UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
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| Item 3.03. | Material Modification to Rights of Security Holders. |
On September 10, 2025, Huntington Bancshares Incorporated, a Maryland corporation (the “Corporation”), filed articles supplementary to its charter (the “Articles Supplementary”) with the State Department of Assessments and Taxation of Maryland (the “Maryland Department”), establishing the rights, preferences, privileges, qualifications, restrictions and limitations of a new series of its serial preferred stock designated as the “6.250% Series K Non-Cumulative Perpetual Preferred Stock” with par value of $0.01 per share and liquidation preference of $100,000 per share (the “Series K Preferred Stock”). The Articles Supplementary were accepted for record on September 10, 2025, and became effective on September 10, 2025. The Articles Supplementary were filed in connection with an Underwriting Agreement, dated September 9, 2025 (the “Underwriting Agreement”), by and between the Corporation, on the one hand, and BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Huntington Securities, Inc. and RBC Capital Markets, LLC, as representatives of the several underwriters (collectively, “Underwriters”) listed in Schedule I thereto, on the other hand, under which the Corporation agreed to sell to the Underwriters 750,000 depositary shares (the “Depositary Shares”), each representing a 1/100th ownership interest in a share of the Series K Preferred Stock. Each holder of a Depositary Share will be entitled to the proportional rights of a share of Series K Preferred Stock represented by the Depositary Share.
The Series K Preferred Stock ranks, with respect to the payment of dividends and distributions upon liquidation, dissolution or winding-up, (1) on a parity with (A) the Corporation’s Floating Rate Series B Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share and liquidation preference of $1,000 per share, (B) the Corporation’s 5.625% Series F Non-Cumulative Perpetual Preferred Stock, par value of $0.01 per share and liquidation preference of $100,000 per share, (C) the Corporation’s 4.450% Series G Non-Cumulative Perpetual Preferred Stock, par value of $0.01 per share and liquidation preference of $100,000 per share, (D) the Corporation’s 4.500% Series H Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share and liquidation preference of $1,000 per share, (E) the Corporation’s 5.70% Series I Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share and liquidation preference of $25,000 per share, (F) the Corporation’s 6.875% Series J Non-Cumulative Perpetual Preferred Stock, par value of $0.01 per share and liquidation preference of $1,000 per share and (G) each class or series of serial preferred stock the Corporation may issue in the future, the terms of which expressly provide that such class or series will rank on a parity with the Series K Preferred Stock as to dividend rights and rights on liquidation, winding-up and dissolution of the Corporation (collectively, the “parity securities”) and (2) senior to the Corporation’s common stock and each other class or series of serial preferred stock the Corporation may issue in the future the terms of which do not expressly provide that it ranks on a parity with or senior to the Series K Preferred Stock as to dividend rights and rights on liquidation, winding-up and dissolution of the Corporation (collectively, the “junior securities”).
Under the terms of the Series K Preferred Stock, with certain limited exceptions, if the Corporation’s board of directors has not authorized, and the Corporation has not authorized, declared and paid or set aside for payment, full quarterly dividends on the Series K Preferred Stock for a particular dividend period, it may not declare or pay dividends on, or redeem, purchase or acquire, its common stock or other junior securities during the next succeeding dividend period.
The foregoing description of the terms of the Series K Preferred Stock is qualified in its entirety by reference to the full text of the Articles Supplementary, which are included as Exhibit 3.1 to this Current Report on Form 8-K and are incorporated by reference herein.
| Item 5.03. | Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year. |
On September 10, 2025, the Corporation filed the Articles Supplementary with the Maryland Department, supplementing the Corporation’s charter by establishing the newly authorized Series K Preferred Stock of the Corporation consisting of 7,500 authorized shares. The Articles Supplementary were accepted for record on September 10, 2025, and became effective on September 10, 2025.
Dividends on the Series K Preferred Stock will be payable when, as and if authorized by the Corporation’s board of directors or a duly authorized committee thereof and declared by the Corporation out of legally available funds. From the issue date to, but excluding, October 15, 2030, dividends on the Series K Preferred Stock will
accrue on a non-cumulative basis at a rate of 6.250% per annum on the liquidation preference of $100,000 per share, payable quarterly, in arrears, on the fifteenth day of each January, April, July and October, commencing on January 15, 2026 and ending on October 15, 2030. From and including October 15, 2030, dividends on the Series K Preferred Stock will accrue on a non-cumulative basis at the five-year treasury rate as of the most recent reset dividend determination date plus 2.653% for each reset period on the liquidation preference of $100,000 per share, payable quarterly, in arrears, on the fifteenth day of each January, April, July and October, commencing on January 15, 2031. “Reset dividend determination date” means, in respect of any reset period, the day falling three business days prior to the beginning of such reset period. “Reset period” means the period from and including October 15, 2030 to, but excluding, the next following reset date and thereafter each period from and including each reset date to, but excluding, the next following reset date. “Reset date” means October 15, 2030 and each date falling on the fifth anniversary of the preceding reset date, in each case, regardless of whether such day is a business day.
In the event that the Corporation voluntarily or involuntarily liquidates, dissolves or winds up, the holders of the Series K Preferred Stock at the time outstanding will be entitled to receive liquidating distributions in the amount of $100,000 per share of the Series K Preferred Stock (equivalent to $1,000 per Depositary Share), plus an amount equal to any authorized and declared but unpaid dividends thereon to and including the date of such liquidation, without accumulation of any undeclared dividends, out of assets legally available for distribution to the Corporation’s stockholders, before any distribution of assets is made to the holders of the Corporation’s common stock or any other junior securities. After payment of the full amount of such liquidating distributions, the holders of the Series K Preferred Stock will not be entitled to any further participation in any distribution of assets by the Corporation, and will have no right or claim to any of the Corporation’s remaining assets.
In the event that the Corporation’s assets available for distribution to stockholders upon any liquidation, dissolution or winding-up of the Corporation’s affairs, whether voluntary or involuntary, are insufficient to pay in full the amounts payable with respect to all outstanding shares of the Series K Preferred Stock and the corresponding amounts payable on any parity securities, the holders of the Series K Preferred Stock and the holders of such other parity securities will share ratably in any distribution of the Corporation’s assets in proportion to the full respective liquidating distributions to which they would otherwise be respectively entitled.
The Series K Preferred Stock does not have a maturity date, and the Corporation is not required to redeem the Series K Preferred Stock. Accordingly, the Series K Preferred Stock and the Depositary Shares will remain outstanding indefinitely, unless and until the Corporation decides to redeem it pursuant to the terms of the Articles Supplementary. The Corporation may redeem the Series K Preferred Stock at its option, (i) in whole or in part, from time to time, on any dividend payment date on or after October 15, 2030 or (ii) in whole but not in part, within 90 days following a Regulatory Capital Treatment Event (as defined in the Articles Supplementary), at a redemption price equal to $100,000 per share (equivalent to $1,000 per Depositary Share), plus any authorized, declared and unpaid dividends in any prior dividend period and, solely in the case of a redemption following a Regulatory Capital Treatment Event, the pro-rated portion of unpaid dividends, whether or not declared, for the dividend period in which such redemption occurs. If the Corporation redeems the Series K Preferred Stock, the Depositary (as defined below) will redeem a proportional number of Depositary Shares. Neither the holders of Series K Preferred Stock nor holders of Depositary Shares will have the right to require the redemption or repurchase of the Series K Preferred Stock. Any redemption of the Series K Preferred Stock is subject to the Corporation’s receipt of any required prior approval by the Board of Governors of the Federal Reserve System or other successor regulatory authority (the “Federal Reserve”) and to the satisfaction of any conditions set forth in the capital guidelines or regulations of the Federal Reserve applicable to redemption of the Series K Preferred Stock.
Holders of the Series K Preferred Stock will have no voting rights, except with respect to certain fundamental changes in the terms of the Series K Preferred Stock and certain other matters. In addition, if dividends on the Series K Preferred Stock are not paid in full for at least six quarterly dividend periods or their equivalent, whether or not consecutive, the holders of the Series K Preferred Stock, acting as a single class with any other parity securities having similar voting rights that are then exercisable, will have the right to elect two directors to the Corporation’s board of directors. The terms of office of these directors will end when the Corporation has paid or set aside for payment full dividends for at least one year’s worth of dividend periods on the Series K Preferred Stock and any non-cumulative parity securities and all dividends on any cumulative parity securities have been paid in full.
The foregoing description of the terms of the Series K Preferred Stock is qualified in its entirety by reference to the full text of the Articles Supplementary, which are included as Exhibit 3.1 to this Current Report on Form 8-K and are incorporated by reference herein.
| Item 8.01. | Other Events. |
On September 11, 2025, the Corporation closed the public offering of 750,000 Depositary Shares pursuant to the Underwriting Agreement. The Depositary Shares and the Series K Preferred Stock have been registered under the Securities Act of 1933, as amended, by a registration statement on Form S-3ASR (File No. 333-285441) (the “Registration Statement”). The following documents are being filed with this Current Report on Form 8-K and incorporated by reference into the Registration Statement: (i) the Underwriting Agreement, (ii) the Articles Supplementary, (iii) the Deposit Agreement, dated September 11, 2025, among the Corporation, Computershare Inc. and Computershare Trust Company, N.A. (jointly, the “Depositary”) and the holders from time to time of the depositary receipts described therein, (iv) the form of certificate representing the Series K Preferred Stock, (v) the form of depositary receipt representing the Depositary Shares, and (vi) the validity opinion letters with respect to the Depositary Shares and the Series K Preferred Stock.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| HUNTINGTON BANCSHARES INCORPORATED | ||
| By: | /s/ Marcy C. Hingst | |
| Marcy C. Hingst | ||
| General Counsel | ||
Date: September 11, 2025