Huntington’s $7.4B Cadence deal gets regulatory sign-off

Core Viewpoint - Huntington Bank's acquisition of Cadence Bank for $7.4 billion has received the final regulatory approval needed, with the transaction expected to close on February 1 [1] Group 1: Acquisition Details - The acquisition will create a bank with $276 billion in assets and expand Huntington's presence to 21 states [5] - The deal will enhance Huntington's market share, making it the fifth-largest deposit market holder in Dallas and ranking fifth in Houston and eighth across Texas [5] - Huntington will gain an additional $53 billion in assets, 390 branches, and 1 million customers across multiple states including Texas, Mississippi, and Alabama [7] Group 2: Regulatory Approval Process - The approval from the Office of the Comptroller of the Currency (OCC) came 56 days after Huntington announced its intention to acquire Cadence, indicating a swift regulatory process [2] - This quick turnaround contrasts with the longer approval times seen under the Biden administration, where similar deals took significantly longer [8] - Among four banking deals valued at $4 billion or more proposed between July and October, only Fifth Third's $10.9 billion acquisition of Comerica is still awaiting final regulatory approval [4]