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Citizens Bank ranks No. 1 small business lender in Massachusetts and New England
Citizens is No. 2 lender nationwide for the fifth consecutive year, reflecting its commitment to helping small businesses grow BOSTON (October 3, 2006) - Citizens Bank said it ranks as the No. 1 SBA lender in Massachusetts and New England for fiscal year 2006, which ended on Friday, September 29, 2006 for SBA lending. Citizens Financial Group, Inc. was also the No. 2 lender in the country for the fifth consecutive year, reflecting its commitment to helping small businesses grow.
In Massachusetts, Citizens topped all SBA lenders in both number of loans and dollar amount for the sixth consecutive year with more than 860 loans totaling more than $42.5 million. Citizens was the No. 1 originator of SBA loans in New England in both number of loans and dollar amount with approximately 2,000 loans totaling more than $90 million. This is the 8th year Citizens has received this honor.
Companywide, Citizens Financial Group’s Citizens Bank and Charter One Bank subsidiaries originated more than 6,800 loans totaling $320 million. Fiscal year 2006 marks the second consecutive year Charter One Bank has been the No. 1 SBA lender in the Midwest. Charter One enhanced its focus on small business lending to better serve the needs of its customers following Citizens Financial Group’s acquisition of the bank in September 2004. In the Mid-Atlantic region, Citizens Bank is the No. 1 SBA lender again this year in every market it does business, including Philadelphia, Pittsburgh, upstate New York and Delaware.
“Citizens is proud once again to be the #1 SBA lender in the state and throughout New England. Small businesses are critical contributors to the Massachusetts economy and we recognize their importance to our communities,” said Robert E. Smyth, Chairman, President and CEO of Citizens Bank of Massachusetts. “We look forward to continuing to meet the financing needs of small businesses through our SBA lending, specialized banking services and our knowledge and appreciation of this important sector.”
In addition to providing SBA loans, Citizens offers in Massachusetts a Small Business Peak Performance program, a multi-faceted campaign that provides information, visibility and other resources to arm small businesses with the tools they need to help them grow and expand. The program was launched in 2005, and recognizes, through its Peak Performance Award program, small businesses that have achieved exceptional growth. This year, the Peak Performance program will expand throughout New England, with events, award presentations and surveys being conducted in Massachusetts, New Hampshire and Rhode Island.
“The SBA loan through Citizens Bank will enable me to expand the number of locations of my business in the Boston area,” said Domenic Ventresca, Owner of Greater Metropolitan Real Estate, Inc. “It will help to secure leases and office equipment. I recently switched to Citizens from a larger bank and am impressed with the products, services and personal attention the bank gives to its small business customers.”
About Citizens Bank of Massachusetts
Citizens Bank of Massachusetts is a $37 billion bank with 264 branches and 625 ATMs stretching from greater Boston to Cape Cod and the Berkshires. It is headquartered at 28 State Street in Boston. It is a subsidiary of Citizens Financial Group, Inc., a $164 billion commercial bank holding company headquartered in Providence, R.I. Citizens has more than 1,600 branches, approximately 3,200 ATMs and 26,000 employees in a 13-state retail branch network and has non-branch retail and commercial offices in about 40 states. Citizens is the eighth-largest commercial banking company in the United States ranked by deposits and ninth in assets as of March 31, 2006. Citizens is owned by RBS (The Royal Bank of Scotland Group plc).
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