Huntington Bancshares To Buy Cadence Bank In $7.4 Billion All-Stock Deal: Report

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”.

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