Huntington Bank has announced a definitive agreement to acquire Cadence Bank in a transaction valued at $7.4 billion. The deal significantly expands Huntington's presence into the southern United States and Texas, creating a banking network that will span 21 states.
The acquisition brings Cadence, a regional bank with $53 billion in assets, under the umbrella of the Columbus-based Huntington, which holds $223 billion in assets. The move is expected to reshape the banking landscape in several southern states.
Key Takeaways
- Huntington Bank will acquire Cadence Bank for approximately $7.4 billion.
- The deal expands Huntington's operations from 14 to 21 states, adding a significant presence in Texas and the South.
- Huntington has committed to keeping all of Cadence's more than 390 branch locations open.
- Following the merger, Huntington will become the largest bank in Mississippi by deposits and a top-ten bank in Alabama and Arkansas.
- The transaction is expected to close in the first quarter of 2026, with rebranding to follow.
A Strategic Push into Southern Markets
The acquisition marks a major strategic expansion for Huntington Bancshares. By integrating Cadence Bank, Huntington gains immediate and substantial entry into several high-growth markets across the southern United States. Cadence currently operates over 390 locations in nine states, including Texas, Mississippi, Alabama, and Florida.
This move positions Huntington to become a dominant player in the region. Upon completion, the bank will hold the number one position in Mississippi by deposit market share. It will also rank among the top ten banks for deposits in both Alabama and Arkansas, establishing a strong foothold in communities where it previously had no presence.
Steve Steinour, Chairman, President, and CEO of Huntington, described the deal as a crucial step in the bank's growth strategy. "This partnership will extend the reach of our full franchise to 21 states—stretching from the Midwest to the South to Texas—and into new, high-growth markets for which we have a powerful playbook," he stated.
Expanding the Footprint
Prior to the deal, Huntington's network of over 1,000 branches was concentrated in 14 states, primarily in the Midwest. The acquisition of Cadence adds Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Missouri, Tennessee, and Texas to its operational map, creating a more geographically diverse institution.
Details of the Merger Agreement
The $7.4 billion transaction is structured to combine two significant regional banks into a larger, more competitive entity. The merger is subject to customary closing conditions, including regulatory approvals and the approval of shareholders from both companies.
Officials have outlined a clear timeline for the integration process. The deal is expected to be finalized in the first quarter of 2026. Following the legal closure, the operational conversion and rebranding of Cadence Bank branches to the Huntington name and brand are scheduled for the second quarter of 2026.
By the Numbers: A Combined Force
- Huntington Assets: $223 billion
- Cadence Assets: $53 billion
- Combined States: 21
- Transaction Value: $7.4 billion
- Cadence Branches: Over 390
Commitment to Communities and Customers
A key aspect of the announcement was Huntington's commitment to maintaining existing infrastructure. The company confirmed it has no plans to close any of Cadence's branches, a move aimed at ensuring a smooth transition for customers and employees. This strategy preserves local banking access and retains the community relationships Cadence has built.
This approach aligns with Huntington's stated goal of being a "people-first, customer-centered bank." By retaining the physical branch network, Huntington signals its intent to invest in the new communities it will serve rather than consolidating its footprint.
Leadership Voices Confidence in the Future
Leaders from both banks have expressed strong optimism about the merger's potential to deliver value to customers, employees, and shareholders. They emphasized a shared culture of relationship-focused banking as a core strength of the combined organization.
"This is a defining moment for Cadence Bank and we’re confident this alignment will create lasting value across our footprint and beyond," said James D. “Dan” Rollins III, Chairman and CEO of Cadence Bank. "Together, we will continue to prioritize relationship-first banking while unlocking new opportunities for growth and innovation."
Steinour echoed this sentiment, highlighting the opportunities in the new markets. "Today’s announcement represents a significant step on our journey to be the leading people-first, customer-centered bank in the country," he added.
The merger combines Huntington's long history, dating back to 1866, with Cadence's deep roots in the southern U.S. As the integration proceeds over the next two years, customers will be watching to see how the combined bank leverages its expanded scale to enhance services and community investment.
