Company: HBAN
Filing Date: 2025-11-13
Form Type: S-4
Source: 0001140361-25-041757
Chunk: 87

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-11-13
Form: S-4
Chunk 87
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 lieu thereof.

Also in the merger, each share of Cadence series A preferred stock issued and outstanding immediately prior to the effective time will be converted into the right to receive one (1) depositary share representing one one-thousandth (1/1000th) of a share of new Huntington preferred stock.

Holders of Huntington common stock are being asked to approve the issuance of Huntington common stock in connection with the merger and holders of Cadence common stock are being asked to approve the merger agreement, in each case, in addition to other business. See the section entitled “The Merger Agreement” beginning on page 101 for additional and more detailed information regarding the legal documents that govern the merger, including information about the conditions to the completion of the merger and the provisions for terminating or amending the merger agreement.

### Background of the Merger
As part of the ongoing consideration and evaluation of their respective long-term prospects and strategies, each of Huntington’s and Cadence’s board of directors (which we refer to in this section as the “Huntington Board” and the “Cadence Board”, respectively) and Huntington’s and Cadence’s respective senior management teams have regularly reviewed and assessed their respective business strategies and objectives, including assessments of strategic growth opportunities potentially available to Huntington and Cadence, as part of their respective continuous efforts to enhance value for their respective shareholders and deliver high quality services to their respective customers and communities. These reviews have focused on, among other things, developments and prospects in the financial services industry, in the regulatory environment, in the economy generally, and in financial markets, and the implications of such developments for financial institutions generally and Huntington and Cadence in particular. These reviews have also included assessments of ongoing consolidation in the financial services industry and the benefits and risks to Huntington and Cadence, respectively, and their respective shareholders of strategic combinations compared to the benefits and risks of continued operation on an organic basis.

Mr. Stephen Steinour, Huntington’s chairman, president and chief executive officer, and Mr. James D. Rollins III, Cadence’s chairman and chief executive officer, have known each other for a number of years and have occasionally discussed matters of mutual interest to their respective institutions, including developments in the financial services industry generally and their respective businesses. These discussions took place during investor and banking industry conferences and other settings and did not include discussions regarding a potential business combination between Huntington and Cadence.

On May 9, 2025, Mr. Steinour contacted Keefe, Bruyette & Woods, Inc. (“