Huntington Bancshares To Buy Cadence Bank In $7.4 Billion All-Stock Deal: Report
Synopsis
Huntington CEO Steve Steinour told The Wall Street Journal that the acquisition represents an “important next stage” for the bank as it expands its footprint in the South.
Huntington Bancshares (HBAN) has reportedly reached an all-stock deal to acquire Cadence Bank (CADE) for $7.4 billion.
Huntington CEO Steve Steinour told The Wall Street Journal that the acquisition represents an “important next stage” for the bank as it expands its footprint in the South. According to the report, the combined company will have approximately $276 billion in assets. The acquisition will strengthen Huntington’s reach in high-growth markets such as Texas, where it recently completed a separate acquisition of Dallas-based Veritex Holdings, the report added.
Steinour noted that the two banks had been in conversation for nearly four months before the deal was finalized. “I do think there will be more [deals],” said Steinour, adding that the regulatory environment is “constructive”.
Get updates to this developing story <directly on Stocktwits.<
Read also: Ethereum Outperforms Bitcoin As Retail Sentiment Improves Ahead Of Fed Rate Decision, Trump-Xi Meeting This Week
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
Stay updated with all the latest Business News, including market trends, Share Market News, stock updates, taxation, IPOs, banking, finance, real estate, savings, and investments. Track daily Gold Price changes, updates on DA Hike, and the latest developments on the 8th Pay Commission. Get in-depth analysis, expert opinions, and real-time updates to make informed financial decisions. Download the Asianet News Official App from the Android Play Store and iPhone App Store to stay ahead in business.