Citizens Bank and Delaware County Council present annual results of $142 million economic and community initiative

Revitalization program exceeds goals in its third consecutive year

PHILADELPHIA     (July 22, 2008) - Citizens Bank, in partnership with Delaware County Council, presented its third annual report today on its $142 million community initiative that began in 2005. For the third consecutive year, the bank's program that supports the Delaware County Revitalization Program has exceeded its goals.

In a presentation today before the Delaware County Council, Citizens Bank executives reported that the program's goal for the third year was to provide $28.4 million in loans and program support. An analysis of the annual results indicates that $40.1 million was delivered in loans and grants for projects and programs that foster affordable housing, home improvement, economic development, financial literacy, small business and commercial development.

“To exceed our goals by nearly $12 million is a sign that the program is working,” said Ralph J. Cicalese, Citizens Bank's Market Executive for Delaware County. “Given the economic conditions, this program is more important than ever. As always, we thank the Delaware County Council for its unwavering commitment in making the program a success, along with the grassroots community agencies that have partnered with us as we revitalize the county's first-generation communities.”

“The Delaware County Revitalization Program has been a rousing success, in large part to the tireless work of Citizens Bank,” said Linda A. Cartisano, Esq., Chairman of the Delaware County Council. “We have a lot of work still left to do, but we look forward to continuing this rewarding partnership and the revitalization of our municipalities in need of a helping hand.”

Cicalese and members of the Delaware County Council announced the results at a news conference held in the County Council Public Meeting Room. The Delaware County Neighborhood Investment Program year-three results include $6.2 million in small business loans, $8.7 million in mortgage loans, $391,000 in “EZ” home improvement loans, $334,000 in commercial real estate loans and $24.4 million in other consumer and business loans throughout the five planning regions designated under the Delaware County Revitalization plan, as well as other low- to moderate-income census tracks in Delaware County./p> In addition to the lending program, the Citizens Bank Foundation provided $85,000 in grants and program support to a variety of projects including a fuel assistance program offered through Community Action Agency and Volunteer Income Tax Assistance programs with PathwaysPA.

Last year the Citizens Bank Foundation also provided funding to the Widener University Small Business Development Center and Community Capital Works/Chester Microenterprise Partnership to open a Business Training Center in Upper Darby. Together the agencies have offered training, technical assistance and counseling to more than 100 local business owners and aspiring business owners from Renaissance Planning Area Five, drawing clients from Clifton Heights, Drexel Hill, Havertown, Lansdowne, Secane, Upper Darby and Yeadon.

Upper Darby resident and small business owner Pete Ricci received support and marketing services and is now running a successful business called Solstice Media. “With a background in marketing and advertising, and support from the Widener SBDC, my sales have jumped 45% in the last three months,” said Pete Ricci. “I'm grateful for help with my business plan and other resources.”

“In this difficult market, it is truly comforting working with a financial institution that continues to be committed to helping first time homebuyers reach their dream of homeownership,” said Larry Douglas, Housing Program Manager of Chester Community Improvement Project. CCIP provides mortgage counseling to Delaware County residents to ready them for homeownership, and Citizens Bank offers technical expertise to the agency and provides financing to qualified CCIP participants.

The partnership, which was announced in June 2005, represents the largest community investment initiative Citizens Bank has made in Delaware County in support of crucial revitalization efforts. The program to date has provided a total of $117.2 million in loans, investments and program support to revitalize Delaware County.

About Citizens Bank of Pennsylvania

Citizens Bank of Pennsylvania is a state-chartered bank with dual headquarters in Pittsburgh and Philadelphia. It has approximately 400 branches and more than 660 ATMs throughout Pennsylvania. It also operates 13 retail branches and 26 ATMs in southern New Jersey and a commercial loan office in Virginia. It is a subsidiary of Citizens Financial Group, Inc., a $159 billion commercial bank holding company headquartered in Providence, R.I.

Citizens Financial Group, through its subsidiaries, has more than 1,600 branches, 3,300 ATMs and 24,500 employees. CFG's two bank subsidiaries are RBS Citizens, N.A. and Citizens Bank of Pennsylvania. They operate a 13-state branch network under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont, and the Charter One brand in Illinois, Indiana, Michigan and Ohio. CFG has non-branch retail and commercial offices in about 40 states. It is one of the 10 largest commercial banking companies in the United States ranked by assets and deposits. CFG is owned by RBS (The Royal Bank of Scotland Group plc).

About the Delaware County Revitalization Program

The Delaware County Revitalization Program was established by County Council in 2003 to encourage economic development and smart growth in all 49 municipalities through two distinct but related initiatives. One initiative seeks to guide revitalization efforts in the County's first-generation municipalities by making them more attractive, livable, safe, and economically viable. This initiative encompasses 29 municipalities, including 22 boroughs, six townships and the City of Chester. Each of these five revitalization planning areas has developed and adopted an Action Plan prioritizing objectives and specific projects to cooperatively work toward achieving this goal.