About Charter One

Most people might have heard of Charter One, which is based in Cleveland with braches in Illinois, Ohio, Indiana, Michigan, upstate New York and Vermont. However, many of them might be not aware that the bank has been acquired by Citizens Financial Group, an American bank headquartered in Providence, Rhode Island. The acquisition of Charter One makes Citizens Financial the ninth largest bank in the United States with more than $128 billion assets and 1,400 branches across 13 states.

Charter One History

In late 2004, Citizens Financial Group took over Charter One Financial, parent company of Charter One Bank for $10.5 billon. Since Flint-based Citizens Bank already operated in most of Charter One’s territory, Citizens Financial chose to keep the Charter One name at most of Charter One’s branches, except in New York and Vermont which were re-branded as Citizens Bank. As of early 2005, seven Citizens Bank branches in Butler County, Pennsylvania, even began to rebrand with the Charter One name.

In February 2007, the Charter One franchise took over GreatBank, GreatBank Chicago and First National Bank – brands of GreatBanc Inc. of Chicago, IL. This acquisition made Charter One’s presence in Chicago, Skokie and Evanston expanded. Plus, it also opened the door into the towns of Olympia Fields, Chicago Height, Frankfort, Cary and Algonquin. In 2009, Charter One’s Indiana bank branches were acquired by Old National Bank, a regional bank with more than 150 retail branches.

Charter One’s Loan Products

Currently different names are applied to Citizens Financial and Charter One, but Charter One has been entirely integrated into Citizens. That is to say, Citizens customers can do banking at any Charter One locations and vice verse. In addition, the websites are exactly the same, with the only difference being the name.

Actually, these two banks are otherwise the same, with the same financial services and products, such as loan programs. Charter One, or Citizens Financial Group, offers an array of loan programs for both individuals and small businesses.

Loans offered to individuals include:

  •  Home Equity Loans – With no application costs, closing costs or annual fees, these loans are available in two options: 10-year Home Equity Loan and 20-Year Home Equity Loan. Both of these two types have a low fixed APR for the life of the loan.
  •  Home Equity Line of Credit – These loans offer flexible repayment terms, with the loan amount between $10,000 and $100,000-plus. As a bonus, you only need to pay interest on the portion of the line you use.
  •  Mortgages – Charter One offers two types of mortgage options: 30-Year Fixed Rate Mortgage and 5/1 Adjustable Mortgage. If you apply for a Charter One Circle Gold Banking package with your mortgage, you will get 1/8% off your mortgage rate.
  •  Student Loans – Charter One also offers students a variety of loan programs to help them earn a degree. These options include private TruFit Student Loan and Federal Direct Loans.

Loans offered to small businesses include:

  •  Small Business Mortgages – These mortgages are used to expand business, improve cash flow or refinance existing debt.
  •  Line of Credit – Line of Credit helps business owners manage cash flow and purchase short-tem assets such as inventory.
  •  Term Loan – If you need to purchase large assets and increase long-tem liquidity, a term loan is right for you.
  •  Credit Card – Charter One’s Credit Card allows business owners to use credit as needed, acquire small assets as well as track expenses easily.
  •  Overdraft Protection – This helps keep accounts liquid with automatic transfer of up to $10,000.

Charter One Official Website: http://www.charterone.com

Read Also:

College Funding Through Charter One Student Loans

There are a number of students who are unable to take up their advanced studies, as they don’t have enough funds to pay the college or university. This actually makes a big difference to their life. But, now you don’t need to worry about the college costs anymore. You can easily apply for a bank student loan to pursue your education. There are a lot of banks and financial institutions that are offering this service not only to needy students but also to everyone else.

This web site is not affiliated with Charter One. We recommend Charter One official site for more accurate information of its financial services.