May 2004

Richelle Vible

When Citizens Bank recounts its history on the Citizens Bank website, it begins in 1871 with Citizens Savings Bank in Providence, RI then reaches back to the High Street Bank, opened in 1828, and acquired by Citizens Savings Bank in 1943.

In Delaware, we don't see it that way. Our history of Citizens Bank began in 1907 when Farmers Bank was founded. Our Farmers Bank was purchased by Mellon Bank in 1984, then Citizens Financial Group bought Mellon's Delaware branches in 2001. So, in 2001, when Citizens Bank came to Delaware, it joined nearly 100 years of Delaware banking history. Not as much history as WSFS's 172 years or Wilmington Trust's century, but Delaware history, nonetheless.

What is important for Delaware is not that Citizens has grown, through acquisition after acquisition to become the 17th largest in the US in bank assets, the 13th largest in commercial bank deposits, the 14th largest in ATMS, the 12th largest in branches, or the 2nd SBA Lender in the US, or that its owner, the Royal Bank of Scotland Group, is the 2nd largest bank in the UK and Europe or the 5th largest in the world, or that it had another year of record profits in 2003.

What is important for Delaware, is that Citizens Bank is lending in Delaware, that it is serving customers in Delaware, and it is becoming a presence in banking in Delaware.

Richelle Vible is a key part of that Delaware presence. Richelle joined Citizens to establish Citizens' Delaware commercial real estate finance business, servicing professional real estate finance investors and developers in Delaware. Richelle was appointed President & CEO of Citizens Bank (Delaware) on January 12th. On March 3rd , Citizens Bank announced that it had completed a deal to finance the Buccini/Pollin Group's Christina Landing Development with an $11.1 million construction financing. The 63 riverfront townhouses have sold out in record time.

Richelle will tell us about Citizens Bank's aggressive move into commercial lending in Delaware and its plans for serving its Delaware customers.

Beverley Baxter