04/10/2024

Picking the Right Fights

Citizens Financial seeks a winning combination in a world where regionals can’t catch a break.

John Engen
Contributing Writer
As First Republic Bank teetered on the edge of collapse late last April, a handful of banks were secretly engaged in a race against time. Federal regulators had quietly spread the word that they would be closing the San Francisco-based bank due to liquidity concerns. On a Thursday, they invited a handful of prospective bidders to visit a secure data room filled with details on $229 billion First Republic’s operations. After a long weekend, the banks that showed the greatest interest included $4 trillion JPMorgan Chase & Co., PNC Financial Services Group, a $562 billion Pittsburgh company with national aspirations,…

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WRITTEN BY

John Engen

Contributing Writer

John Engen is a contributing writer for Bank Director. He has more than 30 years of experience as a business journalist, writing for a variety of newspapers and magazines, and was a foreign correspondent for the Associated Press. He graduated with a degree in economics and international relations from the University of Minnesota and did his post-graduate work in Asian studies at the University of Hawai’i.