Dive Brief:

• Citizens Financial plans to buy Portland, Oregon-based Willamette Management Associates for an undisclosed sum, as the bank adds to its growing list of acquisition targets, the bank announced on Thursday. 

• The bank said the valuation consulting and forensic analysis firm, which has offices in Chicago, Atlanta and Portland, Oregon, will expand the Citizens’ valuation services division that it acquired in 2017, as part of its purchase of Western Reserve Partners.

• The announcement follows two other deals the bank expects to close next year; a $3.5 billion cash-and-stock purchase of Investors Bancorp, as well as the acquisition of 80 of HSBC’s East Coast branches.

Dive Insight:

Providence, Rhode Island-based Citizens continues to execute on its goal to grow inorganically through a series of acquisitions. 

The $185 billion-asset bank plans to grow its customer base by 1 million through its planned combination with Investors and its acquisition of the HSBC branches, Bruce Van Saun, chairman and CEO of Citizens, said in a statement last month.

HSBC, Europe’s largest lender, is selling off its branches as it retreats from the U.S. retail banking market.

The two deals will add $30 billion in deposits to Citizens, and propel the bank to the top 10 in deposits among retail and commercial banks in the New York City market.

"Clients view Citizens as a trusted partner committed to delivering complete solutions, quality execution and excellent service throughout their business life cycle," Donald McCree, vice chairman and head of commercial banking at Citizens, said in a statement. "The addition of the highly regarded Willamette team strengthens our ability to provide sound opinions and valuation services for our clients."

Citizens said its acquisition of Willamette would place it among the top valuation services providers in the country.

The bank said it also expects the deal will accelerate the build-out of its corporate financial advisory capabilities and strengthen its national presence, as it adds to its portfolio of financial advisory services firms. 

The bank purchased Bowstring Advisors in 2019 and Trinity Capital Partners in 2020.