Charter One Bank Named No. 1 Small Business Administration (SBA) Lender in Illinois

CHICAGO -- Charter One ranked first in overall number of loans and dollar amount and first in minority, veteran and women-owned business lending

Charter One Bank today announced it was named the No. 1 small business lender in Illinois and throughout the Midwest Region, District 5 - Illinois, Indiana, Michigan, Minnesota, Ohio and Wisconsin - by the U.S. Small Business Administration.

Fiscal year 2005 marks the first time Charter One Bank has been named the leader in SBA lending in Illinois and throughout the Midwest. Charter One enhanced its focus on small business lending to better serve the needs of this important market segment. Charter One was acquired last September by Citizens Financial Group, Inc., the No. 1 SBA lender in the New England and Mid-Atlantic regions and the No. 2 SBA lender in the country.

During the annual SBA fiscal year from October 1, 2004 to September 30, 2005, Charter One Bank awarded 1,120 loans, valued at $42.3 million, to small businesses in Illinois, giving the bank a commanding 844-loan lead over its nearest competitor. In addition, Charter One Bank was also named the No. 1 lender for minority, veteran and women-owned businesses in SBA District 5.

"We understand the needs of the small business market and are committed to making credit available to help small businesses grow and succeed," said Paul Greig, President and CEO of Charter One Bank, Illinois. "Our established loan processes combined with our extensive training program enables Charter One business banking officers to offer full-service relationship banking to all customers."

John Ridding, owner of Barraco's in Orland Park was one of the many Illinois small business owners that secured an SBA loan from Charter One in 2005.

"Charter One took the time to understand my business needs. The loan and line of credit has enabled me to invest in technology - such as adding global positioning systems in all delivery vehicles - that will help me maintain excellent service, as well as enable me to open a new full-service restaurant. Charter One and Barracco's have the same philosophy - total commitment to customer service," said Ridding.

"Charter One Bank has clearly demonstrated its commitment to and understanding of Illinois' small business market," said Judith Roussel, Illinois District Director of the U.S. Small Business Administration. "This market has historically had difficulty obtaining access to capital. We applaud Charter One for helping Illinois small business owners realize their dreams over the past 12 months, and we look forward to its continued support of our small business community."

Since September 2004, Charter One has established an aggressive small business initiative that includes:

The addition of 40 new business bankers in Illinois, bringing the Illinois total to 58 bankers dedicated to the small business initiative

A more streamlined process for small business loan applications with fewer forms and a simpler approval process

A comprehensive marketing program to educate small business owners about the products available

Extensive training for all business bankers, underwriters, and retail branch staff.

About Charter One Bank, N.A.

Charter One Bank, N.A., is a $41 billion bank operating in Illinois, Indiana, Michigan and Ohio. It has more than 490 branches and 812 ATMs. It has 132 branches and 392 ATMs in Illinois. Charter One is a subsidiary of Citizens Financial Group, Inc., a $148 billion commercial bank holding company headquartered in Providence, R.I. Citizens has more than 1,600 branches, approximately 3,100 ATMs and more than 27,000 employees in a 13-state retail branch network and non-branch offices in more than 30 states. Citizens is the eighth-largest commercial banking company in the United States ranked by deposits. Citizens is owned by RBS (The Royal Bank of Scotland Group plc).

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.