Citizens Bank Partners With MBNA America Bank to Provide Credit Card Service

Business Wire, June 27, 2001

Business Editors

FLINT, Mich.--(BUSINESS WIRE)--June 27, 2001

Citizens Bank has formed an arrangement with MBNA America Bank to provide credit card services to its existing clients as well as its future clients.

MBNA, headquartered in Wilmington, Delaware, is the world's largest independent credit card lender with very competitive products and excellent customer service.

Nick Cilfone, Citizens' executive vice president of retail banking, said, "Citizens has been in the credit card business since 1953. However, because this business has become more volume, marketing, and technology driven, a bank needs a portfolio of substantial size to compete and achieve the necessary profitability and return."

Cilfone added, "Through our arrangement with MBNA, Citizens Bank will have the opportunity to offer competitive credit card products and service levels to our clients in a much more efficient manner."

Citizens will begin to offer both the Preferred Card and Platinum Card immediately. Existing accounts are scheduled to transfer to MBNA's system towards the end of the third quarter.

Citizens Bank is a subsidiary of Citizens Banking Corporation (Nasdaq:CBCF), a diversified financial services company providing a full range of commercial, consumer, mortgage banking, trust and financial planning services to a broad client base. Citizens operates 202 branch, private banking, and financial center locations and 246 ATMs throughout Michigan, Wisconsin, Iowa, Minnesota and in suburban Chicago, Illinois. Citizens Banking Corporation has assets of $8.2 billion. Total trust assets are $3.2 billion. For more news and information about Citizens visit www.citizensonline.com

MBNA Corporation, a bank holding company and parent of MBNA America Bank, N.A., a national bank, has $88 billion in managed loans. MBNA is the largest independent credit card lender in the world.