The American Financial Exchange (AFX), an electronic exchange for direct lending and borrowing for American banks and financial institutions, announced that Citizens Bank, N.A. of Providence, Rhode Island, joined the AFX, marking the exchange’s 200th institution to become a member since its inception in 2015. AFX membership is up 30 percent from a count of 154 from August 1, 2019. The total assets of member banks are now over 2.9 trillion dollars.

Citizens Bank N.A. is a wholly owned subsidiary of Citizens Financial Group, Inc., which is one of the nation’s oldest and largest financial institutions with $179.9 billion in assets as of June 30, 2020. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations, and institutions.

“We are pleased to witness exponential growth in volume and membership participation. This is a testament to the service we provide to banks and corporations across the U.S.,” said AFX Chairman and CEO Richard L. Sandor. “By using the AMERIBOR® Benchmark to price their loans, banks and corporations are able to more efficiently serve their customers. As these institutions understand that this current time of liquidity will eventually normalize, they will want a market-based solution to determine their overnight borrowing costs.”

Currently AFX membership across the U.S. includes 158 banks and 42 non-banks, which is comprised of insurance companies, broker-dealers, private equity firms, hedge funds, futures commission merchants, and asset managers. For more information about AFX or AMERIBOR®, visit www.ameribor.net.