DETROIT (October 24, 2005) - Citizens Financial Group, Inc. announced today that it is making more than $1.1 million in contributions to support Hurricane Katrina relief efforts. Citizens Financial Group's contribution includes:
- $267,000 in employee donations to The Salvation Army.
- $267,000 from the Charter One and Citizens Bank Foundations matching employee donations to The Salvation Army dollar for dollar.
- $600,000 in funds saved by scaling back this year's Employee Appreciation Week celebrations.
Citizens Financial Group, with support from its employees, decided to scale back its week-long celebration this year and instead donate $600,000 in funds saved. Employee Appreciation Week is a company-wide celebration of its employees across 13 states during which employees enjoy barbeques, outings, parties, games and prizes. Citizens Financial Group will determine where it will donate the $600,000 in the next few weeks.
In addition, Citizens Financial Group began accepting public donations in all of its branches on September 1 to aid in the hurricane relief efforts. To date, Charter One and Citizens Bank branches have collected $1.4 million on behalf of the American Red Cross and The Salvation Army. Both agencies have said 100 percent of these donations will be sent directly to the regions affected by Hurricane Katrina.
“We continue to be deeply saddened by Hurricane Katrina's devastating impact on Louisiana, Mississippi and Alabama. The overwhelming and generous response of our colleagues and the community toward the local relief efforts has been a bright hope,” said Lawrence K. Fish, Chairman, President and CEO of Citizens Financial Group. “Citizens looks forward to leveraging the $2.5 million raised to help many thousands of people as they rebuild and find new opportunities.”
In Michigan alone, Charter One employees donated $25,817.27 through September 30, 2005 to The Salvation Army. The Charter One Foundation matched this contribution dollar for dollar with a $25,817.27 grant.
To further support relief efforts and to honor the spirit of New Orleans, Charter One employees in Michigan distributed thousands of Mardi Gras beads throughout their branches on September 12, 2005. The “Beads of Hope” were given to customers and employees in appreciation for their donations to the American Red Cross or Salvation Army. The initiative raised more than $10,000 in one day.
“I am proud of our Michigan colleagues' generous response to Hurricane Katrina relief,” said Sandra E. Pierce, President & CEO of Charter One Bank, Michigan. “It is heartwarming to hear the countless stories of how Michigan residents are assisting their fellow Americans in this time of need.”
About Charter One Bank, N.A.
Charter One Bank, N.A., is a $41 billion bank operating in Illinois, Indiana, Michigan and Ohio. It has more than 490 branches and 812 ATMs. It has 124 branches and 164 ATMs in Michigan. Charter One is a subsidiary of Citizens Financial Group, Inc., a $148 billion commercial bank holding company headquartered in Providence, R.I. Citizens has more than 1,600 branches, approximately 3,100 ATMs and more than 27,000 employees in a 13-state retail branch network and 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).