Cadence Bank Set for New Ownership
Cadence Bank, with branches in numerous towns across southern Arkansas like Magnolia, is preparing for changes in ownership and branding.
Huntington Bancshares Incorporated from Columbus, Ohio, has announced its plans to acquire Cadence Bank, which is a regional bank with assets totaling $53 billion, headquartered in Tupelo, Mississippi, and Houston.
The acquisition adds to Huntington’s presence in Texas and the South, marking an important step in its growth strategy. Following this merger, along with the recent purchase of Veritex Community Bank, Huntington is expected to rank No. 5 in deposit market share in Dallas, No. 5 in Houston, and No. 8 across all of Texas.
Once the acquisition is finalized, Huntington will take the lead as the top bank in Mississippi and will rank among the top ten in Alabama and Arkansas based on deposits.
This deal will provide Huntington entry into flourishing markets like Houston, Dallas, Fort Worth, Austin, Atlanta, Nashville, Orlando, and Tampa, paving the way for future growth and investment. After the merger, Huntington will establish a presence in 12 out of the nation’s top 25 metropolitan areas, including six of the 10 fastest-growing regions.
Steve Steiner, chairman, president, and CEO of Huntington Bancshares, remarked, “This is a key phase for Huntington’s growth. This partnership extends our reach across 21 states, spanning the Midwest to the South and Texas, allowing us to tap into new, rapidly growing markets.” He added that the announcement is a vital move towards becoming the nation’s top customer-focused bank.
Cadence is among the largest regional banks within its operational areas, with branches in Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Missouri, Tennessee, and Texas. Huntington plans to enhance Cadence’s branch network while keeping all locations open.
James D. “Dan” Rollins III, chairman and CEO of Cadence Bank, expressed enthusiasm about the partnership, stating, “We’ve been dedicated to our customers and communities for 150 years, and joining forces with Huntington will help us serve them better. This is a transformative opportunity for Cadence.”
Once the merger is executed, Rollins will join Huntington as a non-executive vice chairman on its board, with two more members from Cadence also being invited to join.
Huntington has introduced its “Fair Play” philosophy in 2010, emphasizing transparent banking with no hidden fees. Cadence customers can look forward to access to Huntington’s array of products, including perks like 24-hour grace and early payments.
Huntington looks to continue supporting the community values that Cadence promotes, maintaining its philanthropic efforts in various regions.
The merger is anticipated to conclude in the first quarter of 2026, pending regulatory approvals and stockholder consent, among other standard conditions. Following the conversion set for the second quarter of 2026, Cadence’s branches will transition to operating under the Huntington Bank name.
Huntington will exchange 2.475 shares of common stock for each share of Cadence’s common stock in a fully stock-based transaction, amounting to approximately $39.77 per share, which sums up to a total deal value of $7.4 billion. The merger is projected to bolster Huntington’s earnings per share by 10%, though it may moderately affect its capital and result in a 7% dilution of its tangible book value over three years, including merger-related expenses.
