PROVIDENCE -- The Resolution Trust Corp. accepted Citizens Financial Group's bid for Old Stone Federal Savings Bank for an undisclosed amount, the bank reported Tuesday.
With only $1.1 billion in assets, Old Stone, which was based in Providence, was Rhode Island's fourth-largest bank. Battered by bad real estate loans, it was taken over by the RTC in 1993. The acquisition will increase Citizens' asset size to $9.2 billion.
Citizens, also based in Providence, said it would not release the transaction cost until an agreement becomes definitive on Friday.
A Citizens subsidiary will take over all of Old Stone's insured and uninsured deposits.
Citizens is also "reviewing staffing levels and office locations" during the next few weeks and will interview Old Stone employees for positions.
