Huntington Bancshares Announces $7.4B Deal to Acquire Cadence Bank
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Cadence Bank is set to join forces with Huntington Bancshares in a major banking merger. This $7.4 billion all-stock transaction will reshape the regional banking landscape across the United States. The deal marks a significant expansion for Huntington Bancshares as it strengthens its presence in southern states.
Major Banking Merger Creates Top 10 Institution
Huntington Bancshares has reached an agreement to purchase Cadence Bank in an all-stock deal worth $7.4 billion. The Columbus, Ohio-based regional bank will issue 2.475 shares for each outstanding share of Cadence Bank common stock. This values each Cadence Bank share at approximately $39.77, representing a premium over its previous closing price.
The merger brings together two established regional banks with complementary strengths. Cadence Bank operates more than 390 branches across nine southern states. These locations span Texas, Mississippi, Alabama, Arkansas, Florida, Georgia, Louisiana, Missouri, and Tennessee. The combined entity will control $276 billion in total assets and $220 billion in deposits.
Strategic Expansion Into High-Growth Markets
Huntington Bancshares views this acquisition as a strategic move into rapidly growing markets. The deal gives the bank immediate scale in Texas and Mississippi. With Cadence Bank joining its network, Huntington gains access to key metropolitan areas including Houston, Dallas, Fort Worth, and Austin.
Steve Steinour, Chairman and CEO of Huntington Bancshares, described the merger as an important growth phase. The partnership extends the bank’s reach across 21 states. This expansion creates a platform for continued organic growth in high-demand regions.
The transaction positions Huntington Bancshares as the fifth-largest bank by deposit market share in both Dallas and Houston. In Texas overall, the combined institution ranks eighth. The merger also makes Huntington the number one bank in Mississippi.
Building on Recent Texas Expansion
This announcement follows Huntington Bancshares completing another significant Texas acquisition. Just one week before revealing the Cadence Bank deal, Huntington finalized its $1.9 billion purchase of Veritex Holdings. That transaction added 31 branches in Dallas and Houston markets.
The back-to-back deals demonstrate Huntington Bancshares commitment to the Texas market. Brant Standridge, Huntington’s President of Consumer and Regional Banking, noted the complementary nature of these acquisitions. Veritex brought commercial banking strength in Dallas, while Cadence Bank enhances consumer banking presence across central Texas.
Cadence Bank Brings Strong Regional Presence
Cadence Bank has served communities across the South for 150 years. The bank maintains dual headquarters in Houston, Texas, and Tupelo, Mississippi. With $53 billion in assets, Cadence Bank operates as one of the largest regional banks in its footprint.
The institution serves approximately 1 million customers through its extensive branch network. These locations provide essential banking services in both urban centers and smaller communities. Cadence Bank has built deep relationships through local decision-making and community engagement.
James D. “Dan” Rollins III, Chairman and CEO of Cadence Bank, expressed confidence in the partnership. He stated that joining Huntington Bancshares will help the bank do more to support customers and communities. The merger creates lasting value while maintaining a relationship-first banking approach.
Leadership and Governance Structure
The transaction includes important leadership continuity measures. Following completion, Rollins will become non-executive Vice Chairman of the Board of Directors at Huntington Bancshares. He will also serve as a director on both the holding company and bank boards.
Two additional members from Cadence Bank will join the Huntington Bancshares board of directors. This representation ensures southern market perspectives remain central to strategic decisions. The appointments support smooth integration and continued community focus.
Huntington Bancshares plans to retain the entire Cadence Bank branch network. No branch closures are anticipated as part of the merger. All Cadence Bank locations will adopt the Huntington name and brand following systems conversion.
Financial Impact and Deal Terms
The merger represents sound financial strategy for Huntington Bancshares. Analysts project the transaction will be approximately 10% accretive to earnings per share. The deal shows mild dilutive impact to regulatory capital upon closing.
Tangible book value per share will experience 7% dilution. However, Huntington Bancshares expects to earn back this amount within three years. This timeline includes merger expenses and integration costs.
Huntington Bancshares has identified $365 million in pre-tax cost synergies. CFO Zach Wasserman expressed high confidence in achieving revenue synergies as well. The bank’s strong execution track record supports these projections. Click here read more about Trump Pardons Binance Billionaire Changpeng Zhao.
Timeline and Regulatory Approval
Both companies expect the transaction to close in the first quarter of 2026. Completion depends on receiving regulatory approvals from banking authorities. Shareholders from both Huntington Bancshares and Cadence Bank must also approve the merger.
Systems conversion is scheduled for the second quarter of 2026. During this period, Cadence Bank branches will transition to Huntington platforms and branding. Customers will receive detailed information about account changes well before conversion.
Until completion, both banks will continue operating independently. Cadence Bank customers can access their accounts and services without interruption. Huntington Bancshares customers will experience no changes during the transition period.
Broader Banking Industry Trends
This merger reflects accelerating consolidation across the regional banking sector. Banks are combining to achieve scale necessary to compete with national giants. Regional institutions face pressure from both larger competitors and digital-only challengers.
The pace of bank mergers has increased significantly in 2025. Regulatory conditions have become more favorable for consolidation activity. Banks with assets between $50 billion and $250 billion are particularly active in merger discussions.
Huntington Bancshares joins other regional banks pursuing growth through acquisitions. Earlier in October, Fifth Third Bank announced plans to purchase Comerica for $10.9 billion. These large transactions signal renewed confidence in merger strategies.
Community Banking Commitment
Huntington Bancshares emphasized its commitment to maintaining community banking values. The bank will preserve Cadence Bank philanthropic commitments across its footprint. This includes continued support for organizations in Mississippi and throughout the South.
Huntington’s Fair Play banking initiative will extend to all Cadence Bank customers. Launched in 2010, Fair Play offers transparent services without hidden fees. Features include 24-Hour Grace, Standby Cash, and Early Pay programs.
The combined institution will maintain local decision-making authority. Community leaders and customers will continue working with bankers who understand regional needs. This approach balances scale advantages with personalized service.
Bottom Line
The $7.4 billion acquisition of Cadence Bank by Huntington Bancshares creates a powerful regional banking franchise. This transaction establishes Huntington Bancshares as a top 10 bank with operations across 21 states. The merger strengthens market positions in high-growth southern markets while preserving community banking traditions that both institutions value.
