Company: HBAN
Filing Date: 2025-11-13
Form Type: S-4
Source: 0001140361-25-041757
Chunk: 134

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-11-13
Form: S-4
Chunk 134
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 2025) based on publicly disclosed purchase accounting and other transaction adjustments and supplemental transaction adjustments provided by Huntington management. |

No company used as a comparison in the above selected companies analysis is identical to Huntington. Accordingly, an analysis of these results is not mathematical. Rather, it involves complex considerations and judgments concerning differences in financial and operating characteristics of the companies involved.

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TABLE OF CONTENTS

Selected Transactions Analysis. KBW reviewed publicly available information related to eight selected U.S. bank transactions announced since January 1, 2020 with announced deal values between $2.0 billion and $10.0 billion. Merger of equals transactions and reverse mergers were excluded from the selected transactions. The selected transactions were as follows:

| Acquiror                               |     | Acquired Company                      |
| The PNC Financial Services Group, Inc. 
 Columbia Banking System, Inc.          
 SouthState Corporation                 
 U.S. Bancorp                           
 Citizens Financial Group, Inc.         
 New York Community Bancorp, Inc.       
 M&T Bank Corporation                   |     | FirstBank Holding Company             
 Pacific Premier Bancorp, Inc.         
 Independent Bank Group, Inc.          
 MUFG Union Bank, National Association 
 Investors Bancorp, Inc.               
 Flagstar Bancorp, Inc.                
 People’s United Financial, Inc.       |
| Huntington Bancshares Incorporated     |     | TCF Financial Corporation             |

For each selected transaction, KBW derived the following implied transaction statistics, in each case based on the transaction consideration value paid for the acquired company and using financial data based on the acquired company’s then latest publicly available financial statements prior to the announcement of the respective selected transaction and, as was then publicly available from consensus “street estimates” or public filings of the transaction parties, the one-year forward EPS estimate for the acquired company at the announcement of the respective selected transaction:

| • | Price per common share to tangible book value per share of the acquired company (in the case of two selected transactions involving a private acquired company, this transaction statistic was calculated as total transaction consideration divided by total tangible common equity); |

| • | Pay to Trade ratio (calculated as the price to tangible book value multiple paid in the respective transaction divided by the acquiror’s standalone closing stock price to tangible book value multiple); |

| • | Price per common share to LTM core EPS of the acquired company (in the case of two selected transactions involving a private acquired company, this transaction statistic was calculated as total transaction consideration divided by LTM core net income); |

| • |