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Huntington Bancshares 8-K Report, Corporate Update (Sep 13, 2024)

Reports
Other Events·Exhibits & Filings
Filing Date
Filed September 13, 2024
Period End
September 13, 2024
In the record · 2016–202610-K1110-Q338-K254

HBAN filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 254 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Aug ’16Aug ’16
  2. Leadership change8-K · May ’22May ’22
  3. Leadership change8-K · Sep ’26Sep ’26

01—Abstract

Summary

Summary of the 8-K filed September 13, 2024. Cited figures are marked; the original filing is the authoritative source.

Huntington Bancshares Incorporated filed a Form 8-K on September 13, 2024 under Item 8.01 (Other Events) to report two preferred stock actions.

First, the Board declared and set aside a quarterly cash dividend on its 5.70% Series I Non-Cumulative Perpetual Preferred Stock (Nasdaq: HBANM) of $356.25 per share (equivalent to $0.35625a per depositary share), payable December 2, 2024, to shareholders of record on November 15, 2024. Second, Huntington issued notice that it will redeem on October 15, 2024 all 408,675 outstanding depositary shares of its 5.700% Series E Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, of the 500,000 originally issued. The redemption price is $1,000.00 per depositary share (equivalent to $100,000 per share of Series E Preferred Stock), for a total redemption at par of $408,675,000, plus declared and unpaid dividends of $21.5765 per depositary share ($2,157.65 per share) for the period from July 15, 2024 to, but not including, the Redemption Date.

Dividends on the Series E shares cease to accrue on and after the Redemption Date. Computershare Inc. and Computershare Trust Company, N.A., jointly acting as redemption agent, will make payment to The Depository Trust Company. The filing attaches a news release dated September 13, 2024 announcing the Series I dividend, which describes Huntington as a $196 billionb asset regional bank holding company headquartered in Columbus, Ohio, with approximately 970 branches in 11 states.

02—Key points

Key Highlights

  1. Series I dividend declared: $356.25 per share ($0.35625 per depositary share) on the 5.70% Series I Non-Cumulative Perpetual Preferred Stock (HBANM), payable December 2, 2024 to holders of record on November 15, 2024.
  2. Series E redemption: all 408,675 outstanding depositary shares will be redeemed on October 15, 2024, out of 500,000 originally issued.
  3. Redemption at par totals $408,675,000 ($1,000.00 per depositary share), plus declared and unpaid dividends of $21.5765 per depositary share ($2,157.65 per share) from July 15, 2024 to the Redemption Date.
  4. Dividends on Series E Preferred Stock stop accruing on and after the October 15, 2024 Redemption Date.
  5. Series E depositary shares are held through DTC, and redemption payments are handled by Computershare as joint redemption agent.
  6. The attached news release describes Huntington as a $196 billion asset regional bank holding company headquartered in Columbus, Ohio, with approximately 970 branches in 11 states.

03—Questions

Frequently Asked Questions

  1. What dividend is Huntington paying on its Series I preferred stock?

    The Board declared a quarterly cash dividend of $356.25 per share, equivalent to $0.35625 per depositary share, on the 5.70% Series I Non-Cumulative Perpetual Preferred Stock (Nasdaq: HBANM). It is payable December 2, 2024 to shareholders of record on November 15, 2024.

  2. What is happening to the Series E preferred stock?

    Huntington has issued notice that it will redeem all 408,675 outstanding depositary shares of its 5.700% Series E Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock on October 15, 2024. Of the 500,000 originally issued, these are the shares still outstanding.

  3. How much will holders of Series E depositary shares receive?

    Holders will receive $1,000.00 per depositary share, equivalent to $100,000 per share of Series E Preferred Stock, for a total redemption at par of $408,675,000. They will also receive declared and unpaid dividends of $21.5765 per depositary share ($2,157.65 per share) for the period from July 15, 2024 to, but not including, the Redemption Date.

  4. How will the Series E redemption payments be made?

    The depositary shares are held through The Depository Trust Company (DTC) and will be redeemed under DTC procedures. Computershare Inc. and Computershare Trust Company, N.A., acting jointly as redemption agent, will make payment to DTC.

  5. Who is Huntington Bancshares?

    According to the attached news release, Huntington is a $196 billion asset regional bank holding company headquartered in Columbus, Ohio, founded in 1866. It operates approximately 970 branches in 11 states and offers banking, payments, wealth management, and risk management products and services.

04—Continue

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