Huntington Bancshares in its $7.4 billion acquisition of Cadence Bank

On October 27, 2025, Huntington Bancshares (NASDAQ: HBAN) and Cadence Bank (NYSE: CADE) announced that they have entered into a definitive merger agreement under which Huntington will acquire Cadence in an all-stock transaction valued at $7.4 billion.  Huntington will become the tenth largest bank in the U.S. with approximately $276 billion in assets and become a Category III banking organization.

The transaction marks a significant milestone in Huntington’s growth strategy and builds on its history of successful acquisitions including the recent Veritex acquisition which closed in record time.  The transaction will provide substantial scale in Texas and add 8 new states to Huntington’s footprint spanning from the Midwest to the South to Texas, creating a platform for further organic investment and growth.

The transaction is uniquely structured as a bank to bank merger that only requires regulatory approval from the OCC due to Cadence not having a bank holding company.  Cadence shareholders will own 23% of the pro forma company and three Cadence directors will join the Huntington Board at closing, including Cadence’s CEO who will be appointed non-executive Vice Chair.

Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Huntington.