Huntington to buy Cadence in $7.4B deal

Huntington Bancshares will acquire Cadence Bank in an all-stock deal worth $7.4 billion, creating a top-ten bank with $276 billion in assets and $220 billion in deposits. Cadence holders will receive 2.475 Huntington shares per share, valuing the offer at $39.77. The bank raised its medium-term ROTCE target to 18%–19% on expense synergies and enhanced earnings potential, and will expand to 21 states, including Houston, Dallas, Fort Worth and Austin. Cadence shares rose about 2% premarket as Huntington fell 4%. First reported by the Wall Street Journal, the deal is expected to close in Q1 2026.