Huntington Bancshares is acquiring Veritex Holdings, a bank holding company headquartered in Dallas.
The acquisition will expand the Columbus, Ohio-based bank into the Dallas/Fort Worth and Houston markets. Under the terms of the agreement, Huntington will issue 1.95 shares for each outstanding share of Veritex in a 100 percent stock transaction. The transaction is valued at $1.9 billion.
“This combination supports our ambitions and reflects our long-term commitment to the state of Texas, one of the most dynamic and fastest-growing economies in the country,” Steve Steinour, chairman, president and CEO of Huntington Bancshares, said. “The Veritex team brings deep local relationships, a strong commercial banking franchise and customer loyalty, and this partnership will serve as a springboard for substantial future growth in the state.”
Veritex brings approximately $13 billion in assets, $9 billion in loans, and $11 billion in deposits. Veritex Veritex has more than 30 branches across key Texas markets including Dallas/Fort Worth and Houston. Huntington plans to maintain Veritex’s branch network.
“Veritex has always been a people and community focused bank. We have found a partner in Huntington Bank who shares and lives out those same values,” Malcolm Holland, chairman, president and CEO of Veritex, said. “We are very excited about becoming part of the Huntington family and bringing more capabilities to our Texas clients than ever before.”
Holland will join Huntington in a non-executive role as chairman of Texas.
“Veritex has assembled a talented and experienced team who have earned the trust and loyalty of individuals, families and companies of all sizes across Texas,” Brant Standridge, president of consumer & regional banking at Huntington, said. “We’re excited to build on their impressive legacy and, together with Veritex colleagues, continue to be a reliable partner supporting our customers and communities.”
The deal is set to close early in the fourth quarter of 2025, subject to regulatory approvals and customary closing conditions. Veritex teams and branches will operate under the Huntington Bank name and brand.
Huntington has about $210 billion in assets, making it a top 20 U.S. bank.