CITIZENS FINANCIAL GROUP INC/RI0000759944false00007599442024-05-162024-05-160000759944us-gaap:CommonStockMember2024-05-162024-05-160000759944us-gaap:SeriesDPreferredStockMember2024-05-162024-05-160000759944us-gaap:SeriesEPreferredStockMember2024-05-162024-05-16


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): May 16, 2024

citizenslogoa05.jpg
 (Exact name of the registrant as specified in its charter)
Delaware001-3663605-0412693
(State or Other Jurisdiction of
Incorporation)		(Commission File Number)(I.R.S. Employer
Identification Number)
One Citizens Plaza
Providence,RI02903
(Address of principal executive offices)(Zip Code)
 

Registrant’s telephone number, including area code: (203) 900-6715

Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, $0.01 par value per shareCFGNew York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 6.350% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series DCFG PrDNew York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series ECFG PrENew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).



Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
   
Item 8.01.  Other Events.

On May 16, 2024, Citizens Financial Group, Inc. (the “Company”) announced the launch of a proposed public offering (the “Offering”) of a new series of Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series H (the “Series H Preferred Stock”). The Offering is subject to pricing, which has not yet occurred. If the Offering is priced and proceeds to closing, the Company intends to use a portion of the net proceeds from the sale of the Series H Preferred Stock to redeem all outstanding shares of its 6.350% Series D Non-Cumulative Perpetual Preferred Stock, $1,000 liquidation preference per share (“Series D Preferred Stock”) and the corresponding depositary shares each representing a 1/40th interest in a share of the Series D Preferred Stock (NYSE: CFG PrD, CUSIP No. 174610204) (“Series D Depositary Shares”), on the dividend payment date of July 8, 2024.

The pricing of the Offering, and thus whether the redemption of the Series D Preferred Stock and corresponding Series D Depositary Shares will occur, is subject to market conditions and other considerations. There is no assurance that the Offering will price and close or that the Company will decide to redeem the Series D Preferred Stock and corresponding Series D Depositary Shares, or, if it does, the amount to be redeemed and the timing of the redemption. If the Company decides to redeem the Series D Preferred Stock and corresponding Series D Depositary Shares, it intends to announce its decision by press release and an appropriate notice of redemption following the closing of the Offering.

The Offering is described in the Company’s preliminary prospectus supplement dated May 16, 2024, which was filed with the Securities and Exchange Commission today.

This Current Report on Form 8-K does not constitute an offer to sell the Series H Preferred Stock.

Cautionary Note on Forward-Looking Statements

This Current Report on Form 8-K contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding the completion of, and the use of proceeds from, the Offering, including the redemption of the Series D Preferred Stock and corresponding Series D Depositary Shares. These statements are based upon the Company’s current beliefs and expectations and are subject to significant risks and uncertainties (some of which are beyond the Company’s control). Actual results may differ, possibly materially, from those expressed or implied as a result of these risks and uncertainties, including, but not limited to, the risk factors and other uncertainties set forth under “Risk Factors” beginning on page 20 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
CITIZENS FINANCIAL GROUP, INC.
By: /s/ John F. Woods
 John F. Woods
 Vice Chair and Chief Financial Officer
Date:  May 16, 2024



v3.24.1.1.u2
Document and Entity Information Document
May 16, 2024
Document and Entity Information [Line Items]  
Entity Registrant Name CITIZENS FINANCIAL GROUP INC/RI
Amendment Flag false
Entity Central Index Key 0000759944
Document Type 8-K
Document Period End Date May 16, 2024
Entity Incorporation, State or Country Code DE
Entity File Number 001-36636
Entity Tax Identification Number 05-0412693
Entity Address, Address Line One One Citizens Plaza
Entity Address, City or Town Providence,
Entity Address, State or Province RI
Entity Address, Postal Zip Code 02903
City Area Code 203
Local Phone Number 900-6715
Entity Emerging Growth Company false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Common Stock [Member]  
Document and Entity Information [Line Items]  
Title of 12(b) Security Common stock, $0.01 par value per share
Trading Symbol CFG
Security Exchange Name NYSE
Series D Preferred Stock [Member]  
Document and Entity Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/40th interest in a share of 6.350% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D
Trading Symbol CFG PrD
Security Exchange Name NYSE
Series E Preferred Stock [Member]  
Document and Entity Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/40th interest in a share of 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series E
Trading Symbol CFG PrE
Security Exchange Name NYSE
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