Company: HBAN
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001140361-25-029894
Chunk: 77

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-08-08
Form: S-4/A
Chunk 77
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 a complete description of the financial analyses underlying the opinion or the presentation made by KBW to the Veritex board of directors, but summarizes the material analyses performed and presented in connection with such opinion. The financial analyses summarized below include information presented in tabular format. The tables alone do not constitute a complete description of the financial analyses. The preparation of a fairness opinion is a complex analytic process involving various determinations as to appropriate and relevant methods of financial analysis and the application of those methods to the particular circumstances. Therefore, a fairness opinion is not readily susceptible to partial analysis or summary description. In arriving at its opinion, KBW did not attribute any particular weight to any analysis or factor that it considered, but rather made qualitative judgments as to the significance and relevance of each analysis and factor. Accordingly, KBW believes that its analyses and the summary of its analyses must be considered as a whole and that selecting portions of its analyses and factors or focusing on the information presented below in tabular format, without considering all analyses and factors or the full narrative description of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of the process underlying its analyses and opinion. For purposes of the financial analyses described below, KBW utilized an implied transaction value for the merger of $33.91 per outstanding share of Veritex common stock, or approximately $1,875 million in the aggregate (inclusive of the implied value of Veritex restricted stock unit awards and in-the-money Veritex stock options), based on the 1.95x exchange ratio in the proposed merger and the closing price of Huntington common stock on July 11, 2025. Veritex Selected Companies Analysis. Using publicly available information, KBW compared the financial performance, financial condition and market performance of Veritex to seven selected major exchange-traded banks headquartered in the U.S. Southwestern region (defined as Colorado, Louisiana, New Mexico, Oklahoma, Texas and Utah) with total assets between $5 billion and $40 billion. Merger targets, ethnic group-focused banks, companies which were savings banks, thrifts or mutuals, companies with fee income to revenue ratios greater than 20% and companies for which research analyst estimates were not publicly available were excluded from the selected companies. The selected companies were as follows (shown by column in descending order of total assets):

| Prosperity Bancshares, Inc.        |     | Origin Bancorp, Inc.            |
| Texas Capital Bancshares, Inc.     |     |