U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person*
Citizens Financial Group, Inc.
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(Last) (First) (Middle)
One Citizens Plaza
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(Street)
Providence RI 02903
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(City) (State) (Zip)
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2. Date of Event Requiring Statement (Month/Day/Year)
6/21/99
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3. IRS Identification Number of Reporting Person, if an Entity (Voluntary)
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4. Issuer Name and Ticker or Trading Symbol
UST Corp. (USTB)
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5. Relationship of Reporting Person to Issuer
(Check all applicable)
[_] Director [X] 10% Owner
[_] Officer (give title below) [_] Other (specify below)
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6. If Amendment, Date of Original (Month/Day/Year)
N/A
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7. Individual or Joint/Group Filing (Check applicable line)
[_] Form Filed by One Reporting Person
[X] Form Filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Beneficially Owned
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3. Ownership Form:
2. Amount of Securities Direct (D) or
1. Title of Security Beneficially Owned Indirect (I) 4. Nature of Indirect Beneficial Ownership
(Instr. 4) (Instr. 4) (Instr. 5) (Instr. 4)
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* If the Form is filed by more than one Reporting Person, see Instruction
5(b)(v).
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Over)
(Form 3-07/98)
Page 1 of 3
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FORM 3 (continued)
Table II -- Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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5. Owner-
3. Title and Amount of Securities ship
Underlying Derivative Security Form of
2. Date Exercisable (Instr. 4) Derivative
and Expiration Date --------------------------------- 4. Conver- Security:
(Month/Day/Year) Amount sion or Direct 6. Nature of
---------------------- or Exercise (D) or Indirect
Date Expira- Number Price of Indirect Beneficial
1. Title of Derivative Exer- tion of Derivative (I) Ownership
Security (Instr. 4) cisable Date Title Shares Security (Instr. 5) (Instr. 5)
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<S> <C> <C> <C> <C> <C> <C> <C>
Stock Option (right Common stock, par
to buy)(1)(2) (3) (4) value $0.625 per share 8,541,333 $24.25 D
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Explanation of Responses:
(1)These securities are owned solely by Citizens Financial Group, Inc., which
may be deemed a member of a "group" with The Royal Bank of Scotland plc (which
is the 100% owner of Citizens Financial Group, Inc.) and The Royal Bank of
Scotland Group plc (which is the 100% owner of The Royal Bank of Scotland plc)
for purposes of Section 13(d) of the Exchange Act.
(2) The reporting persons disclaim beneficial ownership of the securities
underlying the Stock Option, and this report shall not be deemed an admission
that the reporting persons are the beneficial owners of such securities for
purposes of Section 16 of the Exchange Act or for any other purpose.
(3) The Stock Option becomes exercisable only upon the occurrence of certain
events which relate directly or indirectly to a proposed third party acquisition
of a substantial portion of the issuer's business, whether by stock purchase,
asset purchase or otherwise (collectively, "Triggering Events").
(4) The Stock Option will expire under certain specified conditions, including
(i) consummation of the merger described in that certain Agreement and Plan of
Merger, dated as of June 21, 1999, by and between Citizens Financial Group, Inc.
and UST Corp. (the "Merger Agreement"), (ii) termination of the Merger Agreement
prior to the occurrence of any Triggering Event, and (iii) 18 months after
termination of the Merger Agreement which occurs subsequent to a Triggering
Event.
**Signature of Reporting Person
CITIZENS FINANCIAL GROUP, INC.
By: /s/ Bradford B. Kopp July 1, 1999
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Name: Bradford B. Kopp Date
Tile: Executive Vice President
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
Page 2 of 3
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JOINT FILER INFORMATION
Name: The Royal Bank of Scotland plc
Address: 42 St. Andrew Square
Edinburgh EH2 2YE
Scotland, United Kingdom
Designated Filer: Citizens Financial Group, Inc.
Issuer and Ticker Symbol: UST Corp. (USTB)
Date of Event Requiring Statement: 6/21/99
Signature: THE ROYAL BANK OF SCOTLAND PLC
By: /s/ Miller Roy McLean
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Name: Miller Roy McLean
Title: Director, Group Legal & Regulatory
Affairs and Group Secretary
Name: The Royal Bank of Scotland Group plc
Address: 42 St. Andrew Square
Edinburgh EH2 2YE
Scotland, United Kingdom
Designated Filer: Citizens Financial Group, Inc.
Issuer and Ticker Symbol: UST Corp. (USTB)
Date of Event Requiring Statement: 6/21/99
Signature: THE ROYAL BANK OF SCOTLAND GROUP PLC
By: /s/ Miller Roy McLean
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Name: Miller Roy McLean
Title: Director, Group Legal & Regulatory
Affairs and Group Secretary
