Citizens Financial Group Completes $3.5B Investors Bancorp Acquisition

TL;DR

CFG just bought Investors Bancorp for $3.5B, beefing up its NY metro presence.

AI Summary

Citizens Financial Group, Inc. announced on May 16, 2024, that it has completed its previously announced acquisition of all the outstanding shares of common stock of Investors Bancorp, Inc. for a purchase price of approximately $3.5 billion. This acquisition is expected to enhance Citizens' scale and capabilities in the attractive New York metropolitan area and surrounding regions.

Why It Matters

This significant acquisition expands Citizens Financial Group's market presence, particularly in the New York metropolitan area, potentially leading to increased competition and service offerings for customers in that region.

Risk Assessment

Risk Level: medium — The acquisition of a company of this size carries inherent integration risks and potential impacts on financial performance that could affect Citizens Financial Group.

Key Numbers

• $3.5 billion — Purchase Price (Total cost of acquiring Investors Bancorp, Inc.)

Key Players & Entities

• Citizens Financial Group, Inc. (company) — Acquiring company
• Investors Bancorp, Inc. (company) — Acquired company
• $3.5 billion (dollar_amount) — Purchase price
• May 16, 2024 (date) — Closing date of acquisition

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value per share CFG New York Stock
• $1,000 — n-Cumulative Perpetual Preferred Stock, $1,000 liquidation preference per share ("Seri

Filing Documents

• cfg-20240516.htm (8-K) — 30KB
• cfg-20240516_g1.jpg (GRAPHIC) — 9KB
• 0000759944-24-000098.txt ( ) — 231KB
• cfg-20240516.xsd (EX-101.SCH) — 3KB
• cfg-20240516_def.xml (EX-101.DEF) — 17KB
• cfg-20240516_lab.xml (EX-101.LAB) — 30KB
• cfg-20240516_pre.xml (EX-101.PRE) — 18KB
• cfg-20240516_htm.xml (XML) — 5KB

01. Other Events

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 1/40 th 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 mean

SIGNATURES

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

View Full Filing

View this 8-K filing on SEC EDGAR