SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2015

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

On October 29, 2015, the Company announced that RBS launched a registered underwritten public offering to sell all of its remaining shares of CFG’s common stock. On November 3, 2015, RBS completed the sale of all of its remaining shares of CFG common stock, 110,461,782 shares, or 20.9% of CFG’s outstanding common stock, to the underwriters at a price of $23.38 per share. In connection with completion of the offering, Mr. Robert Gillespie, who served as RBS’s board representative pursuant to the Separation and Shareholder Agreement between the Company and RBS, resigned from the CFG Board of Directors, effective November 3, 2015. The CFG Board of Directors appointed Christine Cumming, former First Vice President and Chief Operating Officer for the Federal Reserve Bank of New York, to the board effective as of October 1, 2015.

On October 22, 2015, the Company announced a quarterly cash dividend of $0.10 per share, or $53 million, payable on November 19, 2015 to stockholders of record at the close of business on November 5, 2015.