Huntington Bancshares has agreed to acquire Cadence Bank, a US bank with $53bn in assets, in a transaction valued at $7.4bn. 

Cadence Bank is headquartered in Houston, Texas and Tupelo, Mississippi. 

Under the terms of the agreement, Huntington will exchange 2.475 shares of its common stock for each Cadence share, based on a closing price of $16.07 on 24 October 2025. 

The acquisition is anticipated to be completed in the first quarter of 2026, subject to regulatory and shareholder approvals. 

Upon closing, Cadence Bank chairman and CEO James D. “Dan” Rollins III will be appointed as the non-executive vice chairman of the board of directors of Huntington Bancshares, as well as director of Huntington Bancshares Incorporated and The Huntington National Bank. 

Two additional Cadence members will join Huntington’s board. 

Cadence Bank’s teams and branches will be converted into the Huntington brand, which is anticipated in the second quarter of 2026. 

Huntington will continue Cadence’s community support initiatives and maintain its philanthropic commitments to different organisations. 

Huntington Bancshares chairman, president and CEO Steve Steinour said: “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-centred bank in the country.” 

Cadence Bank operates more than 390 branches across several states, including Alabama, Arkansas, and Florida. 

This transaction is expected to enhance Huntington’s presence in the southern US, particularly in Texas and Mississippi. 

It will grant Huntington significant market share in major cities such as Dallas and Houston. 

After closing, Huntington will have a presence in 12 of the top 25 metropolitan statistical areas in the US, assets totalling $276bn and deposits of $220bn.  

Huntington plans to maintain and potentially expand Cadence’s branch network without closures. 

Also, the deal supports Huntington’s strategic expansion into high-growth markets such as Houston, Dallas, Fort Worth, Austin, Atlanta, Nashville, Orlando and Tampa. 

Evercore served as the financial advisor, and Wachtell, Lipton, Rosen & Katz served as legal counsel to Huntington on this transaction. BofA Securities also served as advisor. 

Keefe, Bruyette & Woods, A Stifel Company served as the financial advisor and Sullivan & Cromwell served as legal counsel to Cadence. 

Rollins said: “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 prioritise relationship-first banking while unlocking new opportunities for growth and innovation.” 

Last week, Huntington Bancshares closed its merger with Veritex Holdings, a bank holding company based in Dallas, Texas.