Charter One opening Wal-Mart branches

CNY Business Journal (1996+), Apr 02, 2004

Charter One Financial, Inc. (NYSE: CF) announced today that it has entered into an agreement with Wal-Mart Stores, Inc. to open 67 in-store banking centers across Ohio, Illinois, Indiana, Michigan, Pennsylvania, and New York.

The agreement will allow Charter One to open additional banking centers within its current footprint as well as to expand into new markets.

The first new, in-store banking center will open in May in Martinsville, Ind.

Through a combination of de novo and in-store bankingcenter openings, Charter One increased its overall banking center network by 26 percent in 2003, exclusive of acquisitions, essentially opening a new door every other business day. Much of that growth came from in-store openings with retailers:

The Charter One banking centers located inside Wal-Mart stores will be in the direct path of each store's busy traffic flow. Hours of operation will be Monday through Friday 10 a.m. to 7 p.m., Saturday 10 a.m. to 4 p.m. and Sunday I I a.m. to 3 p.m.

Charter One's banking centers provide a full range of deposit products such as The Best Free Checking, totally free business checking, free online banking with bill payment capabilities, 24-hour ATM access, home mortgages, lines of credit, and business-lending services.

Charter One has $43 billion in total assets, making it one of the 25 largest bankholding companies in the country. The Bank has more than 600 banking center locations in Ohio, Michigan, New York, Illinois, Massachusetts, Vermont, Indiana, Connecticut, and Pennsylvania. Charter One's product set includes: consumer banking, indirect auto finance, commercial leasing, business lending, commercial real-estate lending, mortgage banking, and retail-investment products.