Providence, Rhode Island, May 23, 2024–(BUSINESS WIRE)–Citizens Financial Group (NYSE: CFG) today announced that it will redeem 12,000,000 depositary shares (NYSE: CFG PrD, CUSIP: 174610204, ISIN: US1746102045) (the “Depositary Shares”) representing interests in CFG's 6.350% fixed-to-floating rate non-cumulative perpetual preferred stock, Series D (the “Series D Preferred Stock”), on July 8, 2024 (the “Redemption Date”). Each depositary share represents 1/40th of a share of CFG.Number Rights to Shares of Series D Preferred Stock. All 12,000,000 shares of Depositary Shares currently outstanding will be redeemed on the Redemption Date. After the Redemption Date, no Depositary Shares or Series D Preferred Shares will be issued and no dividends will accrue on the Series D Preferred Stock.
The Deposited Shares will be redeemed at a redemption price of $25 per Deposited Share (equivalent to $1,000 per share of Series D Preferred Stock) (the “Redemption Price”). Because the redemption date is the dividend payment date for the Series D Preferred Stock, the redemption price does not include any declared or unpaid dividends. Regular quarterly dividends on the Deposited Shares will be declared separately and paid separately in the customary manner to holders of record on the dividend payment record date of July 8, 2024.
Concurrent with the redemption of the Series D Preferred Stock, the outstanding Depositary Shares will be redeemed at an amount per share on the Redemption Date in accordance with the applicable procedures of Computershare Trust Company, NA and Computershare Inc. (collectively, “Computershare”). Masu. Depositary shares equal to the redemption price. All Deposit Shares will be held in book-entry form through Computershare and will be redeemed in accordance with Computershare's procedures. The Computershare address is:
First Class/Registered/Certified
150 Royal Street
Canton, Massachusetts 02021
1-877-373-6374
Investors in Deposited Shares should contact the bank or securities firm that holds a beneficial interest in Deposited Shares for information regarding obtaining the redemption price for their shares of Deposited Shares in which they have a beneficial interest.
About Citizen Financial Group Co., Ltd.
Citizens Financial Group is one of the oldest and largest financial institutions in the United States, with assets of $220.4 billion as of March 31, 2024. Headquartered in Providence, Rhode Island, Citizens provides a wide range of retail and commercial banking products and services for individuals, small businesses, midsize businesses, large corporations, and institutional investors. At Citizens, we help our customers realize their potential by listening to us, understanding their needs and providing tailored advice, ideas and solutions. Consumer Banking offers an integrated experience that includes mobile and online banking, a full-service customer contact center, and the convenience of approximately 3,300 ATMs and more than 1,000 branches in 14 states and the District of Columbia. . Consumer banking products and services include a wide range of services, including banking, lending, savings, wealth management, and small business services. In its commercial banking business, Citizens offers a wide range of financial products and We offer solutions. For more information, please visit www.citizensbank.com or our website. X (formerly Twitter), LinkedIn, or Facebook.
Forward-Looking Statements
“Safe Harbor” Statement within the meaning of the Private Securities Litigation Reform Act of 1995: This communication contains “forward-looking statements,” that is, statements that relate to future rather than past events. In this context, forward-looking statements often refer to expected future business, financial performance and financial condition and often include words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would” or “target.” Forward-looking statements by their nature address matters that are, to varying degrees, uncertain. Uncertainties that could cause our actual results to differ materially from those expressed in our forward-looking statements include our inability to complete this transaction or our failure to execute or take any filings or other actions required to complete such transaction in a timely manner. These or other uncertainties could cause actual future results to differ materially from those expressed in the forward-looking statements.
CFG-IR
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