Company: HBAN
Filing Date: 2025-08-15
Form Type: 424B3
Source: 0001140361-25-031511
Chunk: 59

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-08-15
Form: 424B3
Chunk 59
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 2025, none of these discussions included discussions regarding a potential business combination between Huntington and Veritex.

On June 13, 2025, Messrs. Holland and Steinour met and further discussed a possible business combination transaction between Veritex and Huntington. Messrs. Holland and Steinour agreed that to facilitate more detailed discussions of a potential business combination and to conduct reciprocal due diligence efforts they should enter into a mutual nondisclosure agreement. On June 14, 2025, Huntington and Veritex executed a mutual nondisclosure agreement.

Starting on June 15, 2025, Veritex and Huntington began to make available to the other party documents and information for mutual due diligence review, including in a virtual data room. Through July 13, 2025, the parties engaged in extensive due diligence, including through a series of virtual and in-person due diligence meetings and telephone calls between the parties and their respective representatives to discuss relevant topics.

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On June 23, 2025, Mr. Steinour delivered to Mr. Holland a non-binding term sheet for an all-stock transaction in which Huntington was the acquirer, the terms of which included merger consideration consisting of 1.894 shares of Huntington common stock for each share of Veritex, which reflected a value of $30.44 per share of Veritex common stock, a 21.3% premium, based on the closing prices of Veritex and Huntington common stock on such date.

On June 24, 2025, the Veritex Board held a regularly scheduled meeting and discussed, among other matters, the potential business combination transaction with Huntington, with members of Veritex management and representatives of KBW and Simpson Thacher present. Mr. Holland reported to the Veritex Board on the various discussions he and other representatives of Veritex management had conducted with representatives of Huntington regarding the potential business combination transaction. Mr. Holland and representatives of KBW provided the Veritex Board with, among other information, an overview of Huntington and its business operations, as well as Veritex’s operations and prospects and the strategic rationale for considering a business combination transaction with Huntington. Mr. Holland reviewed with the Veritex Board the key terms for the potential transaction that Mr. Holland and Mr. Steinour had discussed, including the 1.894 exchange ratio. Mr. Holland also advised the Veritex Board that Huntington expressed interest in Mr. Holland