Huntington Bancshares to acquire Cadence Bank for $7.4bn

January 2026 | DEALFRONT | MERGERS & ACQUISITIONS

Financier Worldwide Magazine

January 2026 Issue

Huntington Bancshares has announced plans to acquire Cadence Bank in an all-stock transaction valued at $7.4bn, creating one of the top 10 regional banking institutions in the US.

Under the definitive agreement, Huntington will issue 2.475 shares of its common stock for each outstanding share of Cadence common stock. Based on Huntington’s closing price of $16.07 on 24 October 2025, the consideration equates to $39.77 per Cadence share.

The acquisition will provide Huntington with a significant presence in high-growth markets including Houston, Dallas, Fort Worth, Austin, Atlanta, Nashville, Orlando and Tampa. The combined entity will operate in 12 of the 25 largest metropolitan statistical areas in the country, including six of the 10 fastest-growing metropolitan statistical areas.

“Cadence Bank’s relationship-first, community-based approach to banking aligns very well with our values and local approach to banking,” said Brant Standridge, president of consumer and regional banking at Huntington. “We are excited to bring our broad range of capabilities, products and services to Cadence’s customers and communities through local bankers, local decision making, local relationships and local community engagement and investment.”

Huntington has committed to continuing Cadence’s legacy of community support through local partnerships, investment and engagement. It will also maintain Cadence’s philanthropic commitments to organisations across its footprint, including its longstanding support for the Tupelo community and the state of Mississippi.

“We have 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,” said James D. Rollins III, chairman and chief executive of Cadence Bank. “This is a defining moment for Cadence Bank and we are 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.”

Upon completion of the transaction, Mr Rollins will join Huntington as non-executive vice chairman of the board of Huntington Bancshares Incorporated and will also serve as a director of Huntington Bancshares Incorporated and The Huntington National Bank. Two additional Cadence board members will be invited to join Huntington’s board.

The deal is expected to close in the first quarter of 2026, subject to regulatory approvals, shareholder approval and customary closing conditions. Following completion, Cadence Bank branches will operate under the Huntington Bank name and brand.

Evercore is acting as financial adviser to Huntington, with Wachtell, Lipton, Rosen & Katz serving as legal counsel. BofA Securities also advised Huntington. Keefe, Bruyette & Woods, a Stifel company, is acting as financial adviser to Cadence, with Sullivan & Cromwell LLP providing legal counsel.

Analysts expect the combined bank to achieve significant cost synergies, primarily through technology integration and branch optimisation. Huntington anticipates annual pre-tax cost savings of approximately $500m within three years of closing. The market responded positively to the announcement, with Huntington’s shares rising 2.3 percent on the day of disclosure, reflecting investor confidence in the strategic rationale behind the deal.

Analysts note that the deal reflects a broader trend of consolidation among regional banks, driven by rising compliance costs, competitive pressure from fintech firms and the need for scale to invest in digital transformation. The combined institution is expected to leverage advanced technology platforms to enhance efficiency and customer experience.

“This is an important next phase of growth for Huntington,” said Steve Steinour, chairman, president and chief executive of Huntington Bancshares. “This partnership will extend the reach of our full franchise and into new, high-growth markets for which we have a powerful playbook. This acquisition represents a significant step on our journey to be the leading people-first, customer-centred bank in the country.”

Fraser Tennant