Company: HBAN
Filing Date: 2025-11-13
Form Type: S-4
Source: 0001140361-25-041757
Chunk: 399

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-11-13
Form: S-4
Chunk 399
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”) as investment bankers as to the fairness, from a financial point of view, to the common shareholders of Cadence Bank (“Cadence”) of the Exchange Ratio (as defined below) in the proposed merger (the “Merger”) of Cadence with and into The Huntington National Bank (“Huntington Bank”), a wholly owned subsidiary of Huntington Bancshares Incorporated (“Huntington”), pursuant to the Agreement and Plan of Merger (the “Agreement”) to be entered into by and among Cadence, Huntington and Huntington Bank. Pursuant to the Agreement and subject to the terms, conditions and limitations set forth therein, at the Effective Time (as defined in the Agreement), by virtue of the Merger and without any action on the part of Huntington, Huntington Bank, Cadence or the holder of any of the securities of Cadence, each share of the common stock, par value $2.50 per share, of Cadence (“Cadence Common Stock”) issued and outstanding immediately prior to the Effective Time, except for shares of Cadence Common Stock owned by Cadence, Huntington or Huntington Bank (in each case other than the Exception Shares (as defined in the Agreement)), shall be converted into the right to receive 2.475 shares of the common stock, par value $0.01 per share, of Huntington (“Huntington Common Stock”). The ratio of 2.475 shares of Huntington Common Stock for one share of Cadence Common Stock is referred to herein as the “Exchange Ratio.” The terms and conditions of the Merger are more fully set forth in the Agreement.

KBW has acted as financial advisor to Cadence and not as an advisor to or agent of any other person. As part of our investment banking business, we are continually engaged in the valuation of bank and bank holding company securities in connection with acquisitions, negotiated underwritings, secondary distributions of listed and unlisted securities, private placements and valuations for various other purposes. As specialists in the securities of banking companies, we have experience in, and knowledge of, the valuation of banking enterprises. We and our affiliates, in the ordinary course of our and their broker-dealer businesses (and further to existing sales and trading relationships between a KBW broker-dealer affiliate and Cadence), may from time to time purchase securities from, and sell securities to, Cadence and Huntington. In addition, as market makers in securities, we and our affiliates may from time to time have a long or short position in, and buy or sell, debt or equity securities of