Company: HBAN
Filing Date: 2025-11-13
Form Type: S-4
Source: 0001140361-25-041757
Chunk: 97

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-11-13
Form: S-4
Chunk 97
---
 Board of Directors In reaching its decision to adopt and approve the merger agreement, the merger and the other transactions contemplated by the merger agreement, and to recommend that its shareholders approve the issuance of Huntington common stock pursuant to the merger agreement, the Huntington board of directors evaluated the merger agreement, the merger and the other transactions contemplated by the merger agreement in consultation with Huntington’s management, as well as Huntington’s financial and legal advisors, and considered a number of factors, including the following factors:

| • | each of Huntington’s and Cadence’s business, Huntington’s business following the merger, operations, financial condition, asset quality, earnings, and prospects. In reviewing these factors, including the information obtained through due diligence, the Huntington board of directors considered that Cadence’s business and operations and risk profile complement those of Huntington, and that the merger and the other transactions contemplated by the merger agreement would result in a combined bank with an expanded distribution and scale that would position Huntington to serve an expanded customer base through a distinctive customer experience; |

| • | the strategic rationale for the merger, including that, together with the recently completed acquisition of Veritex Community Bank, it will provide Huntington with the fifth largest deposit market share in Dallas and Houston, as well as the eighth largest deposit market share across the State of Texas, and that it will expand Huntington’s franchise into 21 states including new high-growth markets that the Huntington board of directors believes will create a powerful platform for further organic growth and investment; |

| • | the combined company’s position as one of the largest financial services organizations based in the United States in terms of market capitalization, loans, deposits and net income; |

| • | the financially compelling nature of the transaction, including the expected positive impact on financial metrics, including the expected financial returns, earnings per share accretion, and the expectation that the tangible book value per share dilution from the merger would be earned back within a reasonable period following closing; |

59

TABLE OF CONTENTS

| • | the Huntington board of directors’ belief that Cadence’s earnings and prospects, and the synergies potentially available in the proposed merger, would significantly improve Huntington’s market position, increase scale and provide greater revenue growth opportunities and would create the opportunity for superior future earnings and prospects compared to Huntington’s earnings and prospects on a stand-alone basis; |

| • | the complementary nature of the cultures of the two companies, including with respect to Cadence’s relationship-first, community based approach to banking that aligns with Huntington’s