Huntington Bancshares to acquire Cadence Bank for $7.4B

Huntington Bancshares (HBAN) announced it has entered into a definitive agreement to acquire Cadence Bank (CADE), a $53B regional bank headquartered in Houston, Texas and Tupelo, Mississippi. Under the terms of the agreement, Huntington will issue 2.475 shares of common stock for each outstanding share of Cadence common stock in a 100% stock transaction. Based on Huntington’s closing price of $16.07 as of October 24, 2025, the consideration implies $39.77 per Cadence share or an aggregate transaction value of $7.4B. The transaction is expected to be 10% accretive to Huntington’s earnings per share, mildly dilutive to regulatory capital at close, and 7% dilutive to tangible book value per share with earn-back in three years inclusive of merger expenses. The transaction is expected to close in the first quarter of 2026, subject to regulatory approvals, approval by Huntington and Cadence shareholders and other customary closing conditions. Upon conversion, which is expected in the second quarter of 2026, Cadence Bank teams and branches will operate under the Huntington Bank name and brand.