Citizens Finl Group Inc - CFG STOCK NEWS

Citizens Financial Group, Inc. (NYSE: CFG) announces the pricing of concurrent unsecured note offerings totaling $1.05 billion. This includes $400 million in subordinated notes due 2037 and $650 million in senior notes due 2025. Proceeds will be used for general corporate purposes, with the offerings expected to close on May 23, 2022. The notes are managed by major banks including BofA Securities and Goldman Sachs. Citizens Financial Group, with $192.1 billion in assets, provides comprehensive banking services across various segments.

Citizens announces the launch of the Citizens Chinatown Renewal Fund, committing $400,000 to support minority-owned small businesses in Chinatown. This includes a $350,000 grant for direct assistance, aiming to address the economic impact of the pandemic. The initiative will benefit 100 businesses through capacity-building support and 22 businesses will receive $10,000 each. Additionally, Citizens will sponsor the Chinatown Night Market for the rest of 2022, promoting community recovery.

Citizens Bank has announced the winners of its Fifth Annual Small Business Community Champion Awards, highlighting 30 small businesses from a record pool of nearly 11,000 entries. Each winner receives a $10,000 prize to support their initiatives aimed at community enrichment. This year, the program expanded to 14 states and the District of Columbia, awarding ten prizes each for women-owned and minority-owned businesses. Citizens aims to promote economic vitality and small business success in its growing footprint.

Citizens Financial Group, Inc. (NYSE: CFG) announced an increase in its prime lending rate to 4 percent from 3.50 percent, effective May 5, 2022. This adjustment reflects the company's strategy to align with economic conditions.

As of March 31, 2022, Citizens managed $192.1 billion in assets, providing a wide array of retail and commercial banking services across 14 states and the District of Columbia.

Citizens Financial Group (NYSE: CFG) announced the declaration of dividends on its preferred stock, payable on July 6, 2022. Notable dividends include a semi-annual cash dividend of $30.00 per share on Series B and quarterly dividends of $15.9375 on Series C, $15.875 on Series D, $12.50 on Series E, $14.125 on Series F, and $10.00 on Series G. Shareholders of record as of June 21, 2022 will be eligible for these payments.

Citizens Financial Group, Inc. (NYSE: CFG) has opened a new Clarfeld Citizens Wealth Management wealth center in Naples, FL, enhancing its wealth management services in the region. The new location, which offers specialized services in wealth management, tax, and estate planning, is staffed by a skilled team to cater to affluent families and high net worth individuals. With $23 billion in assets under management, the Naples center is part of Citizens' strategy to tap into the growing market of high net worth clients in southwest Florida.

The Citizens Business Conditions Index™ (CBCI) rose to 59.5 in Q1 2022, up from 54.4 in Q4 2021, marking its highest level since tracking began in 2014. This growth indicates strong consumer demand and resilient business operations post-pandemic. Despite this positive momentum, inflation remains a concern with a year-over-year increase of 8.6%. The Federal Reserve raised interest rates by 25 basis points in response to these pressures. All components of the CBCI contributed positively, with sectors like energy and health care showing significant gains.

Citizens Financial Group, Inc. (CFG) reported its first-quarter 2022 financial results, highlighting an underlying net income of $476 million and an EPS of $1.07. Chairman and CEO Bruce Van Saun noted solid financial performance, driven by strong net interest income and disciplined expense management, offsetting impacts on Capital Markets and Mortgage revenue. The company completed acquisitions of HSBC branches and Investors Bancorp, enhancing its New York City market presence. A dividend of $0.39 per share was declared, payable on May 17, 2022.

Citizens Financial Group (NYSE: CFG) has successfully completed its acquisition of Investors Bancorp, alongside the acquisition of HSBC’s East Coast branches. These strategic moves expand Citizens' market presence, adding over 200 branches in New York City and Philadelphia areas, bolstering its appeal to middle market and small business customers. The merger integrates Investors Bank into Citizens Bank, enhancing customer offerings and service capabilities.