Columbus, Ohio-based Huntington Bancshares is expanding in Texas and the Deep South by acquiring Tupelo, Miss.-based Cadence Bank for $7.4 billion..The acquisition will create a combined bank with more than 1,300 branches and a presence in 21 states, giving $223 billion Huntington a top-five deposit market share in Dallas and Houston and the No. 1 position in Mississippi. The deal is expected to close in the first quarter of 2026. Upon completion, Cadence Bank branches will convert to the Huntington Bank name and brand.The deal was announced five days after Huntington closed on its acquisition of Veritex Holdings. “This is an important next phase of growth for Huntington,” said Steve Steinour, chair, president and CEO of Huntington Bancshares. “This partnership will extend our reach from the Midwest to Texas and into new, high-growth markets for which we have a powerful playbook.”The $53 billion Cadence Bank operates more than 390 branches across the southeast and Deep South. Huntington expects to keep Cadence’s branch network and invest in its continued growth.Cadence CEO Dan Rollins III will join Huntington as non-executive vice chair of the board, and two additional Cadence directors will be invited to join Huntington’s board.New York City-based investment bank Evercore and Charlotte-based BofA Securities advised Huntington, with legal counsel from New York City-based Wachtell, Lipton, Rosen & Katz. New York-based Keefe, Bruyette & Woods advised Cadence, with legal counsel from Sullivan & Cromwell.
