Citizens Bank Announces Upcoming Redemption of Senior Notes
Citizens Bank, N.A. Announces Redemption of Senior Notes
Citizens Bank, N.A. has made a crucial announcement regarding the redemption of their senior notes. The bank indicated that all outstanding $350,000,000 aggregate principal amount of Fixed/Floating Rate Senior Notes will be redeemed on the designated Redemption Date. This strategic move is set to occur, and it highlights the bank's commitment to maintaining robust financial management.
Details of the Redemption
The senior notes in question carry a fixed rate of 5.284% and have a due date of January 26, 2026. The redemption involves a clean calculation, whereby the redemption price will reflect 100% of the principal amount of the notes being redeemed. Additionally, any accrued and unpaid interest will also be accounted for up until the Redemption Date, ensuring that bondholders are treated fairly.
Impact of the Redemption
Post-redemption, these notes will cease to be considered outstanding, which means that interest will stop accruing immediately following the Redemption Date. Furthermore, the logistics of the redemption payment will be handled through The Depository Trust Company, a move that indicates a smooth transition for investors.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. stands as a pillar among the nation's oldest and largest financial institutions. With a remarkable asset total of $219.7 billion as of the most recent reporting period, the bank serves a diverse clientele. This includes everything from individuals and small businesses to larger corporations and institutions, emphasizing the breadth of their services.
The bank is headquartered in Providence, Rhode Island, and strives to provide a holistic banking experience. This encompasses mobile and online banking, comprehensive customer contact options, alongside a convenient banking network that features approximately 3,100 ATMs and about 1,000 branches spread across 14 states and the District of Columbia.
Consumer and Commercial Banking Services
In regards to consumer banking, Citizens offers an integrated suite of products, including a full range of banking, lending, and wealth management solutions tailored to meet the unique needs of their customers. On the commercial side, Citizens stands out with a wide array of financial solutions. These offerings include lending and leasing, treasury management services, and robust strategies for risk management, among others.
Ultimately, Citizens Financial Group, Inc. prioritizes customer engagement, making it their mission to understand and respond to the evolving needs of their clients.
Frequently Asked Questions
What is the Redemption Date for the senior notes?
The Redemption Date for Citizens Bank's senior notes is set for January 27, 2025.
How much is Citizens Bank redeeming?
Citizens Bank is redeeming a total of $350,000,000 in senior notes.
What is the interest rate on the senior notes being redeemed?
The fixed interest rate on the senior notes is 5.284%.
Where will the redemption payments be processed?
Redemption payments will be processed through The Depository Trust Company.
What services does Citizens Bank offer?
Citizens Bank offers a broad range of services, including consumer and commercial banking products, lending, treasury services, and wealth management solutions.
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