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*Home > Group Information > Investor Relations > Financial Results > Results 2001 > Report and Accounts > Citizens
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Group Information

Citizens

Images: David M Kelly, Chairman, President and CEO of Matthews International Corporation with Curtin Hunter, Vice President, Citizens Bank of Pennsylvania.

Above: David M Kelly, Chairman, President and CEO of Matthews International Corporation with Curtin Hunter, Vice President, Citizens Bank of Pennsylvania.

Citizens now provides services to leading bronze memorial manufacturer, Matthews International Corporation, who had been a Mellon customer for over 65 years - and was able to mark the start of the new relationship by helping it finance an aquisition which doubled the size of the company.

We increased our contribution by 44 per cent to £501 million.

  • Citizens achieved record profits of £501 million – an increase of 44%, or 37% at constant exchange rates.

  • This represented strong organic loan and deposit growth throughout our New England franchise.

  • The purchase of Mellon Financial Corporation’s consumer, small business and certain middle market business lines was completed on 1 December 2001.

  • This purchase moved Citizens into the mid-Atlantic region and made it one of the 20 largest commercial banks in the United States.

  • Total assets grew from £20.3 billion to £36.2 billion, £11.9 billion from the Mellon transaction and £4.0 billion from organic growth (a 20% growth rate).

  • In 2001, for the third time in four years, Citizens was named the US Small Business Administration’s Regional Lender of the Year in New England, and it continues to help in creating opportunities for small and emerging businesses.

  • Customer loans rose by £6.1 billion to £18.1 billion due to the Mellon acquisition and strong organic growth in consumer loans (up 43%) throughout the year.

  • Deposits, including customer repurchase agreements, rose £12.8 billion with the Mellon acquisition accounting for £10.1 billion. There was also strong organic growth in liquid savings (up 13%) and demand deposits (up 10%).

  • Citizens will become one of the top five supermarket banking lenders in the US through an agreement to open new branches in over 100 Rhode Island and Massachusetts stores of the Stop & Shop Supermarket Company and a new long-term partnership with Giant Eagle supermarkets in Pennsylvania.

  • When this agreement is fully implemented in 2002, Citizens will have more than 200 in-store branches in New England and the mid-Atlantic.
     
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