Huntington Bancshares to buy Veritex Community Bank

Columbus, Ohio-based Huntington Bancshares is acquiring Dallas-based Veritex Community Bank for $1.9 billion..As of March 31, Veritex Community Bank had $13 billion in assets, $11 billion in deposits and $9 billion in loans. The regional bank has more than 30 branches across Texas and employs approximately 200 people in the state. The deal is expected to close early in the fourth quarter of this year. Huntington Bancshares has had a Texas presence since 2009, and offers middle-market business banking services in the Dallas and Houston markets. “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,” said Steve Steinour, chair, president and CEO of Huntington Bancshares. “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.” New York City-based Evercore and Dallas-based Commerce Street Capital are financial advisers to Huntington. New York-based Wachtell, Lipton, Rosen & Katz is legal adviser to Huntington. New York-based Keefe, Bruyette & Woods is financial adviser to Veritex, while New York-based Simpson Thacher & Bartlett is legal adviser to Veritex.