COLUMBUS, OHIO — Columbus, Ohio-based Huntington Bancshares Inc. (NASDAQ: HBAN) has entered into an agreement to acquire Cadence Bank (NYSE: CADE), which has headquarters in Houston and Tupelo, Miss., in an all-stock merger of regional banks that is valued at $7.4 billion.
Under the terms of the agreement, 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 per share on October 24, the last full day of trading before the deal was announced, the consideration implies a purchase price of $39.77 per share.
Following the closing, which is expected to occur in the first quarter of 2026, Cadence Bank teams and branches will operate under the Huntington Bank name and brand. Cadence currently has about 390 locations across Texas and the surrounding Southern United States, and the new banking entity will have about $276 billion in assets under management.
“This is an important next phase of growth for Huntington,” says Steve Steinour, chairman, president and CEO of Huntington Bancshares. “This partnership will extend the reach of our full franchise to 21 states 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.”
Evercore served as financial advisor to Huntington on the transaction, and Wachtell, Lipton, Rosen & Katz served as legal counsel. BofA Securities also served as advisor to Huntington. Keefe, Bruyette & Woods served as Cadence’s financial advisor, and Sullivan & Cromwell LLP provided legal counsel to Cadence.
The per-share price of Huntington’s stock opened at $15.57 on Monday, Oct. 27, relatively unchanged from $15.77 per share a year ago. The stock price of Cadence Bank closed at $36.49 per share on Friday, Oct. 24, up slightly from $33.83 per share a year ago.
— Taylor Williams