RBS 2004 Annual Report Download - page 47
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Annual Review and Summary Financial Statement 2004
Divisional review
45
Citizens is now the 8th largest
commercial banking organisation
in the US by deposits. During
2004 Citizens acquired Charter
One, which enabled it to extend
its franchise into six adjacent
states in the northeastern and
midwestern US. As a result of
this acquisition and strong organic
growth, Citizens increased its
income by 31% to US$3,923 million.
Citizens has increased its income
and profit in each of the last 12 years as a
result of strong organic growth and a series
of successful acquisitions.
In 2004, Citizens increased its personal
customer base by 2.0 million to 4.4 million.
Excluding Charter One, personal customers
increased by over 200,000. Organic growth was
achieved by Citizens in both its New England
and Mid-Atlantic regions.
Citizens increased its business customer
base by 174,000 to 400,000 during 2004. Excluding
Charter One, business customers grew by 32,000
in the New England and Mid-Atlantic regions.
As a result of the acquisition of Charter One
and organic growth, Citizens achieved a significant
increase in its distribution outlets. Traditional
branches increased from 605 to 1,117. In-store
branches grew from 261 New England and
Mid-Atlantic locations to a total of 496 across
Citizens. ATMs grew from 1,638 to 2,804.
Citizens now ranks 7th in the US among
commercial banking organisations in the number
of branches and 9th in ATMs.
Citizens’ supermarket banking programme
almost doubled through the acquisition of
Charter One. Citizens is now the 3rd largest
supermarket bank in the United States, with almost
500 in-store branches and 30 different partnerships
with retailers including Stop & Shop, Giant Eagle,
Acme, Kroger, Tops and Wal-Mart.
Including the impact of the acquisition of
Charter One, total year end loans to customers
grew by 91%, while total year end customer
deposits grew by 58%. Excluding Charter One, total
year end loans to customers grew by 17%, and total
year end customer deposits by 13%.
The acquisition of Roxborough Manayunk
Bank strengthened Citizens’ position in Greater
Philadelphia.
Citizens processed almost 1.1 million credit
applications and closed US$20 billion of new
consumer loans during 2004. Citizens is now
a leading home equity lender and bank auto lender
in the United States.