Projo Biz Blog

Providence-based Citizens Financial Group this morning said it reached agreement to sell 18 of its branches in northern New York to Community Bank Systems (CBU:NYSE), based in DeWitt, New York.

"The sale of these few branches in the Adirondack region is a strategic business line decision to realign our distribution network," said Dana A. Drago, vice chairman, retail and business banking for Citizens.

"We will continue to expand our core franchise in larger metropolitan portions of New York state, which continues to grow," Drago said, "The branches being sold represent one percent of our 1,600 total branches and one-half percent of our total deposits."

The transaction, subject to regulatory approval, is expected to close in the fourth quarter.

Citizens is owned by The Royal Bank of Scotland Group plc.

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