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News May 05, 2016

Shearman & Sterling Advises Underwriters in Reopening of Preferred Securities Offering by Huntington Bancshares Incorporated

Shearman & Sterling represented Wells Fargo Securities as representative of the underwriters in connection with the registered offering by Huntington Bancshares Incorporated of 8 million depositary shares, each representing a 1/40 interest in a share of its 6.250% Series D non-cumulative perpetual preferred stock. The offering was a reopening of Huntington Bancshares’ offering of 16 million depositary shares, each representing a 1/40 interest in a share of its 6.250% Series D non-cumulative perpetual preferred stock originally issued on March 21, 2016. The depositary shares are listed on the NASDAQ Global Select Market under the symbol “HBANO.” 

Huntington Bancshares is a regional bank holding company headquartered in Columbus, Ohio. The bank, founded in 1866, and its affiliates provide full-service commercial, small business and consumer banking services; mortgage banking services; treasury management and foreign exchange services; equipment leasing; wealth and investment management services; trust services; brokerage services; customized insurance brokerage and service programs; and other financial products and services.  Through automotive dealership relationships within its six-state retail banking franchise area and selected other Midwest and New England states, the bank also provides commercial banking services to the automotive dealers and retail automobile financing for dealer customers.

The Shearman & Sterling team included partner Lisa Jacobs (New York-Capital Markets); and associates Joseph Payne (New York-Capital Markets) and Frank Oliver (New York-Corporate).  Other Shearman & Sterling lawyers involved in the transaction were partners Reena Sahni (New York-Financial Institutions Advisory & Financial Regulatory) and Larry Crouch (Menlo Park-Tax); counsel Sharon Lippett (New York-Compensation, Governance & ERISA) and Jennifer Morton (New York-Financial Institutions Advisory & Financial Regulatory); and associates Christina Broch (Washington, DC-Financial Institutions Advisory & Financial Regulatory), Jenny Ding (New York-Financial Institutions Advisory & Financial Regulatory), Kyle Phillips (Menlo Park-Tax) and Matthew Weston (New York-Compensation, Governance & ERISA).