Overview
- Cadence shareholders will receive 2.475 Huntington shares for each Cadence share in the all-stock transaction.
- Closing is targeted for the first quarter of 2026 pending shareholder and regulatory approvals, with management indicating only OCC approval is required and an application planned for next Monday.
- The combined franchise would extend to 21 states and 12 of the 25 largest U.S. metros, making Huntington the No. 1 bank in Mississippi and a top-10 bank in Alabama and Arkansas by deposits.
- Together with the recently completed Veritex acquisition, Huntington projects top-five deposit share in Dallas and Houston and eighth statewide in Texas.
- Cadence branches are slated to rebrand to Huntington in the second quarter of 2026; Cadence CEO Dan Rollins will become non-executive vice chair, and Huntington targets $365 million in cost savings and about 10% EPS accretion in 2027 as Huntington shares fell and Cadence shares rose on the news.