Huntington Bancshares to buy Cadence Bank in $7.4bn deal

Core Viewpoint - Huntington Bancshares has agreed to acquire Cadence Bank for $7.4 billion, enhancing its market presence and growth potential in the southern US [1][4]. Group 1: Acquisition Details - Cadence Bank, with $53 billion in assets, will be acquired through an exchange of 2.475 shares of Huntington's common stock for each Cadence share, based on a closing price of $16.07 on October 24, 2025 [1]. - The acquisition is expected to be completed in the first quarter of 2026, pending regulatory and shareholder approvals [1]. Group 2: Leadership and Integration - Upon closing, Cadence Bank's chairman and CEO, James D. "Dan" Rollins III, will become the non-executive vice chairman of Huntington's board, with two additional Cadence members joining the board [2]. - Cadence's teams and branches will be rebranded under the Huntington name, anticipated in the second quarter of 2026 [2]. Group 3: Strategic Growth and Market Expansion - Huntington aims to maintain Cadence's community support initiatives and philanthropic commitments, indicating a focus on customer-centric growth [3]. - The acquisition will extend Huntington's reach to 21 states, enhancing its presence in high-growth markets such as Texas, particularly in major cities like Dallas and Houston [3][4]. - Post-acquisition, Huntington will operate in 12 of the top 25 metropolitan statistical areas in the US, with total assets of $276 billion and deposits of $220 billion [5]. Group 4: Financial Advisory - Evercore and BofA Securities served as financial advisors to Huntington, while Keefe, Bruyette & Woods acted as the financial advisor for Cadence [6].