Regulatory Alerts2025-07-07 | Conditional Approval 1342Added
Conditional Approval 1342 — Applications to prepay subordinated debt included in tier 2 capital and to issue replacement subordinated debt to include in tier 2 Capital Citizens Bank, National Association, Providence, Rhode Island
The Office of the Comptroller of the Currency (OCC) grants conditional approval to Citizens Bank, National Association (CBNA) to prepay $175,000,000.00 in subordinated debt and issue replacement subordinated debt of the same amount to its parent company, Citizens Financial Group, Inc., on January 30, 2026. The new debt, maturing on January 30, 2036, qualifies for Tier 2 capital inclusion under 12 CFR 5.47 only if CBNA demonstrates that the final interest rate reset terms do not create a redemption incentive under 12 CFR 3.20(d)(1)(iv). CBNA must provide the OCC with the final pricing term sheet to confirm compliance and notify the agency within 10 days of issuance, completing the transaction within one year of the letter date.