Citizens Financial Group, Inc. — parent of Citizens Bank, a top 10 bank in the Central New York market — had its IPO priced Tuesday evening and its shares began trading this morning.
The IPO of Providence, R.I.–based Citizens (NYSE: CFG), a spinoff from the Royal Bank of Scotland (RBS), was priced at $21.50 a share last night, below the $23 to $25 price range that RBS and Citizens had previously signaled.
Citizens shares were trading at $22.86, up $1.36, or 6.3 percent, as of 1:30 p.m. today.
Citizens Bank ranked 10th in deposit market share in the 16-county Central New York area with $695 million in deposits through its 25 branches, good for a 2.7 percent share of all market deposits, according to June 30, 2013 FDIC data, the latest available.
RBS previously announced plans to divest itself of its 100-percent ownership of Citizens by the end of 2016 through a series of public stock offerings. Through the IPO, RBS has so far divested 25 percent of its investment in Citizens.
Citizens Financial Group has about $130 billion in total assets. The company offers a range of retail and commercial-banking products and services to individuals, small businesses, middle-market companies, large corporations, and institutions. It has about 5 million customers.
Contact Rombel at arombel@cnybj.com