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.”

Banking Industry in a Wave of Consolidation

The Huntington–Cadence merger comes amid a flurry of consolidation across U.S. banking, as regional lenders join forces to withstand growing competition from digital-first players and shifting customer expectations.

The deal ranks among 2025’s largest, second only to Fifth Third’s $10.9 billion acquisition of Comerica earlier this month, and following Pinnacle Financial Partners’ $8.6 billion merger with Synovus Financial Corp. in July.

This wave of deals reflects a sector under transformation — one where scale, technology, and regional dominance are key to survival.

A Legacy Bank Enters a New Era

Cadence Bank, with over 390 branches across nine Southern states, has long been a cornerstone of regional banking. Huntington emphasized that all Cadence branches will remain open, with additional investments planned to bolster operations.

As part of the integration, Cadence CEO Dan Rollins will become Huntington’s nonexecutive vice chair and board director, ensuring continuity and leadership stability.

“We’ve been delivering for our customers and communities for 150 years,” Rollins said. “Partnering with Huntington will help us do even more to support those we serve. This is a defining moment for Cadence Bank.”

Advisers Behind the Billion-Dollar Deal

Evercore and BofA Securities are serving as financial advisers to Huntington, while Keefe Bruyette & Woods is advising Cadence.

Huntington’s legal team at Wachtell Lipton Rosen & Katz is led by Edward D. Herlihy, Nicholas G. Demmo, and Brandon C. Price, joined by partners Michael J. Schobel, Richard K. Kim, and Joshua M. Holmes.

On the other side, Sullivan & Cromwell LLP’s lineup features top-tier partners H. Rodgin Cohen, Mitchell S. Eitel, Marc Treviño, Jameson S. Lloyd, and Mehdi Ansari.

A Defining Moment in Regional Banking

Once finalized, the merger will not only reshape Huntington’s balance sheet but also redefine the competitive landscape across the Southern and Midwestern U.S.

With this acquisition, Huntington is betting big on regional expansion, resilience, and reinvention, signaling that the race for America’s next banking giant has just intensified.