In one of 2025’s most powerful banking shakeups, Huntington Bancshares Inc. announced Monday that it will acquire Cadence Bank in a $7.4 billion all-stock transaction, advised by Wachtell Lipton Rosen & Katz for Huntington and Sullivan & Cromwell LLP for Cadence.
The agreement — slated to close in the first quarter of 2026 — will see Huntington issue 2.475 shares of its common stock for each Cadence share, valuing the deal at $39.77 per share based on Friday’s closing price.
The move solidifies Huntington’s strategy to expand its southern reach and compete head-to-head with larger national banking giants.
Expanding the Map: From the Midwest to the Deep South
The acquisition pushes Huntington’s footprint deep into the South, instantly elevating its status among top deposit holders across several booming markets.
When complete, the merger will make Huntington the fifth-largest bank by deposits in Dallas and Houston, the eighth-largest in Texas, first in Mississippi, and among the top 10 in Alabama and Arkansas.
The combined entity will also plant roots in rapidly growing cities such as Austin, Atlanta, Nashville, Orlando, and Tampa, spanning 21 states and 12 of the top 25 U.S. metro areas — a major leap from its current territory.
“This is an important next phase of growth for Huntington,” said Chair and CEO Steve Steinour. “This partnership will extend the reach of our full franchise into new, high-growth markets for which we have a powerful playbook.”
