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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, DC 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B><FONT
STYLE="white-space:nowrap">FORM&nbsp;8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): January&nbsp;22, 2019 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>CITIZENS FINANCIAL GROUP, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified In Its Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
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<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">001-36636</FONT></B></TD>
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<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">05-0412693</FONT></B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State&nbsp;or&nbsp;other&nbsp;jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission&nbsp;File</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S.&nbsp;Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>One Citizens Plaza</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Providence, RI</B></P></TD>
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<TD VALIGN="bottom" ALIGN="center"><B>02903</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>(Address of principal executive offices)</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(401) <FONT STYLE="white-space:nowrap">456-7000</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not Applicable </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former
name or former address, if changed since last report.) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below
if the <FONT STYLE="white-space:nowrap">Form&nbsp;8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to <FONT STYLE="white-space:nowrap">Rule&nbsp;14a-12</FONT> under the Exchange Act
(17 CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to <FONT
STYLE="white-space:nowrap">Rule&nbsp;14d-2(b)&nbsp;under</FONT> the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to <FONT
STYLE="white-space:nowrap">Rule&nbsp;13e-4(c)&nbsp;under</FONT> the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 12 under
the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.12b-2).</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Emerging growth company&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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&nbsp;13(a) of the Exchange Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;3.03. Material Modification to Rights of Security Holders. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon issuance of the 6.350% <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Fixed-To-Floating</FONT></FONT> Rate <FONT
STYLE="white-space:nowrap">Non-Cumulative</FONT> Perpetual Preferred Stock, Series D, liquidation preference of $1,000 per share (the &#147;Series D Preferred Stock&#148;) by Citizens Financial Group, Inc. (the &#147;Registrant&#148;) on
January&nbsp;29, 2019, the ability of the Registrant to declare or pay dividends on, or purchase, redeem or otherwise acquire, shares of its common stock or any shares of other stock of the Registrant that rank junior to the Series D Preferred Stock
will be subject to certain restrictions in the event that the Registrant does not declare and pay (or set aside) dividends on the Series D Preferred Stock for the last preceding dividend period, and the ability of the Registrant to declare full
dividends on any preferred stock that ranks equally with the Series D Preferred Stock will be subject to certain limitations in the event the Registrant declares partial dividends on the Series D Preferred Stock. The terms of the Series D Preferred
Stock, including such restrictions, are more fully described in, and this description is qualified in its entirety by reference to, the Certificate of Designations (as defined in Item 5.03 below), a copy of which is filed as Exhibit 3.1 to this
Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> and is incorporated herein by reference. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;5.03. Amendments to Articles of
Incorporation or Bylaws; Change in Fiscal Year. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On January&nbsp;23, 2019, the Registrant filed a Certificate of Designations (the
&#147;Certificate of Designations&#148;) with the Secretary of State of the State of Delaware to establish the preferences, limitations and relative rights of the Series D Preferred Stock. The Certificate of Designations became effective upon
filing, and a copy is filed as Exhibit 3.1 to this Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> and is incorporated herein by reference. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;8.01. Other Events. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On
January&nbsp;22, 2019, the Registrant entered into an underwriting agreement (the &#147;Underwriting Agreement&#148;) with Morgan Stanley&nbsp;&amp; Co. LLC, Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated, UBS Securities LLC, Wells
Fargo Securities, LLC, and Citizens Capital Markets, Inc., as representatives of the several underwriters listed therein, relating to the public offering of 12,000,000 depositary shares (the &#147;Depositary Shares&#148;), each representing a 1/40<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> interest in a share of the Series D Preferred Stock. The Underwriting Agreement contains various representations, warranties and agreements by the Registrant, conditions to closing, indemnification
rights and obligations of the parties and termination provisions. The description of the Underwriting Agreement set forth above is qualified in its entirety by reference to the Underwriting Agreement, a copy of which is filed as Exhibit 1.1 to this
Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> and incorporated herein by reference. This Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> is being filed for the purpose of filing Exhibit 1.1 as an exhibit to
the Registrant&#146;s registration statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-227792)</FONT> (the &#147;Registration Statement&#148;) and such exhibit is hereby incorporated by
reference into the Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Depositary Shares were issued pursuant to a Deposit Agreement (the &#147;Deposit
Agreement&#148;), dated January&nbsp;29, 2019, among the Registrant, Computershare Inc. and Computershare Trust Company, N.A., acting jointly as depositary, and the holders from time to time of the Depositary Receipts described therein. A copy of
the Deposit Agreement is attached hereto as Exhibit 4.2 and the form of Depositary Receipt is included as Exhibit A of the Deposit Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A copy of the opinion of Sullivan&nbsp;&amp; Cromwell LLP, counsel for the Registrant, relating to the legality of the issuance and sale of
the Depositary Shares is attached as Exhibit 5.1 to this Current Report on Form <FONT STYLE="white-space:nowrap">8-K.</FONT> Exhibits 5.1 and 23.1 of this Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> are hereby incorporated by
reference into the Registration Statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9.01. Financial Statements and Exhibits. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Exhibits </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Number</B></P></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP>1.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d674615dex11.htm">Underwriting Agreement, dated January&nbsp;22, 2019, among Citizens Financial Group, Inc. and Morgan Stanley&nbsp;&amp; Co. LLC, Merrill Lynch, Pierce, Fenner&nbsp;
&amp; Smith Incorporated, UBS Securities LLC, Wells Fargo Securities, LLC, and Citizens Capital Markets, Inc., as representatives of the several underwriters listed on Schedule I thereto </A></TD></TR>
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<TD VALIGN="top" NOWRAP>3.1</TD>
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<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/759944/000119312519018456/d700644dex34.htm">Certificate of Designations of the Registrant with respect to the Series D Preferred Stock, dated January&nbsp;
23, 2019, filed with the Secretary of State of the State of Delaware and effective January&nbsp;
23, 2019 (incorporated herein by reference to Exhibit 3.4 of the Registration Statement on Form <FONT STYLE="white-space:nowrap">8-A,</FONT> filed January&nbsp;28, 2019) </A></TD></TR>
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<TD VALIGN="top" NOWRAP>4.1</TD>
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<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/759944/000119312519018456/d700644dex34.htm">Filed as Exhibit 3.1 </A></TD></TR>
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<TD VALIGN="top" NOWRAP>4.2</TD>
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<TD VALIGN="top"><A HREF="d674615dex42.htm">Deposit Agreement, dated January&nbsp;
29, 2019, among Citizens Financial Group, Inc. and Computershare Inc. and Computershare Trust Company, N.A., acting jointly as depositary, and the holders from time to time of the Depositary Receipts described therein </A></TD></TR>
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<TD VALIGN="top" NOWRAP>4.3</TD>
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<TD VALIGN="top"><A HREF="d674615dex42.htm">Form of Depositary Receipt (included as Exhibit A to Exhibit 4.2) </A></TD></TR>
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<TD VALIGN="top" NOWRAP>5.1</TD>
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<TD VALIGN="top"><A HREF="d674615dex51.htm">Opinion of Sullivan&nbsp;&amp; Cromwell LLP </A></TD></TR>
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<TD VALIGN="top" NOWRAP>23.1</TD>
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<TD VALIGN="top"><A HREF="d674615dex51.htm">Consent of Sullivan&nbsp;&amp; Cromwell LLP (included in Exhibit 5.1) </A></TD></TR>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Citizens Financial Group, Inc.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(Registrant)</P></TD></TR>
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<TD VALIGN="bottom">Date: January&nbsp;29, 2019</TD>
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<TD VALIGN="bottom">By:</TD>
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<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Stephen T. Gannon</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">Name: Stephen T. Gannon</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">Title:&#8201;&#8202;Executive Vice President, General Counsel and<BR>Chief Legal
Officer</P></TD></TR>
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{"company-data": {"conformed-name": "CITIZENS FINANCIAL GROUP INC/RI", "cik": "0000759944", "assigned-sic": "6022", "irs-number": "050412693", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-36636", "film-number": "19549157"}, "business-address": {"street1": "1 CITIZENS PLAZA", "city": "PROVIDENCE", "state": "RI", "zip": "02903", "phone": "4014567000"}, "mail-address": {"street1": "1 CITIZENS PLAZA", "city": "PROVIDENCE", "state": "RI", "zip": "02903"}}
8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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): January 22, 2019
CITIZENS FINANCIAL GROUP, INC.
(Exact Name of Registrant as Specified In Its Charter)
Delaware
001-36636
05-0412693
(State or other jurisdiction
of incorporation)
(Commission File
Number)
(I.R.S. Employer
Identification No.)
One Citizens Plaza
Providence, RI
02903
(Address of principal executive offices)
(Zip Code)
(401)
456-7000
(Registrant's telephone number, including area code)
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))
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 12 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 3.03. Material Modification to Rights of Security Holders.
Upon issuance of the 6.350%
Fixed-To-Floating
Rate
Non-Cumulative
Perpetual Preferred Stock, Series D, liquidation preference of $1,000 per share (the "Series D Preferred Stock") by Citizens Financial Group, Inc. (the "Registrant") on
January 29, 2019, the ability of the Registrant to declare or pay dividends on, or purchase, redeem or otherwise acquire, shares of its common stock or any shares of other stock of the Registrant that rank junior to the Series D Preferred Stock
will be subject to certain restrictions in the event that the Registrant does not declare and pay (or set aside) dividends on the Series D Preferred Stock for the last preceding dividend period, and the ability of the Registrant to declare full
dividends on any preferred stock that ranks equally with the Series D Preferred Stock will be subject to certain limitations in the event the Registrant declares partial dividends on the Series D Preferred Stock. The terms of the Series D Preferred
Stock, including such restrictions, are more fully described in, and this description is qualified in its entirety by reference to, the Certificate of Designations (as defined in Item 5.03 below), a copy of which is filed as Exhibit 3.1 to this
Current Report on Form
8-K
and is incorporated herein by reference.
Item 5.03. Amendments to Articles of
Incorporation or Bylaws; Change in Fiscal Year.
On January 23, 2019, the Registrant filed a Certificate of Designations (the
"Certificate of Designations") with the Secretary of State of the State of Delaware to establish the preferences, limitations and relative rights of the Series D Preferred Stock. The Certificate of Designations became effective upon
filing, and a copy is filed as Exhibit 3.1 to this Current Report on Form
8-K
and is incorporated herein by reference.
Item 8.01. Other Events.
On
January 22, 2019, the Registrant entered into an underwriting agreement (the "Underwriting Agreement") with Morgan Stanley & Co. LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, UBS Securities LLC, Wells
Fargo Securities, LLC, and Citizens Capital Markets, Inc., as representatives of the several underwriters listed therein, relating to the public offering of 12,000,000 depositary shares (the "Depositary Shares"), each representing a 1/40
th
interest in a share of the Series D Preferred Stock. The Underwriting Agreement contains various representations, warranties and agreements by the Registrant, conditions to closing, indemnification
rights and obligations of the parties and termination provisions. The description of the Underwriting Agreement set forth above is qualified in its entirety by reference to the Underwriting Agreement, a copy of which is filed as Exhibit 1.1 to this
Current Report on Form
8-K
and incorporated herein by reference. This Current Report on Form
8-K
is being filed for the purpose of filing Exhibit 1.1 as an exhibit to
the Registrant's registration statement on Form
S-3
(File
No. 333-227792)
(the "Registration Statement") and such exhibit is hereby incorporated by
reference into the Registration Statement.
The Depositary Shares were issued pursuant to a Deposit Agreement (the "Deposit
Agreement"), dated January 29, 2019, among the Registrant, Computershare Inc. and Computershare Trust Company, N.A., acting jointly as depositary, and the holders from time to time of the Depositary Receipts described therein. A copy of
the Deposit Agreement is attached hereto as Exhibit 4.2 and the form of Depositary Receipt is included as Exhibit A of the Deposit Agreement.
A copy of the opinion of Sullivan & Cromwell LLP, counsel for the Registrant, relating to the legality of the issuance and sale of
the Depositary Shares is attached as Exhibit 5.1 to this Current Report on Form
8-K.
Exhibits 5.1 and 23.1 of this Current Report on Form
8-K
are hereby incorporated by
reference into the Registration Statement.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number
Description
1.1
Underwriting Agreement, dated January 22, 2019, among Citizens Financial Group, Inc. and Morgan Stanley & Co. LLC, Merrill Lynch, Pierce, Fenner 
& Smith Incorporated, UBS Securities LLC, Wells Fargo Securities, LLC, and Citizens Capital Markets, Inc., as representatives of the several underwriters listed on Schedule I thereto
3.1
Certificate of Designations of the Registrant with respect to the Series D Preferred Stock, dated January 
23, 2019, filed with the Secretary of State of the State of Delaware and effective January 
23, 2019 (incorporated herein by reference to Exhibit 3.4 of the Registration Statement on Form
8-A,
filed January 28, 2019)
4.1
Filed as Exhibit 3.1
4.2
Deposit Agreement, dated January 
29, 2019, among Citizens Financial Group, Inc. and Computershare Inc. and Computershare Trust Company, N.A., acting jointly as depositary, and the holders from time to time of the Depositary Receipts described therein
4.3
Form of Depositary Receipt (included as Exhibit A to Exhibit 4.2)
5.1
Opinion of Sullivan & Cromwell LLP
23.1
Consent of Sullivan & Cromwell LLP (included in Exhibit 5.1)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
Citizens Financial Group, Inc.
(Registrant)
Date: January 29, 2019
By:
/s/ Stephen T. Gannon
Name: Stephen T. Gannon
Title:  Executive Vice President, General Counsel and
Chief Legal
Officer