COLUMBUS, Ohio (AP) — Huntington Bancshares said Monday it will acquire Cadence Bank in an all-stock deal valued at $7.4 billion, expanding the Columbus-based lender’s presence across the southern United States.
The acquisition is expected to close in the first quarter of 2026, according to a news release from Huntington. After the deal closes, Huntington would become the largest bank in Mississippi and a top-10 bank by deposits in Alabama and Arkansas.
Cadence Bank, which has approximately $53 billion in assets, is headquartered in Houston and Tupelo, Mississippi. The regional lender operates 390 branches across Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Missouri, Tennessee and Texas. The companies said no branch closures are planned, and Cadence locations are expected to transition to the Huntington brand in 2026.
The acquisition will expand Huntington’s footprint to 21 states across the Midwest and South. Huntington currently operates more than 1,000 branches in 14 states.
“The announcement represents a significant step on our journey to be the leading people-first, customer-centered bank in the country,” Huntington chairman, president and CEO Steve Steinour said in a statement.
Following the acquisition, Huntington will rank among the nation’s top 10 banks with $276 billion in assets and $220 billion in deposits. The Cadence deal follows Huntington’s recent acquisition of Veritex Community Bank, which operates in Texas.