March 22, 2022

Federal Reserve Board announces approval of application by Citizens Financial Group, Inc.

For release at 4:30 p.m. EDT

The Federal Reserve Board on Tuesday announced its approval of the application by Citizens Financial Group, Inc., Providence, Rhode Island, to acquire Investors Bancorp, Inc., and thereby indirectly acquire Investors Bank, both of Short Hills, New Jersey.

To incorporate the effects of this material acquisition into Citizens Financial Group's capital requirements, the Board will use the 2023 stress test to recalculate its stress capital buffer, which is part of a firm's capital requirements. Citizens is normally on a two-year stress test cycle and will receive a new stress capital buffer this year. However, because this year's test will not include the effects of the acquisition, the additional 2023 recalculation is being required.

Attached is the Board's order relating to the approval of the application.

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Last Update: March 22, 2022