Huntington Announces Redemption Of All Depositary Shares Representing Interests In Series D Preferred Stock

Rhea-AI Summary

Huntington Bancshares Incorporated (Nasdaq: HBAN) has announced the redemption of all 24 million outstanding depositary shares (Nasdaq: HBANO) on July 15, 2021. Each share represents a 1/40th interest in Huntington's 6.250% Series D Non-Cumulative Perpetual Preferred Stock. The shares will be redeemed at $25.00 each, plus declared and unpaid dividends of $0.390625 per share, totaling $15.625 for the period from April 15 to July 15, 2021. Post-redemption, dividends will cease to accrue on these shares.

COLUMBUS, Ohio, June 10, 2021 /PRNewswire/ -- Huntington Bancshares Incorporated (Nasdaq: HBAN) today announced the redemption on July 15, 2021 of all 24,000,000 outstanding depositary shares (Nasdaq: HBANO; CUSIP: 446150708), each representing a 1/40th interest in a share of Huntington's 6.250% Series D Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share. 

The depositary shares will be redeemed at a redemption price of $25.00 per depositary share (equivalent to $1,000 per share of Series D Preferred Stock) plus declared and unpaid dividends of $0.390625 per depositary share (equivalent to $15.625 per share of Series D Preferred Stock) for the period beginning on April 15, 2021 to, but not including, July 15, 2021.  On and after the redemption date, all dividends on the shares of Series D Preferred Stock will cease to accrue.  The depositary shares are held through the Depository Trust Company ("DTC") and will be redeemed in accordance with the procedures of DTC. 

About Huntington
Huntington Bancshares Incorporated (Nasdaq: HBAN) is a $175 billion asset regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, The Huntington National Bank and its affiliates provide consumers, small and middle-market businesses, corporations, municipalities, and other organizations with a comprehensive suite of banking, payments, wealth management, and risk management products and services. Huntington operates more than 1,100 branches in 12 states, with certain businesses operating in extended geographies.  Visit Huntington.com for more information.

View original content to download multimedia:http://www.prnewswire.com/news-releases/huntington-announces-redemption-of-all-depositary-shares-representing-interests-in-series-d-preferred-stock-301309771.html

SOURCE Huntington Bancshares Inc.

FAQ

What is the redemption date for Huntington's depositary shares?

The redemption date is July 15, 2021.

What is the redemption price for each depositary share?

Each depositary share will be redeemed at $25.00.

How much are the declared and unpaid dividends per depositary share?

The declared and unpaid dividends are $0.390625 per depositary share.

What does each depositary share represent?

Each depositary share represents a 1/40th interest in a share of Huntington's 6.250% Series D Non-Cumulative Perpetual Preferred Stock.

What will happen to the dividends after the redemption date?

Dividends on the shares of Series D Preferred Stock will cease to accrue after the redemption date.