Huntington Bancshares Inc. has sealed a $1.9 billion all-stock deal to acquire Dallas-based Veritex Holdings Inc., a bold move that will supercharge the Midwestern bank’s ambitions deep in the heart of Texas.
Announced Monday, the transaction will issue 1.95 Huntington shares for each Veritex share, valuing Veritex stock at $33.91 — a nearly 20% premium over its recent trading price. Following the news, Veritex stock soared nearly 20% to $32.89 per share on Monday afternoon.
A Lone Star Expansion Strategy
The acquisition underscores Huntington’s aggressive pursuit of growth in Texas’ booming economy, with Dallas-Fort Worth and Houston serving as the launchpads for its regional expansion. Huntington already operates selectively in Texas through middle-market lending, SBA lending, and automotive finance. This deal adds fuel to that engine.
“This combination supports our ambitions and reflects our long-term commitment to the state of Texas — one of the most dynamic and fastest-growing economies in the country,” said Steve Steinour, chair, president and CEO of Huntington.
