Projo Biz Blog

Providence-based Citizens Financial Group, Inc. today said it reached agreement to sell its retail branch banking network that operaties under the Charter One brand to Old National Bancorp (ONB:NYSE), based in Evansville, Indiana.

The agreement includes 65 branch offices located primarily in the Indianapolis and Fort Wayne area. The price was not disclosed.

"This is a strategic business decision to realign our distribution network," said Sandra Pierce, Charter One's President in Michigan and Indiana. "We will continue to expand our core franchise and plan to open additional locations throughout our retail franchise in 2009. This transaction represents one-half percent of our total deposits."

Charter One's corporate banking teams will continue to serve commercial, government and commercial real estate customers through their office at 10333 N. Meridian Street in Indianapolis.

The transaction, which is subject to regulatory approval, is anticipated to close in the first quarter of 2009. The branch offices involved are located in Anderson, Bloomington, Brownsburg, Carmel, Crawfordsville, Fishers, Fort Wayne, Franklin, Greenfield, Greenwood, Indianapolis, Kendallville, Lafayette, Martinsville, Monticello, Noblesville, Plainfield, Speedway, West Lafayette, Westfield, and Zionsville.

 Tags  Charter One Citizens Financial Group Indiana

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