Citizens Comments on Certain Client Relationships

07/17/2026

Citizens Comments on Certain Client Relationships

PROVIDENCE, RI - Citizens has been a relationship-focused bank throughout its nearly 200-year-old history. We are committed to maintaining strong, responsible client relationships and to ensuring our customers are engaged in lawful activities and operate in good standing. As part of that commitment, Citizens conducts rigorous diligence when onboarding new clients and updates that diligence regularly, as appropriate.

Citizens has more than 4,000 corporate relationships. Our practice has been to respect the privacy of our client relationships and we do not generally comment publicly on individual clients. We also seek to support our clients through both favorable and challenging business environments, with a focus on helping them achieve their corporate objectives.

Over the past year, we have been targeted by several activist groups regarding our relationships with two private prison operators, CoreCivic and The GEO Group. To date, we have refrained from commenting directly given our commitment to maintaining client privacy. However, given recent developments, we feel it is appropriate to comment at this time.

GEO has been a client of the bank since 2018, and CoreCivic has been a client since 2011. Among the services these companies offer is the operation of prisons under service contracts with the federal and various state governments. This includes contracting with U.S. Immigration and Customs Enforcement to operate detention facilities for those individuals scheduled for deportation. Both companies also own various facilities in addition to their service contracts.

The federal government recently purchased several facilities owned by CoreCivic and has indicated its intention to purchase a number of others owned by GEO. This has the effect of reducing the required capital of the companies going forward, as they will largely operate as service companies. Given how these companies' capital needs and financing structures have evolved, and their reduced need for a bank with Citizens' full range of capabilities, Citizens has determined that it is now appropriate to exit the credit facilities for these clients. This is a business decision based on changed commercial circumstances and does not reflect any change in our view regarding these companies' business models or operations.

Citizens has been disappointed that the activists have dragged it into what is largely a political matter. Public characterizations of Citizens by activist groups, including as it relates to our commitment to immigrants and to communities, do not reflect who we are or the record we have built. Citizens is deeply committed to serving our customers, colleagues, and communities. That commitment includes funding for 140 nonprofit partners serving immigrant communities across multiple markets. Last year, our colleagues volunteered more than 265,000 hours in their communities. Citizens colleagues serve on more than 1,000 nonprofit boards, and we provided $2 billion in community development funding to support affordable housing and local economic growth. We were ranked #15 in the latest Newsweek poll of most charitable companies (#1 in New England) and were selected as the #1 bank in the U.S. in 2025 by The Banker, an FT publication. None of these virtues seem to matter to the activist groups, as they have tried to define us through a narrow lens inconsistent with who we are.

The activists have not recognized that it is against bank regulation to deny banking services to individuals and to lawful businesses based on political or religious considerations, a practice referred to as 'debanking.' Consistent with that position, the OCC has conducted an extensive review of large financial institutions and stated that it will hold banks accountable for unlawful de-banking practices. In December 2025, the OCC issued a preliminary finding that called out reducing capital access to several industries such as fossil fuels, gun manufacturers and private prisons. The examination is ongoing. All banks, including ourselves, must consider these regulatory and contractual frameworks in making decisions on who to bank or not bank. Given the important role that banks play in providing financing in this country, providing fair access to bank funding should be something all should agree with. Political concerns should be addressed through political channels.

Consistent with our Credo and history, we strive to be a force for good in our communities and to create greater opportunities for all those we serve. We are proud of how that commitment is reflected in our longstanding record of community impact, including support for affordable housing, economic growth, workforce development, financial education, and underserved communities.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation's oldest and largest financial institutions, with $233.8 billion in assets as of June 30, 2026. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail, private banking, wealth management and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,000 ATMs and approximately 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. Consumer Banking includes Citizens Private Bank and Private Wealth, which integrate banking services and wealth management solutions to serve high- and ultra-high-net-worth individuals and families, as well as investors, entrepreneurs and businesses. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on X, LinkedIn or Facebook.

Media: Peter Lucht - 781.655.2289
Investors: Kristin Silberberg - 203.900.6854