03/09/2016

Citizens Financial Group to Build a Corporate Campus for 3,200 Colleagues in Johnston, RI

New campus to be a cost-effective replacement for Cranston, RI service and support facility

Citizens headquarters to remain in Providence

PROVIDENCE, R.I.--(BUSINESS WIRE)-- Citizens Financial Group (NYSE: CFG or “Citizens”) today announced plans to build a new corporate campus in Johnston, RI. The new campus will bring together more than 3,200 colleagues, primarily from a Cranston location with a lease set to expire in 2018. The Citizens headquarters will remain in Providence.

The new Citizens Bank campus will be located on a currently undeveloped parcel of land on the west side of Interstate 295 in Johnston. The design unveiled today includes approximately 420,000 square feet of office and meeting space including a call center and executive offices. It will feature dining, fitness and retail facilities for colleagues and fields and trails that will be available for use by the local community.

“As we continue to work towards our goal of making Citizens Bank one of the top-performing regional banks in the country, we are very excited today to announce Johnston, Rhode Island as the future home of a new Citizens campus,” said Bruce Van Saun, Chairman and CEO. “This is a great site that will allow us to cost effectively build a campus with modern amenities to suit our needs. We are grateful for the collaboration we have received from state and local officials leading up to this decision and we look forward to breaking ground later this year.”

The Citizens campus is made possible in part by infrastructure improvements like the extension of sewer lines into the area by the Narragansett Bay Commission. The project also will include the construction of a new exit for Interstate 295, the estimated cost of which will be split by the Rhode Island Department of Transportation and Citizens. A 20-year property tax agreement is pending approval from the Johnston Town Council.

“I couldn’t be more proud that Citizens is choosing to stay true to its roots by building a remarkable corporate campus here in Johnston while maintaining its headquarters in downtown Providence,” said Governor Gina M. Raimondo. “This project will bring much-needed construction jobs to our state in the short term as well as significant long-term economic activity that will contribute to Rhode Island’s comeback.”

“Today’s announcement marks a major milestone in the history of Johnston,” Johnston Mayor Joseph Polisena said. “The new Citizens campus will deliver an immediate boost to our tax base, and I fully expect that other businesses will want to come to Johnston to serve the more than 3,000 Citizens colleagues who will be here every day, creating additional jobs and tax revenue. Local residents and developers who want to build in this area also will benefit from the coming infrastructure improvements. This is a big win for Johnston. I am very proud that Citizens has chosen our town for a project of this size, and I look forward to the Citizens Bank family becoming part of our Johnston family.”

Construction is expected to commence later this year, with occupancy projected for late 2018.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $138.2 billion in assets as of December 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 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 as Citizens Bank, Citizens Commercial Banking and Citizens One. Additional information about Citizens and its full line of products and services can be found at www.citizensbank.com.

Citizens Financial Group, Inc.
Media:
Jim Hughes, 781-471-5404
or
Investors:
Ellen A. Taylor, 203-900-6854

Source: Citizens Financial Group, Inc.