Huntington Bancshares Incorporated 5.500% Perpetual Preferred Stock (HBANZ)

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https://www.huntington.com

Huntington Bancshares Incorporated 5.500% Perpetual Preferred Stock is a non-cumulative perpetual preferred stock issued as Series L, represented by depositary shares each equivalent to 1/1000th of a share. This instrument originated from Huntington Bancshares Incorporated's acquisition of Cadence Bank, completed on February 1, 2026, where Cadence's 5.50% Series A Non-Cumulative Perpetual Preferred Stock was automatically converted into 6,900 shares of Huntington Series L Preferred Stock, collectively represented by 6,900,000 depositary shares. It offers a fixed 5.50% dividend rate on a par value of $0.01 per share, with dividends payable when declared by the board and only out of legally available funds. The stock ranks on parity with Huntington's other non-cumulative perpetual preferred series—such as Series F through K—for dividend rights and liquidation preference, senior to common stock and any junior preferred, but junior to all indebtedness. With no maturity date, it provides perpetual capital to Huntington Bancshares Incorporated, a $123 billion regional bank holding company focused on commercial, consumer banking, and related financial services primarily in the Midwest and Southeast United States. This preferred stock enhances the company's tier 1 capital structure, supporting stability in its deposit, lending, and wealth management operations.