Citizens Bank of Pennsylvania Earns Prestigious Award: Community Investment Record Recognized for Excellence

2008-06-02 19:12:23 -

www.fhlb-pgh.com - Citizens Bank of Pennsylvania was honored before its industry peers today for its exceptional record of community investment and service.

At a gathering of scores of Pennsylvania banking executives hosted by the Federal Home Loan Bank of Pittsburgh (FHLBank), Citizens Bank was presented with the Pillars of the Community Award, bestowed annually upon only three banks across Delaware, Pennsylvania and West Virginia. FHLBank singles out these banks for their extraordinary efforts to create affordable housing for lower-income families, develop small business, promote community stability and revitalize neighborhoods.

Part of the Citizens Financial Group, Citizens Bank of Pennsylvania has been serving the Commonwealth since 2001. Citizens Bank has long maintained a dedication to the needs of the markets in which it operates. Through its Neighborhood Investment Program, Citizens has committed more than $500 million in loans and grants to stimulate economic growth and neighborhood development.

In the area of affordable housing, Citizens Bank is also a leader. In 2007, Citizens made more than 100 grants to first-time homebuyers through the First Front Door program, providing more than one-half million dollars in assistance toward down payments and closing costs. It also taps grants from FHLBank's Affordable Housing Program for the benefit of communities as well. 2007 saw completion of one such special project, a transitional residence in Wilkes-Barre, PA, that assists persons with mental illness. Citizens launched seven new projects last year benefiting from AHP grants. Nearly $2.5 million in Affordable Housing Program funds are going to a variety of neighborhood projects, thanks to Citizens' efforts.

Employee Volunteerism Also Strong

Citizens Bank has carried over its commitment to community into other activities as well. In 2007, Citizens employees volunteered more than 58,000 hours at nonprofit organizations across Pennsylvania. Citizens' Community Service Sabbatical Program offers a three-month paid leave to one employee each year, allowing that individual to perform full-time community service with a nonprofit organization. Citizens' colleagues get directly involved at the grassroots level and currently serve on the boards of more than 150 local nonprofits in the Philadelphia area.

"We are honored to have Citizens Bank of Pennsylvania among our owner-members," said John R. Price, president and chief executive officer of FHLBank Pittsburgh, a congressionally chartered wholesale bank. "Citizens' passionate dedication to community shines through all that it does and makes a significant difference all across the Commonwealth."

About the Banks

Citizens Financial Group, Inc. is a $160 billion commercial bank holding company. It is headquartered in Providence, R.I., and, through its subsidiaries, has more than 1,600 branches, more than 3,500 ATMs and more than 24,000 employees. Its two bank subsidiaries are RBS Citizens, N.A. and Citizens Bank of Pennsylvania. They operate a 13-state branch network under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont, and the Charter One brand in Illinois, Indiana, Michigan and Ohio. CFG has non-branch retail and commercial offices in about 40 states. It is one of the ten largest commercial banking companies in the United States ranked by assets and deposits. CFG is owned by RBS (The Royal Bank of Scotland Group plc).

FHLBank Pittsburgh is a wholesale bank that serves the housing finance and community and economic development needs of its owner-member financial institutions. FHLBank Pittsburgh provides reliable access to low-cost funds, competitive pricing in the purchase of mortgage loans, correspondent banking, technical assistance, affordable housing grants and other programs so members can better serve their own communities. FHLBank Pittsburgh is privately capitalized and funded, does not use taxpayer dollars and enjoys a triple-A rating. At March 31, 2008, it had 333 members in its district of Delaware, Pennsylvania and West Virginia and approximately $105 billion in assets. FHLBank Pittsburgh is one of twelve Banks in the Federal Home Loan Bank System, established by Congress in 1932 to support the residential mortgage activities of local financial institutions.

FHLBank Pittsburgh
Neil Cotiaux, 412-288-2851
cell: 412-335-9488
Neil.cotiaux@fhlb-pgh.com