BY Richard Summerfield
In a move to strengthen its position in Texas, Huntington Bancshares has agreed to acquire its smaller rival Veritex Holdings in an all-stock transaction valued at $1.9bn.
The merger is expected to close in the fourth quarter of 2025 and will see Veritex merge into Huntington, with Huntington continuing as the surviving entity. This strategic acquisition is anticipated to accelerate Huntington’s organic growth initiatives and bolster its market position in Texas, one of the fastest-growing economies in the US. Dallas-based Veritex operates over 30 branches in Texas, with total assets of about $13bn.
Under the terms of the agreement, Huntington will issue 1.95 shares for each outstanding share of Veritex in a 100 percent stock transaction. Based on Huntington’s closing price of $17.39 as of 11 July 2025, the consideration implies $33.91 per Veritex share or an aggregate transaction value of $1.9bn.
“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, chairman, president and chief executive 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.”
“Veritex has always been a people and community focused bank,” said Malcolm Holland, chairman, president and chief executive of Veritex. “We have found a partner in Huntington Bank who shares and lives out those same values. We are very excited about becoming part of the Huntington family and bringing more capabilities to our Texas clients than ever before.”
Upon completion of the deal, Mr Holland will join Huntington in a non-executive role as chairman of Texas and continue his work to serve local customers and communities.
At the same time as the announced deal for Veritex, Huntington reported strong preliminary second-quarter results for 2025, with significant growth in loans, deposits and net interest income, reflecting its robust financial performance.
Huntington Bancshares has around $210bn in assets. Founded in 1866, the company provides a comprehensive suite of banking, payments, wealth management and risk management products and services to consumers, small and middle-market businesses, corporations, municipalities and other organisations. Huntington operates 968 branches across 13 states in the US.
News: Huntington Bancshares signs $1.9 billion deal for rival Veritex in Texas push