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February 1, 2007

Citizens completes $167M acquisition of GreatBanc

By Jeff Lavery

Citizens Financial Group has acquired GreatBanc Inc. for $167 million, making Citizens the fourth largest commercial bank in the Chicago region.

Charter One Bank, a subsidiary of Citizens Financial Group, has acquired GreatBanc's 10 banking locations and 14 ATMs throughout Cook, McHenry, and Will counties.  Beginning February 1, GreatBanc customers can use nearly 3,200 Citizens Bank and Charter One Bank ATMs in 13 states to make cash withdrawals without incurring ATM fees. 

Citizens Financial Group is headquartered in Providence, RI, and operates a 13-branch network as Citizens Bank throughout the Northeast, including branches in Shrewsbury, Worcester, and Marlboro, among other locations.

"The Chicago region is a large and important market for us," said Lawrence Fish, chairman and CEO of Citizens Financial Group, "and the acquisition allows us to expand convenience and service for our customers."

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