Company: HBAN
Filing Date: 2025-11-13
Form Type: S-4
Source: 0001140361-25-041757
Chunk: 130

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-11-13
Form: S-4
Chunk 130
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 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 $39.77 per outstanding share of Cadence common stock, or approximately $7,608 million in the aggregate (inclusive of unvested Cadence equity awards), based on the 2.475x exchange ratio provided for in the merger agreement and the closing price of Huntington common stock on October 24, 2025. In addition to the financial analyses described below, KBW reviewed with the Cadence board of directors for informational purposes, among other things, an implied transaction multiple for the proposed merger (based on the implied transaction value for the merger of $39.77 per outstanding share of Cadence common stock) of 14.0x Cadence’s estimated calendar year 2025 earnings per share (“EPS”) using publicly available consensus “street estimates” of Cadence. Cadence Selected Companies Analysis. Using publicly available information, KBW compared the financial performance, financial condition and market performance of Cadence to 13 selected major exchange-traded banks headquartered in the Southeast region of the United States (defined by S&P Capital IQ Pro as Alabama, Arkansas, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, and West Virgina) or Texas with total assets between $25 billion and $75 billion. Merger targets, ethnic group-focused banks and savings banks, thrifts and mutuals were excluded from the selected companies. Pinnacle Financial Partners, Inc. and Synovus Financial Corp., which have agreed to a merger, were also excluded from the selected companies. The selected companies were as follows (shown in descending order of total assets by column):

| SouthState Bank Corporation           |     | BankUnited, Inc.                    |
| Cullen/Frost Bankers, Inc.            |     | United Bankshares, Inc.             |
| Bank OZK                              |     | Texas Capital Bancshares, Inc.      |
| Prosperity Bancshares, Inc.           |     | United Community Banks, Inc.        |
| Atlantic Union Bankshares Corporation |     | WesBanco, Inc.                      |
| Hancock Whitney Corporation           |     | Ameris Bancorp Renasant Corporation |

To perform this analysis, KBW used profitability and other financial information for the most recent completed fiscal quarter