Huntington Bancshares is acquiring Cadence Bank, a $53 billion regional bank headquartered in Houston and Tupelo, Mississippi.
The addition of Cadence, with more than 390 locations across Texas and the South, marks a significant milestone in Huntington’s strategic growth. Cadence operates branches in Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Missouri, Tennessee, and Texas.
In this 100 percent stock transaction, Huntington will issue 2.475 shares of common stock for each outstanding share of Cadence common stock. Based on Huntington’s closing price of $16.07 as of October 24, the consideration implies $39.77 per Cadence share or an aggregate transaction value of $7.4 billion.
Along with the recent acquisition of Veritex Community Bank, the Cadence acquisition gives Huntington the fifth deposit market share in Dallas, the fifth deposit market share in Houston, and the eighth deposit market share in Texas.
Further, this deal would make Huntington the number one bank in Mississippi and a top ten bank in both Alabama and Arkansas by deposits.
“This is an important next phase of growth for Huntington,” Steve Steinour, chairman, president and CEO of Huntington Bancshares, said. “This partnership will extend the reach of our full franchise to 21 states—stretching from the Midwest to the South to Texas—and into new, high-growth markets for which we have a powerful playbook.”
Also, the acquisition gives Huntington a foothold in several high-growth markets — including Houston, Dallas, Fort Worth, Austin, Atlanta, Nashville, Orlando and Tampa. Upon completion, Huntington will have a strategic presence in 12 of the top 25 metropolitan statistical areas in the country, including six of the top 10 fastest growing markets.
Huntington intends to maintain Cadence’s branch network—with no branch closures.
“We’ve been delivering for our customers and communities for 150 years, and partnering with Huntington will help us do even more to support those we serve,” James Rollins III, chairman and CEO of Cadence Bank, said. “This is a defining moment for Cadence Bank and we’re confident this alignment will create lasting value across our footprint and beyond.”
Upon closing of the transaction, Rollins will join Huntington as non-executive vice chairman of the board of directors of Huntington Bancshares. Huntington Bancshares will also be inviting two additional members from Cadence to join the board.
“Cadence Bank’s relationship first, community-based approach to banking aligns very well with our values and local approach to banking. We’re excited to bring our broad range of capabilities, products and services to Cadence’s customers and communities through local bankers, local decision making, local relationships and local community engagement and investment,” Brant Standridge, president of Consumer and Regional Banking at Huntington, said.
The transaction is expected to close in the first quarter of 2026, subject to regulatory approvals, approval by Huntington and Cadence shareholders and other customary closing conditions. Upon conversion, which is expected in the second quarter of 2026, Cadence Bank teams and branches will operate under the Huntington Bank name and brand.
The transaction is expected to be 10 percent accretive to Huntington’s earnings per share.