Citizens Financial Group completes historical research of predecessor institutions and finds no direct ties to slavery
Citizens and Charter One pledge $5 million for local economic and educational initiatives to African-American communitiesProvidence, R.I. (May 25, 2006) - Citizens Financial Group, Inc. today said it has completed research on Citizens Bank, Charter One Bank, its parent and all predecessor banks in an effort to learn and disclose any historical ties to slavery. The independent study determined that there was no direct involvement in the slave trade or direct ownership of slaves. Citizens commissioned History Associates Incorporated (HAI), a leading research company, to conduct its research.
The research determined that while it found no direct involvement in slavery, some of the predecessor banks’ directors may have had connections to slavery as private individuals and as part owners of vessels involved in the slave trade or the traffic of goods produced by slaves, particularly molasses, or as plantation owners. The research identified one case where partial ownership of slaves was assumed for a period as a result of foreclosure and that there were also links with customers or partners who fought for the abolition of slavery.
“This was a disgraceful era in our nation’s history and while our research has found no direct involvement in slavery, it is important that we acknowledge and understand the past,” said Lawrence K. Fish, Chairman and CEO of Citizens Financial Group. “We believe our priority is to make a difference for today’s African-American communities and I am pleased Citizens and Charter One are deepening their commitments even further.”
Citizens and Charter One announced a $5 million pledge to support local economic and educational initiatives for African-American communities. As part of the commitment, Citizens Bank and Charter One foundations will donate $3 million over the next four years to non-profit organizations throughout their footprint to support local economic development, educational assistance or entrepreneurship initiatives. In addition, the foundations will donate $2 million over the next four years for the creation of scholarships for African-Americans.
The $5 million pledge builds upon the company’s previous support to organizations including the Urban League, the Martin Luther King Foundation Scholarship, Organization for a New Equality, the African American Chamber Foundation, the NAACP, the Martin Luther King Jr. Business Empowerment Center and the United Black Fund.
Click here to view the report on the findings.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is a $155 billion commercial bank holding company. It is headquartered in Providence, R.I.
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