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Security Details
- Coupon Rate
- 5.70%
- Liquidation Preference
- $25.00
- Call Price
- $25.00
- Call / Redemption Date
- 12/1/2022
- Maturity Date
- None
- Distribution Period
- Q
- Rate Type
- Fixed
- Annual Distribution
- 1.43
- Distribution Dates
- 3/1, 6/1, 9/1 & 12/1
- Credit Ratings
- Moody's Baa3 · S&P BB+ (2/20/2024)
- Tax-Advantaged Dividends
- Yes
Security Profile
- CUSIP
- 872307202
- IPO
- 8/1/2019 · $25.00/share
- Previous Symbol
- TCFCP (changed 6/9/2021)
- Previous Name
- TCF Financial Corp, 5.70% Dep Share Series C Non-Cumul Perpetual Preferred Stock
- Parent Company
- TCF Financial Corp. (HBAN)
Business: Huntington Bancshares Inc formerly, TCF Financial Corp, 5.70%, Depositary Shares, each representing a 1/1,000th interest in a share of <s> 5.70% Series C Non-Cumulative Perpetual Preferred Stock</s> 5.70% Non-Cumulative Perpetual Preferred Stock Series I liquidation preference $25 per share, redeemable at the issuer's option on any dividend payment date, on or after 12/01/2022 at $25 per share plus declared and unpaid dividends, and with no stated maturity. <p> Non-cumulative distributions of 5.70% per annum ($1.425 per annum or $0.35625 per quarter) will be paid quarterly on 3/1, 6/1, 9/1 & 12/1 to holders of record on the record date which will be the 15th day of the month immediately preceding the month during which the dividend payment date falls (NOTE: the ex-dividend date is one business day prior to the record date). The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate.<p> This security is possibly subject to an early call as a result of the occurrence of a regulatory capital treatment event which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet (see the prospectus for further information). <p> This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
Notes: June 9, 2021 -- Huntington Bancshares Incorporated (Nasdaq: HBAN; “Huntington”) today announced it has closed its merger with TCF Financial Corporation (“TCF”), creating a Top 25 U.S. bank holding company.Each share of 5.70% Series C Non-Cumulative Perpetual Preferred Stock, no par value, of TCF (“TCF series C preferred stock”) was converted into the right to receive a share of 5.70% Non-Cumulative Perpetual Preferred Stock Series I, par value $0.01 per share, of Huntington (“Huntington Series I preferred stock”) at the effective time of the merger. Each outstanding TCF depositary share (Nasdaq: TCFCP) that represented a 1/1000th interest in a share of the TCF series C preferred stock was converted into a Huntington depositary share (Nasdaq: HBANM) representing a 1/1000th interest in a share of Huntington Series I preferred stock. The Board also declared and set aside a quarterly cash dividend on its newly created Huntington Series I preferred stock of $356.25 per share (equivalent to $0.35625 per depositary share) payable September 1, 2021, to holders of record on August 15, 2021. <p> August 01, 2019 --TCF Financial Corporation (NASDAQ: TCF), today announced the successful closing of its previously announced merger of equals in which legacy TCF Financial Corporation (Legacy TCF) merged into Chemical Financial Corporation (Chemical), with Chemical as the surviving company. Upon the merger closing, Chemical was renamed TCF Financial Corporation, and its common shares will trade on The NASDAQ Stock Market under the symbol “TCF” beginning today. Pursuant to the terms of the previously disclosed merger agreement between the companies dated January 27, 2019, each share of common stock of Legacy TCF has converted into 0.5081 common shares of new TCF, and each common share of Chemical is now a common share of new TCF. In addition, each depositary share with respect to Legacy TCF 5.70% Series C Non-Cumulative Perpetual Preferred Stock has converted into a depositary share with respect to new TCF 5.70% Series C Non-Cumulative Perpetual Preferred Stock, which will trade on The NASDAQ Stock Market under the symbol “TCFCP” beginning today.
Company Contact
- CEO
- Stephen D. Steinour
- CFO
- Zachary Wasserman
- Headquarters
- 41 South High Street, Columbus, OH 43287
- Phone
- 614-480-2265 · Toll-Free 800-576-5007
- Fax
- 614-480-5284
- Investor Relations
- 800-576-5007 · huntington.investor.relations@huntington.com