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[8-K] Citizens Financial Group, Inc. Reports Material Event

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8-K
Rhea-AI Filing Summary

On 22 Jul 2025 Citizens Financial Group (NYSE:CFG) filed an 8-K announcing a proposed public offering of a new Series I Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock. Pricing has not yet occurred and the offering may be withdrawn.

If completed, CFG intends to use the net proceeds to redeem some or all of its outstanding 5.650% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series F, on the 6 Oct 2025 dividend date. Replacing the higher-coupon Series F with the new Series I could lower funding costs and improve capital efficiency, but execution, final size, coupon and timing remain subject to market conditions. No financial metrics were provided in this filing; Q2-25 earnings and a financial supplement were previously furnished as Exhibits 99.1 and 99.2.

Il 22 luglio 2025 Citizens Financial Group (NYSE:CFG) ha depositato un modulo 8-K annunciando un'offerta pubblica proposta di una nuova Serie I di Azioni Preferenziali Perpetue a Tasso Fisso con Reset Non Cumulativo. Il prezzo non è ancora stato definito e l'offerta potrebbe essere ritirata.

Se completata, CFG intende utilizzare i proventi netti per rimborsare parte o tutta la sua Serie F di Azioni Preferenziali Perpetue a Tasso Fisso con Reset Non Cumulativo al 5,650%, in scadenza per il dividendo del 6 ottobre 2025. Sostituire la Serie F, con un coupon più elevato, con la nuova Serie I potrebbe ridurre i costi di finanziamento e migliorare l'efficienza del capitale, ma l'esecuzione, la dimensione finale, il coupon e i tempi dipendono dalle condizioni di mercato. In questo deposito non sono stati forniti dati finanziari; gli utili del secondo trimestre 2025 e un supplemento finanziario sono stati precedentemente presentati come Allegati 99.1 e 99.2.

El 22 de julio de 2025, Citizens Financial Group (NYSE:CFG) presentó un formulario 8-K anunciando una oferta pública propuesta de una nueva Serie I de acciones preferentes perpetuas a tasa fija con reinicio no acumulativo. El precio aún no se ha establecido y la oferta podría ser retirada.

Si se completa, CFG tiene la intención de usar los ingresos netos para redimir parte o la totalidad de sus acciones preferentes perpetuas Serie F a tasa fija con reinicio no acumulativo al 5.650%, en la fecha de dividendo del 6 de octubre de 2025. Reemplazar la Serie F, con cupón más alto, por la nueva Serie I podría reducir los costos de financiamiento y mejorar la eficiencia del capital, pero la ejecución, el tamaño final, el cupón y el momento dependen de las condiciones del mercado. No se proporcionaron métricas financieras en esta presentación; las ganancias del segundo trimestre de 2025 y un suplemento financiero se entregaron previamente como Anexos 99.1 y 99.2.

2025년 7월 22일 Citizens Financial Group(NYSE:CFG)는 새로운 시리즈 I 고정 금리 리셋 비누적 영구 우선주에 대한 공개 제안을 발표하는 8-K를 제출했습니다. 가격은 아직 결정되지 않았으며 제안이 철회될 수도 있습니다.

완료될 경우, CFG는 순수익을 사용하여 2025년 10월 6일 배당일에 만기되는 5.650% 고정 금리 리셋 비누적 영구 우선주 시리즈 F의 일부 또는 전부를 상환할 계획입니다. 더 높은 쿠폰의 시리즈 F를 새로운 시리즈 I로 대체하면 자금 조달 비용을 낮추고 자본 효율성을 개선할 수 있지만, 실행, 최종 규모, 쿠폰 및 시기는 시장 상황에 따라 달라집니다. 이 제출서에는 재무 지표가 제공되지 않았으며, 2025년 2분기 실적과 재무 보충 자료는 이전에 부속서 99.1 및 99.2로 제출되었습니다.

Le 22 juillet 2025, Citizens Financial Group (NYSE:CFG) a déposé un formulaire 8-K annonçant une offre publique proposée d'une nouvelle série I d'actions privilégiées perpétuelles à taux fixe avec réinitialisation non cumulative. Le prix n'a pas encore été fixé et l'offre pourrait être retirée.

Si elle est réalisée, CFG prévoit d'utiliser le produit net pour racheter une partie ou la totalité de ses actions privilégiées perpétuelles à taux fixe avec réinitialisation non cumulative de la série F à 5,650 %, lors de la date de dividende du 6 octobre 2025. Remplacer la série F à coupon plus élevé par la nouvelle série I pourrait réduire les coûts de financement et améliorer l'efficacité du capital, mais l'exécution, la taille finale, le coupon et le calendrier restent soumis aux conditions du marché. Aucune donnée financière n'a été fournie dans ce dépôt ; les résultats du deuxième trimestre 2025 et un supplément financier ont été précédemment fournis en annexes 99.1 et 99.2.

Am 22. Juli 2025 reichte Citizens Financial Group (NYSE:CFG) ein 8-K ein, in dem ein vorgeschlagenes öffentliches Angebot einer neuen Serie I von festverzinslichen, nicht kumulativen, ewigen Vorzugsaktien mit Reset angekündigt wurde. Die Preisfestsetzung hat noch nicht stattgefunden und das Angebot kann zurückgezogen werden.

Falls abgeschlossen, beabsichtigt CFG, die Nettoerlöse zur Rückzahlung eines Teils oder der gesamten ausstehenden 5,650% festverzinslichen, nicht kumulativen, ewigen Vorzugsaktien der Serie F am Dividendenstichtag 6. Oktober 2025 zu verwenden. Der Ersatz der höher verzinsten Serie F durch die neue Serie I könnte die Finanzierungskosten senken und die Kapitaleffizienz verbessern, jedoch hängen Ausführung, endgültige Größe, Kupon und Timing von den Marktbedingungen ab. In dieser Einreichung wurden keine Finanzkennzahlen bereitgestellt; die Ergebnisse des zweiten Quartals 2025 und ein Finanzanhang wurden zuvor als Anlagen 99.1 und 99.2 eingereicht.

Positive
  • Potential lower funding cost: Proceeds may replace 5.650% Series F Preferred Stock with cheaper Series I issuance, improving net interest margin and dividend outflows.
  • Capital structure optimisation: Redemption would simplify preferred stack and could lift Tier 1 capital ratios.
Negative
  • Execution risk: Offering is not priced; adverse market conditions could prevent issuance and planned redemption.
  • Uncertain savings: Final coupon on Series I unknown, leaving potential cost benefits speculative.

Insights

TL;DR: Potentially accretive capital stack move, but outcome hinges on pricing and market appetite.

The contemplated Series I preferred issue aims to refinance 5.650% Series F shares. If the coupon resets below 5.65%, CFG could cut annual preferred dividends and modestly enhance Tier 1 capital ratios. Redemption would also remove rate-reset uncertainty tied to Series F. However, none of these benefits materialise unless the deal prices on acceptable terms. Recent bank preferred spreads suggest achievable savings, yet sector volatility can derail execution. With no guidance on size, coupon or use beyond redemption, the filing is strategically positive but not immediately impactful to earnings.

Il 22 luglio 2025 Citizens Financial Group (NYSE:CFG) ha depositato un modulo 8-K annunciando un'offerta pubblica proposta di una nuova Serie I di Azioni Preferenziali Perpetue a Tasso Fisso con Reset Non Cumulativo. Il prezzo non è ancora stato definito e l'offerta potrebbe essere ritirata.

Se completata, CFG intende utilizzare i proventi netti per rimborsare parte o tutta la sua Serie F di Azioni Preferenziali Perpetue a Tasso Fisso con Reset Non Cumulativo al 5,650%, in scadenza per il dividendo del 6 ottobre 2025. Sostituire la Serie F, con un coupon più elevato, con la nuova Serie I potrebbe ridurre i costi di finanziamento e migliorare l'efficienza del capitale, ma l'esecuzione, la dimensione finale, il coupon e i tempi dipendono dalle condizioni di mercato. In questo deposito non sono stati forniti dati finanziari; gli utili del secondo trimestre 2025 e un supplemento finanziario sono stati precedentemente presentati come Allegati 99.1 e 99.2.

El 22 de julio de 2025, Citizens Financial Group (NYSE:CFG) presentó un formulario 8-K anunciando una oferta pública propuesta de una nueva Serie I de acciones preferentes perpetuas a tasa fija con reinicio no acumulativo. El precio aún no se ha establecido y la oferta podría ser retirada.

Si se completa, CFG tiene la intención de usar los ingresos netos para redimir parte o la totalidad de sus acciones preferentes perpetuas Serie F a tasa fija con reinicio no acumulativo al 5.650%, en la fecha de dividendo del 6 de octubre de 2025. Reemplazar la Serie F, con cupón más alto, por la nueva Serie I podría reducir los costos de financiamiento y mejorar la eficiencia del capital, pero la ejecución, el tamaño final, el cupón y el momento dependen de las condiciones del mercado. No se proporcionaron métricas financieras en esta presentación; las ganancias del segundo trimestre de 2025 y un suplemento financiero se entregaron previamente como Anexos 99.1 y 99.2.

2025년 7월 22일 Citizens Financial Group(NYSE:CFG)는 새로운 시리즈 I 고정 금리 리셋 비누적 영구 우선주에 대한 공개 제안을 발표하는 8-K를 제출했습니다. 가격은 아직 결정되지 않았으며 제안이 철회될 수도 있습니다.

완료될 경우, CFG는 순수익을 사용하여 2025년 10월 6일 배당일에 만기되는 5.650% 고정 금리 리셋 비누적 영구 우선주 시리즈 F의 일부 또는 전부를 상환할 계획입니다. 더 높은 쿠폰의 시리즈 F를 새로운 시리즈 I로 대체하면 자금 조달 비용을 낮추고 자본 효율성을 개선할 수 있지만, 실행, 최종 규모, 쿠폰 및 시기는 시장 상황에 따라 달라집니다. 이 제출서에는 재무 지표가 제공되지 않았으며, 2025년 2분기 실적과 재무 보충 자료는 이전에 부속서 99.1 및 99.2로 제출되었습니다.

Le 22 juillet 2025, Citizens Financial Group (NYSE:CFG) a déposé un formulaire 8-K annonçant une offre publique proposée d'une nouvelle série I d'actions privilégiées perpétuelles à taux fixe avec réinitialisation non cumulative. Le prix n'a pas encore été fixé et l'offre pourrait être retirée.

Si elle est réalisée, CFG prévoit d'utiliser le produit net pour racheter une partie ou la totalité de ses actions privilégiées perpétuelles à taux fixe avec réinitialisation non cumulative de la série F à 5,650 %, lors de la date de dividende du 6 octobre 2025. Remplacer la série F à coupon plus élevé par la nouvelle série I pourrait réduire les coûts de financement et améliorer l'efficacité du capital, mais l'exécution, la taille finale, le coupon et le calendrier restent soumis aux conditions du marché. Aucune donnée financière n'a été fournie dans ce dépôt ; les résultats du deuxième trimestre 2025 et un supplément financier ont été précédemment fournis en annexes 99.1 et 99.2.

Am 22. Juli 2025 reichte Citizens Financial Group (NYSE:CFG) ein 8-K ein, in dem ein vorgeschlagenes öffentliches Angebot einer neuen Serie I von festverzinslichen, nicht kumulativen, ewigen Vorzugsaktien mit Reset angekündigt wurde. Die Preisfestsetzung hat noch nicht stattgefunden und das Angebot kann zurückgezogen werden.

Falls abgeschlossen, beabsichtigt CFG, die Nettoerlöse zur Rückzahlung eines Teils oder der gesamten ausstehenden 5,650% festverzinslichen, nicht kumulativen, ewigen Vorzugsaktien der Serie F am Dividendenstichtag 6. Oktober 2025 zu verwenden. Der Ersatz der höher verzinsten Serie F durch die neue Serie I könnte die Finanzierungskosten senken und die Kapitaleffizienz verbessern, jedoch hängen Ausführung, endgültige Größe, Kupon und Timing von den Marktbedingungen ab. In dieser Einreichung wurden keine Finanzkennzahlen bereitgestellt; die Ergebnisse des zweiten Quartals 2025 und ein Finanzanhang wurden zuvor als Anlagen 99.1 und 99.2 eingereicht.

CITIZENS FINANCIAL GROUP INC/RI0000759944false00007599442025-07-222025-07-220000759944us-gaap:CommonStockMember2025-07-222025-07-220000759944us-gaap:SeriesEPreferredStockMember2025-07-222025-07-220000759944us-gaap:SeriesHPreferredStockMember2025-07-222025-07-22


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): July 22, 2025

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 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series ECFG PrENew York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 7.375% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series HCFG PrHNew 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 July 17, 2025, Citizens Financial Group, Inc. (the “Company”) announced its second quarter 2025 earnings. The Company’s earnings results and financial supplement are being filed as Exhibits 99.1 and 99.2, respectively.

On July 22, 2025, the Company announced the launch of a proposed public offering (the “Offering”) of a new series of Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series I (the “Series I 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 the net proceeds from the sale of the Series I Preferred Stock to redeem some or all outstanding shares of its 5.650% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series F, $1,000 liquidation preference per share (CUSIP No. 174610AU9) (“Series F Preferred Stock”), on the dividend payment date of October 6, 2025.

The pricing of the Offering, and thus whether the redemption of the Series F Preferred Stock 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 F Preferred Stock, or, if it does, the amount to be redeemed and the timing of the redemption. If the Company decides to redeem the Series F Preferred Stock, 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 July 22, 2025, 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 I 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 F Preferred Stock. 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 21 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Item 9.01   Financial Statements and Exhibits.
 Exhibit NumberDescription
(d)Exhibit 99.1  
Citizens Financial Group, Inc. earnings results for second quarter 2025
Exhibit 99.2  
Citizens Financial Group, Inc. financial supplement for second quarter 2025
Exhibit 104Cover Page Interactive Data File (embedded within the Inline XBRL document)


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:  July 22, 2025



FAQ

What did Citizens Financial Group (CFG) announce in its 8-K?

CFG launched a proposed public offering of Series I Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock.

How will CFG use the proceeds from the Series I Preferred offering?

If the deal closes, CFG plans to redeem some or all of its 5.650% Series F Preferred Stock on 6 Oct 2025.

Has the Series I Preferred Stock been priced?

No. Pricing is pending and subject to market conditions; the offering may not proceed.

When could the Series F Preferred Stock be redeemed?

CFG targets the dividend payment date of 6 Oct 2025, pending successful completion of the Series I offering.

Did the filing include Q2 2025 earnings figures?

No. Earnings results were previously released on 17 Jul 2025 and attached as Exhibits 99.1 and 99.2.
Citizens Finl Group Inc

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