With some of the proceeds from an anticipated initial public offering, Citizens Financial Group Inc. plans to hire hundreds of sales people — including mortgage loan originators.
In a 488-page registration statement filed Friday with the Securities and Exchange Commission, the Providence, R.I.-based company disclosed plans for an IPO.
Shares are being offered at a par value of 1 cent, and the proposed maximum aggregate offering price is $100 million.
Citizens, which claims to be the 13th largest commercial banking company in the country, was founded in 1828 and became a subsidiary of The Royal Bank of Scotland Group in 1988.
It claims to be the 27th largest retail mortgage originator as of March 31.
Citizens said it originated $5.7 billion during 2013, down from $7.9 billion in 2012.
But with the IPO, it plans to increase loan originations by hiring more than 550 sales professionals — including some in mortgage lending. As of June 30, there were 366 mortgage loan officers employed by the company.
“In mortgage, we are repositioning our origination platform through increased hiring of additional mortgage loan officers over the next two to three years and increasing capacity through the launch of a new origination and processing platform in the second half of 2014,” the filing states. “In addition, we will continue to purchase high-quality mortgage assets in the secondary market through a targeted program.”
Across all parts of the organization, Citizens employs 18,050 people.
The company said it settled for $3 million in January two Fair Labor Standards Act overtime lawsuits filed by mortgage loan originators and home loan advisors.
The third-party servicing portfolio was $18.3 billion as of June 30, down from $18.7 billion as of Dec. 31, 2013.
In addition, there were $30.116 billion in residential assets in the company’s investment portfolio as of mid-year, up from $29.694 billion at the end of last year.
The June 30, 2014, total included $16.2 billion in home-equity lines of credit.
Another $1.972 billion in home-equity products were serviced by others, down from $2.171 billion six months earlier.
Commercial real estate loans on the balance sheet grew to $7.158 billion by the end of June from $6.948 billion at the end of last year.
Branch count is 1,350.
