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RUMORED: Citizens Bank Tower (CBT)

billypc99

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CtownMikey Burg

CtownMikey

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http://www.lasallebank.com/about/about_us.html

"LaSalle Bank N.A. is the largest bank headquartered in Chicago with USD 72.9 billion in assets and USD 43.7 billion in deposits."

http://www.citizensbank.com/au/

Today, Citizens Financial Group has $161 billion in assets, making it the 8th largest commercial bank holding company in the United States when ranked by deposits.

Citizens would nearly double in size then..?

This is from Wikipedia... not very accurate, but you can get an idea of where each bank stood 2 years ago..

"Top ten bank holding companies in the U.S. ranked by assets

Figures as of September 30, 2006, in U.S. dollars.[1]

1. Citigroup Inc.

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  • 2 weeks later...
EPBOY Whistle-Stop

EPBOY

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LaSalle is not as big as Citizens. CFG buying LaSalle would be a strategic move to build marketshare in Chicagoland. I don't think their 'top 10' ranking would change.

CFG (or RBS) is probably not going to be buying any of the top 10 banks. Citizens has gotten to the position they are in by purchasing numerous smaller banks (except for Charter One, which was only slightly smaller than Citizens). Larger banks carry a higher purchase premium and there's a greater risk of overlap. It's more cost-effective to buy a smaller bank with less or no overlap than a larger bank where branches would have to be shut down.

That said, I don't have any inside information about this whatsoever. I'm just trying to apply history and logic to this scenario (which may not be the best idea).

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misterchlo Unincorporated Area

misterchlo

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My aunt & uncle were in town visiting this weekend from NY State. My uncle went to URI way back in the day and still has old college friends still in RI. We met one couple for dinner at Red Stripe and his old college buddy (already cant remember his name!) just recently took a severance from his position at Citizens because they wanted to relocate him to Boston. He lives down in West Kingston and didn't want to deal with the drive. He said they were relocating many higher level people up to Boston and that they do a majority of their corporate business in Boston. Even the CEO (Fish?) lives and spends the majority of his time in Boston. He said they really only keep the HQ here in Providence for "political" reasons. I didn't ask him to elaborate on what he meant by "political". But it makes sense that Boston would be the place for them to be primarily located since that is where the big business is. Its not really in Providence, so they do a lot of the back operations around here. For reasons like this, I doubt they would build a new HQ tower here unless the "political" aspect was able to prod them into something. Otherwise, I have a hard time believing this would become more than a rumor..

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f1rehead Whistle-Stop

f1rehead

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Larry Fish isn't the CEO any more, but you're correct he was based out of Boston even though the HQ is in Providence. That was the situation for a long time.

The current CEO, Steve Steinour, is based in Philadelphia.

It's also true that much of Cash Management has been centralized in the Boston office, but even if the LaSalle purchase goes through I would not expect that to change. A more likely scenario would be that there would be 2 groups: one in Chicago and one in Boston.

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misterchlo Unincorporated Area

misterchlo

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Then I just bumped into this from Sunday's Projo:

http://www.projo.com/business/content/JK06...QP.343cc29.html

"One of those decisions, already being talked about by banking analysts, may be to move Citizens headquarters from Providence to a bigger hub city, such as Boston, Chicago or Stamford, Conn., where the Royal is building a $400-million trading floor for its subsidiary, RBS Greenwich Capital, and office complex to be completed next year."

I just don't see how the company will hang on to an HQ in Providence in the long run. I REALLY dont see them building a new corporate HQ tower here.

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