06/25/2015

Citizens Bank Introduces New Corporate Purchasing Card Program Tailored to the Needs of Ohio Law Firms

In addition to streamlining procurement and purchasing, new offerings are designed

to increase “IOLTA” revenue for Ohio legal aid organizations

CLEVELAND – Citizens Bank today announced the launch of a new corporate purchasing card program for Ohio law firms that allows firms to have their “cash back” rewards sent directly to the state’s central source of funding for nonprofit Ohio legal aid organizations. Participating customers may also be eligible for a premium interest rate paid on Interest on Lawyer Trust Account (IOLTA) deposits held at Citizens Bank.

Citizens designed its new corporate purchasing card offer for Ohio law firms in consultation with its law firm clients and legal aid organizations, which receive the interest earned on the funds that firms hold in trust for their clients to help fund civil legal aid organizations. In recent years, lower interest rates have led to decreased IOLTA funding in Ohio, even as legal aid organizations have reported increased demand for their services.

“Our enhanced purchasing card offerings for Ohio law firms underscore Citizens’ commitment to the legal industry and to the communities that we and our law firm clients serve,” said Joseph DiRocco, President of Citizens Bank in Ohio.  “This program offers firms both a very effective purchasing solution and an opportunity to increase their support for civil legal aid organizations at no additional cost to them.”

As more law firms use the corporate purchasing card, Citizens will be able to increase the rebate rates, generating additional IOLTA revenue. Law firms may choose to donate all or part of their earned cash rebate to the state IOLTA program, the Ohio Legal Assistance Foundation, to fund nonprofit Ohio legal aid organizations providing civil legal aid services.

"The Citizens team has listened to the needs of their clients in the legal community and done a great job coming up with an innovative solution that helps law firms ensure the fairness of our legal system by contributing to civil legal aid for low-income and vulnerable Ohioans," said Angela Lloyd, Executive Director of the Ohio Legal Assistance Foundation. “This program demonstrates Citizens’ strong commitment to supporting access to justice for the residents of Ohio."

Citizens Bank is also a member of the Ohio Legal Assistance Foundation’s Prime Partners Program, which recognizes financial institutions for commitment to improving access to justice for low-income Ohioans.

Citizens’ new corporate purchasing card program offers:

  • Product specialists who will work with your accounts payable department to build the right program tailored to the specific needs of your law firm.
  • Online maintenance tools and daily data feeds that allow you to better manage the corporate purchasing card program.
  • A customized financial incentive package that rewards law firms for driving purchase volume on items they purchase every day.
  • Pricing flexibility allowing for pooling of rebates.

For more information about Citizens Commercial Banking and Citizens’ corporate purchasing card with new IOLTA benefits, please go to the Citizens Commercial Banking website. 

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $136.5 billion in assets as of March 31, 2015. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. In Consumer Banking, Citizens helps its retail customers “bank better” with mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 Citizens Bank branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Citizens also provides mortgage lending, auto lending, student lending and commercial banking services in select markets nationwide. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services including lending and deposits, capital markets, treasury services, foreign exchange and interest hedging, leasing and asset finance, specialty finance and trade finance.

Citizens operates through its subsidiaries Citizens Bank, N.A., and Citizens Bank of Pennsylvania. Additional information about Citizens and its full line of products and services can be found at www.citizensbank.com.