Subject to Completion. Dated
August 3, 2020.
PRELIMINARY PROSPECTUS SUPPLEMENT
(To Prospectus Dated July 30, 2019)
Huntington Bancshares Incorporated
Depositary Shares, Each Representing a 1/100th Interest in a Share of
% Series G Non-Cumulative Perpetual Preferred Stock
Huntington Bancshares Incorporated is
offering depositary shares, each representing a 1/100th ownership interest in a share
of % Series G Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share, with a liquidation preference of $100,000 per share (equivalent to $1,000 per depositary share) (the
Preferred Stock). As a holder of depositary shares, you will be entitled to all proportional rights and preferences of the Preferred Stock (including dividend, voting, redemption, liquidation and other rights). You must exercise such
rights through Computershare Trust Company, N.A. and Computershare Inc., jointly as the depositary for the shares of the Preferred Stock.
Dividends on the Preferred Stock will be payable when, as and if authorized by our board of directors or a duly authorized committee of our
board of directors and declared by us out of legally available funds. From the issue date to, but excluding, October 15, 2027, dividends on the Preferred Stock will accrue on a non-cumulative basis at a
rate of % per annum on the liquidation preference of $100,000 per share (equivalent to $1,000 per depositary share), payable quarterly, in arrears, on the fifteenth day of each January, April, July and October, commencing on
January 15, 2021 and ending on October 15, 2027, or the next business day if any such day is not a business day. From and including October 15, 2027, for each reset period, dividends on the Preferred Stock will accrue on a non-cumulative basis at the seven-year treasury rate as of the most recent reset dividend determination date (as defined elsewhere in this prospectus supplement) plus % for each reset period
on the liquidation preference of $100,000 per share (equivalent to $1,000 per depositary share), payable quarterly, in arrears, on the fifteenth day of each January, April, July and October, commencing on January 15, 2028, or the next business
day if any such day is not a business day.
Dividends on the Preferred Stock will be non-cumulative.
If for any reason our board of directors or a duly authorized committee of our board of directors does not authorize and we do not declare full cash dividends on the Preferred Stock for a dividend period, holders of the Preferred Stock will have no
right to receive any dividend or a full dividend for that period, whether or not our board of directors or a duly authorized committee of our board authorizes and we declare dividends on the Preferred Stock or our common stock or any other class or
series of our serial preferred stock for any subsequent dividend period. However, with certain limited exceptions, if we have not declared and paid or set aside for payment full dividends on the Preferred Stock for any dividend period, we may not
declare or pay dividends on, or redeem, purchase or acquire, our common stock or other junior securities during the next succeeding dividend period.
The Preferred Stock is perpetual and has no maturity date. We may redeem the Preferred Stock at our option, (i) in whole or in part, from
time to time, on any dividend payment date on or after October 15, 2027 or (ii) in whole but not in part, within 90 days following a regulatory capital treatment event (as defined herein), in each case, at a redemption price equal to
$100,000 per share (equivalent to $1,000 per depositary share), plus any declared and unpaid dividends and, in the case of a redemption following a regulatory capital treatment event, the pro-rated portion of
dividends, whether or not declared, for the dividend period in which such redemption occurs. If we redeem the Preferred Stock, the depositary will redeem a proportional number of depositary shares. Neither the holders of Preferred Stock nor holders
of depositary shares will have the right to require the redemption or repurchase of the Preferred Stock or the depositary shares. Any redemption of the Preferred Stock is subject to our receipt of any required prior approval by the Board of
Governors of the Federal Reserve System or other successor regulatory authority (the Federal Reserve).
The Preferred Stock will
not have any voting rights, except as set forth under Description of the Preferred StockVoting Rights on page S-19.
The depositary shares are a new issue of securities with no established trading market. We do not intend to apply for listing of the depositary
shares on any securities exchange or for inclusion of the depositary shares in any automated dealer quotation system.
Investing in the
depositary shares involves risks. See Risk Factors beginning on page S-6 of this prospectus supplement and in Item 1-ARisk Factors of our Annual
Report on Form 10-K for the year ended December 31, 2019 and of our Quarterly Report on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020
filed with the U.S. Securities and Exchange Commission (the SEC) to read about factors you should consider before investing in the depositary shares.
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Price to Public(1)
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Underwriting
Discount
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Proceeds, Before
Expenses, to
Huntington
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Per Depositary Share
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$
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$
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$
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Total
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$
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$
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$
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(1)
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The price to the public does not include dividends, if any, that may be declared. Dividends, if declared, will
accrue from the date of initial issuance, which is expected to be , 2020.
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None of the SEC, any state securities commission, the Federal Deposit Insurance Corporation (the FDIC), the Federal Reserve nor
any other regulatory body has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is accurate or complete. Any representation to the contrary is a criminal offense.
The depositary shares are not savings accounts, deposits or other obligations of any of our bank or
non-bank subsidiaries and are not insured by the FDIC or any other governmental agency or instrumentality.
The underwriters expect to deliver the depositary shares in book-entry form only through the facilities of The Depository Trust Company for the
accounts of its participants, including Clearstream Banking, société anonyme, and Euroclear Bank S.A./N.V., as operator of the Euroclear System, against payment in New York, New York on or
about , 2020.
Our affiliates may use this
prospectus supplement and the accompanying prospectus in connection with offers and sales of the depositary shares in the secondary market. These affiliates may act as principal or agent in those transactions. Secondary market sales will be made at
prices related to market prices at the time of sale.
Joint
Book-Running Managers
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BofA Securities
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Goldman Sachs & Co. LLC
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Morgan Stanley
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RBC Capital Markets
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Huntington Capital Markets
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Prospectus Supplement dated , 2020