M&A Deal Summary

Citizens Financial Group Acquires Mellon - Regional Franchise

On July 17, 2001, Citizens Financial Group acquired financial services company Mellon - Regional Franchise from Mellon Financial for 2.1B USD

Acquisition Highlights
  • This is Citizens Financial Group’s 19th transaction in the Financial Services sector.
  • This is Citizens Financial Group’s 4th largest (disclosed) transaction.
  • This is Citizens Financial Group’s 19th transaction in the United States.

M&A Deal Summary
Date 2001-07-17
Target Mellon - Regional Franchise
Sector Financial Services
Buyer(s) Citizens Financial Group
Sellers(s) Mellon Financial
Deal Type Divestiture
Deal Value 2.1B USD

Target

Mellon - Regional Franchise

United States
The Regional Franchise comprises personal customers from some 650,000 households and approximately 58,000 business customers, supported by 345 branches and 4,135 staff in Pennsylvania, New Jersey and Delaware. Of the 345 branches, 321 are in Pennsylvania (mainly around Philadelphia and Pittsburgh), 5 are in New Jersey and 19 in Delaware. There are 257 traditional branches, 72 in supermarkets and 16 drive-ins.

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Buyer(S) 1

Buyer

Citizens Financial Group

Providence, Rhode Island, United States
Category Company
Founded 1828
Sector Financial Services
Employees17,800
DESCRIPTION

Citizens Financial Group, Inc. operates as the bank holding company for Citizens Bank, N.A. and Citizens Bank of Pennsylvania that provide banking products and services.

DEAL STATS #
Overall 19 of 35
Sector (Financial Services) 19 of 30
Type (Divestiture) 3 of 4
Country (United States) 19 of 35
Year (2001) 1 of 1
Size (of disclosed) 4 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2000-01-11 UST

Boston, Massachusetts, United States

UST, Corp. provides a range of financial services to individuals, and small and medium-sized companies.

Buy $1.4B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2002-03-29 Farmers & Mechanics Bank

Galesburg,, Illinois, United States

Farmers & Mechanics Bank is a provider of personal and business products and services in Illinois.

Sell -

Seller(S) 1

SELLER

Mellon Financial

Pittsburgh, Pennsylvania, United States
Category Company
Founded 1869
Sector Financial Services
DESCRIPTION

Mellon Financial Corp. is an asset management group focused on serving institutional and high-net-worth individual clients.

DEAL STATS #
Overall 1 of 3
Sector (Financial Services) 1 of 3
Type (Divestiture) 1 of 3
Country (United States) 1 of 2
Year (2001) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-12-04 SourceNet Solutions

College Station, Texas, United States

SourceNet Solutions, Inc. specializing in accounts payable (AP) outsourcing.

Buy -
Mergr

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