Huntington Bancshares Incorporated (Nasdaq: HBAN) announced it has entered into a definitive agreement to acquire Cadence Bank, a $53 billion regional institution headquartered in Houston, Texas, and Tupelo, Mississippi. The all-stock transaction, valued at $7.4 billion, represents a pivotal expansion for Huntington, establishing a significant presence across the South and immediate scale in Texas and Mississippi.
Under the terms of the agreement, Cadence shareholders will receive 2.475 shares of Huntington common stock for each Cadence share, based on Huntington’s closing price of $16.07 as of October 24, 2025. The transaction is expected to be 10% accretive to earnings per share, mildly dilutive to regulatory capital at close, and 7% dilutive to tangible book value per share, with an earn-back period of three years, inclusive of merger expenses.
Following the acquisition, Huntington will become a top 10 U.S. bank, with $276 billion in total assets and $220 billion in deposits. The merger will give Huntington top-five deposit market share in Dallas and Houston (the eighth-largest in Texas) and the leading position in Mississippi. The combined company will maintain more than 390 branch locations across Texas and the South, with no branch closures planned.
This acquisition builds on Huntington’s recent purchase of Veritex Community Bank, further solidifying its footprint in high-growth markets such as Houston, Dallas, Fort Worth, Austin, Atlanta, Nashville, Orlando, and Tampa. Upon closing, Huntington will have a presence in 12 of the top 25 metropolitan areas in the country, including six of the ten fastest-growing regions.
Cadence Bank’s regional strength and community banking model align closely with Huntington’s relationship-driven philosophy. The combined organization aims to drive growth through local decision-making, expanded digital capabilities, and continued community investment.
Following completion of the merger, Dan Rollins will join Huntington as Non-Executive Vice Chairman of the Board, alongside two additional Cadence representatives who will join Huntington’s Board of Directors.
The deal, which is expected to close in Q1 2026 pending shareholder and regulatory approvals, will see Cadence’s teams and branches transition to the Huntington brand in Q2 2026. Huntington will continue Cadence’s legacy of community investment and philanthropy, including support for local organizations in Mississippi and throughout its expanded footprint.
Advisor/counsel: Harris Williams served as lead financial advisor, and Kirkland & Ellis acted as legal counsel to Huntington.
KEY QUOTES
“This is an important next phase of growth for Huntington. 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. Today’s announcement represents a significant step on our journey to be the leading people-first, customer-centered bank in the country.”
Steve Steinour, Chairman, President and CEO, Huntington Bancshares Incorporated
“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. This is a defining moment for Cadence Bank and we’re confident this alignment will create lasting value across our footprint and beyond. Together, we will continue to prioritize relationship-first banking while unlocking new opportunities for growth and innovation.”
James D. “Dan” Rollins III, Chairman and CEO, Cadence Bank
“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. Cadence has built strong relationships over generations, and we intend to continue that legacy and offer even more with our leading digital capabilities and Fair Play products and services.”
Brant Standridge, President of Consumer and Regional Banking, Huntington Bancshares Incorporated
