Major U.S. bank set to purchase smaller competitor for $7.4 billion

Huntington Bank’s Expansion Plans

A prominent U.S. bank is set to grow. Huntington Bank recently revealed that it has entered into an agreement to acquire Cadence Bank, a regional bank valued at $53 billion and based in Houston, Texas, along with Tupelo, Mississippi. The acquisition is priced at $7.4 billion.

Cadence boasts over 390 locations across Texas and the southern United States, which will considerably enhance Huntington’s presence in Texas. Once this deal is finalized, Huntington will emerge as the top bank in Mississippi and will rank among the top ten banks in Alabama and Arkansas based on deposits.

Steve Steiner, the chairman, president, and CEO of Huntington Bancshares, remarked, “This marks a crucial phase of growth for Huntington.” He emphasized that the partnership will broaden their franchise to 21 states, spanning from the Midwest to Texas, enabling them to reach new, high-growth markets. “Today’s announcement is a significant milestone in our aim to be the nation’s leading, customer-centric bank.”

Cadence has operations in several states, including Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Missouri, Tennessee, and Texas. Huntington has stated its intention to preserve Cadence’s branch network without any closures.

James D. “Dan” Rollins III, Chairman and CEO of Cadence Bank, expressed confidence in the deal. “This collaboration is pivotal for Cadence Bank, and we believe it will generate lasting value throughout our network and beyond. Together, we’ll continue to focus on relationship-oriented banking while exploring new avenues for growth and innovation.”

The transaction is anticipated to conclude in the first quarter of 2026, and following that, scheduled for the second quarter of 2026, Cadence Bank’s branches and teams will operate under the Huntington brand.