Providence, RI (November 9, 2005) - Citizens Financial Group, Inc. has been selected as one of two companies in the nation to receive a 2005 "Corporate Stewardship Award" from the United States Chamber of Commerce. U.S. Secretary of Commerce Carlos Gutierrez and U.S. Chamber of Commerce President and CEO Thomas J. Donahue presented Citizens Financial Group Chairman and CEO Lawrence K. Fish with the Corporate Stewardship Award for the company's total performance and contribution to economic, community and social progress. GE was the other company to receive the award.
The awards were presented last evening, November 8, 2005, following the U.S. Chamber of Commerce's annual board meeting in Washington, D.C.
"Citizens Financial Group is an example of corporate citizenship at its finest," said Chamber Executive Vice President and Chief Operating Officer Suzanne Clark. "Citizens Financial Group is one of our nation's pillars, advancing important social and economic goals for communities across the country."
"Citizens Bank and Charter One are committed to providing outstanding service to customers, colleagues and the community," said Fish. "The U.S. Chamber's Corporate Stewardship Award is a tremendous recognition of both our business performance the impact we have made in our communities. Our Champions in Action program was cited along with our other community efforts as an example of best practices in corporate social responsibility,"
Citizens Financial Group was recognized for its 12th consecutive year of record growth while doubling the amount of money it contributes to the community over the past two years. Citizens Bank, Charter One Bank and their foundations donated more than $30 million to nonprofit organizations in 2005.
Other Citizens and Charter One initiatives recognized by the U.S. Chamber of Commerce include:
- The bank created Champions in Action in 2002 to leverage its resources for outstanding nonprofit organizations in the communities where it does business. Each quarter, a Champion in Action is chosen in every state to receive a full range of support for three months, including a $25,000 contribution from the Citizens Bank or Charter One Foundation, colleague volunteers and exposure through media partners. To date, more than $1.8 million and thousands of volunteer hours have been directed to recipients.
- Citizens created low-interest loan pools in the Mid-Atlantic and New England regions totaling $200 million to offer below-market financing to companies committed to creating jobs. The Citizens Job Banks are designed to create at least 6,500 new jobs in the two regions and they have served as a model for other financial institutions interested in supporting job creation.
- To address rising housing costs for their employees, Citizens and Charter One offer colleagues a Home Buyer Assistance Program. Created in 2002, the program provides forgivable five-year loans of $5,000 - or $8,000 in emerging communities - to assist employees in purchasing new homes. The program, which is available to 75 percent of the bank's employees, has already helped more than 1,900 colleagues buy new primary residences - often first homes - with forgivable loans totaling more than $9.7 million.
Citizens Financial Group, Inc. is a $148 billion commercial bank holding company. It is headquartered in Providence, R.I., and has more than 1,600 branches, approximately 3,100 ATMs and more than 27,000 employees. It operates its 13-state branch network in Connecticut, Delaware, Illinois, Indiana, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, and has non-branch offices in more than 30 states. Citizens is the eighth-largest commercial banking company in the United States ranked by deposits. Citizens is owned by RBS (The Royal Bank of Scotland Group plc).