Item 2.02 Results of Operations and Financial Condition.
On
The information in the preceding paragraph, as well as Exhibit 99.2 referenced therein, shall not be deemed "filed" for purposes of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall it be incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"). The information included in Exhibit 99.1 shall be considered "filed" for purposes of the Exchange Act and therefore may be incorporated by reference in filings under the Securities Act.
Item 8.01 Other Events
On
The financial center optimization effort is part of a much larger company-wide strategic operating expense review that was prompted by the prolonged and continuing effects of COVID-19, and the expectation that interest rates will remain very low for the next several years. It is also a recognition of the need to accelerate the timetable for certain technology and digital investments that were in progress.
The strategic operating expense review involves a number of changes that are
expected to result in annual expense savings of
It is expected that the savings will not be fully realized until mid-2021. In
addition, it is expected that a pre-tax charge within the range of
The information in this Item 8.01 is deemed "filed" for purposes of Section 18 of the Exchange Act and, therefore, may be incorporated by reference in filings under the Securities Act.
Forward-Looking Statements
This Current Report on Form 8-K, including the Exhibits hereto, may contain forward-looking statements with respect to the Corporation's financial condition, results of operations and business. Do not unduly rely on forward-looking statements. Forward-looking statements can be identified by the use of words such as "may," "should," "will," "could," "estimates," "predicts," "potential," "continue," "anticipates," "believes," "plans," "expects," "future," "intends," "projects," the negative of these terms and other comparable terminology. Statements relating to the expectations regarding the Bank's financial center optimization and strategic operating expense review contained
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in Item 8.01 of this Current Report on Form 8-K and the "outlook" or "Q4 2020 Outlook" contained in Exhibit 99.2 to this Current Report are forward-looking statements. These forward-looking statements may include projections of, or guidance on, the Corporation's future financial performance, expected levels of future expenses, including future credit losses, anticipated growth strategies, descriptions of new business initiatives and anticipated trends in the Corporation's business or financial results.
Forward-looking statements are neither historical facts, nor assurance of future performance. Instead, they are based on current beliefs, expectations and assumptions regarding the future of the Corporation's business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Corporation's control, and actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not unduly rely on any of these forward-looking statements. Any forward-looking statement is based only on information currently available and speaks only as of the date when made. The Corporation undertakes no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
A discussion of certain risks and uncertainties affecting the Corporation, and
some of the factors that could cause the Corporation's actual results to differ
materially from those described in the forward-looking statements, can be found
in the sections entitled "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in the Corporation's
Annual Report on Form 10-K for the year ended
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Press release datedOctober 20, 2020 containing financial information for the quarter endedSeptember 30, 2020 , deemed "filed" under the Securities Exchange Act of 1934. 99.2 Presentation materials to be discussed during the conference call and webcast onOctober 21, 2020 , deemed "furnished" under the Securities Exchange Act of 1934. 104 Cover page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)
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