Citizens Financial Group completes previously announced acquisition of JMP Group

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PROVIDENCE, RI, November 15, 2021– (BUSINESS WIRE) – Citizens Financial Group, Inc. (NYSE: CFG or “Citizens”) today announced that it has completed the acquisition of JMP Group LLC (“JMP”), a capital markets company that provides investment banking services, including strategic advice, equity research, and sales and trading focused primarily on the healthcare, technology, financial services and real estate industries.

JMP, which was founded in 1999 and headquartered in San Francisco, will operate as a wholly owned subsidiary of Citizens. This transaction further strengthens the bank’s growing corporate financial advisory capabilities.

Sullivan & Cromwell, LLP acted as legal counsel to Citizens in connection with the transaction. Keefe, Bruyette & Woods, A Stifel Company and JMP Securities LLC acted as financial advisers to JMP, and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, PC as legal advisers.

For more information on citizens, visit the citizens website. For more information on JMP, visit the JMP website.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $ 187.0 billion in assets as of September 30, 2021. Headquartered in Providence, Rhode Island, Citizens offers a wide range of retail and commercial banking products and services to individuals, small businesses, mid-market businesses, large corporations and institutions. Citizens helps clients reach their potential by listening to them and understanding their needs in order to provide tailored advice, ideas and solutions. In consumer banking, Citizens offers an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,000 ATMs and approximately 1,000 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Personal banking products and services include a full range of banking, credit, savings, wealth management and small business offerings. In commercial banking, Citizens offers a wide range of financial products and solutions, including loan and leasing services, deposit and cash management, currency risk management solutions, interest rates. interest and commodities, as well as loan syndication, corporate finance, mergers and acquisitions, and debt and equity market capabilities. More information is available at www.citizensbank.com or visit us at Twitter, LinkedIn or Facebook.

Forward-looking statements

This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, that is, statements relating to future events and not past. In this context, forward-looking statements often deal with our future business and financial performance and financial condition, and often contain words such as “expect”, “anticipate”, “intend”, “plan”, “Believe”, “seek,” “see”, “will”, “would” or “target”. Forward-looking statements, by their nature, deal with matters that are, to varying degrees, uncertain. Uncertainties that could cause our actual results to differ materially from those expressed in our forward-looking statements include, among others, (1) the risk that cost savings, revenue synergies and other anticipated benefits of the acquisition of JMP by Citizens to be completed or may take longer than expected to be completed, including due to the impact or problems resulting from the integration of the two companies or due to the state of the economy and competitive factors in areas where citizens do (2) risk that the integration of the activities of Citizens and JMP will be significantly delayed or be more costly or difficult than expected or that Citizens will not be able to integrate successfully its activities and those of JMP, (3) the applicability of the Bank Holding Company Act (including the Volcker Rule) to JMP, (4) competitive, economic, political and d market, (5) other factors that may affect the future results of citizens, including changes in asset quality and credit risk, inability to maintain income and profit growth, changes in rates interest and capital markets, inflation, customer borrowing, redemption, investments and securities, trading and deposit practices, impact, extent and timing of technological changes, capital management activities and other actions of the Federal Reserve Board, the Securities and Exchange Commission (the “SEC”), the Financial Sector Regulatory Authority and legislative and regulatory actions and reforms, and (6 ) the impact of the global COVID-19 pandemic on citizens’ affairs and / or any of the other risks mentioned above. We therefore caution you against relying on any of these forward-looking statements. They do not constitute statements of historical fact nor guarantees or assurances of future performance. Further information on the factors that could cause actual results to differ materially from those described in forward-looking statements is available in Citizens’ reports and, prior to the completion of the acquisition, in JMP’s reports and filings with of the SEC, including each of their Annual Reports on Form 10-K for the fiscal year ended December 31, 2020 and their subsequent quarterly reports on Form 10-Q, and its other filings with the SEC.

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See the source version on businesswire.com: https://www.businesswire.com/news/home/20211115006284/en/

Contacts

Media: Pierre Lucht – 781.655.2289
Investors: Kristin Silberberg – 203.900.6854

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