2015, bringing to an end the name Charter One in Cleveland; the city in which it was founded.
caption: Charter One Bank branch, downtown Ypsilanti, Michigan
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