Huntington Bancshares Buying Cadence Bank for $7.4 Billion

Huntington Bancshares is buying regional lender Cadence Bank in an all-stock deal valued at $7.4 billion.

Huntington said that once the deal closes, it will become the No. 1 bank in Mississippi and a top-10 bank in both Alabama and Arkansas by deposits. (Photo: PR Newswire)

Cadence, which has headquarters in Houston, Texas, and Tupelo, Mississippi, operates more than 390 locations across Texas and the South. It runs branches in Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Missouri, Tennessee, and Texas, Michelle Chapman reported for the Associated Press (AP).

Huntington operates more than 1,000 branches across 14 states.

It is typically referred to as a super-regional bank — a group of large national banks significant in size, often with hundreds of billions in assets and hundreds of branches, but smaller than banking giants such as Wells Fargo, Bank of America, and JPMorgan Chase, whose scale the super-regionals cannot replicate.

Super-regional banks have been growing considerably in recent years to better compete with Wall Street titans in various businesses. For example, Capital One bought Discover Financial, creating the nation’s largest credit card company.

Huntington Bancshares acquired Detroit’s TCF Bank in 2021.

And last month, PNC Financial announced plans to buy Colorado-based FirstBank for $4.1 billion. Huntington said that once the deal closes, it will become the No. 1 bank in Mississippi and a top-10 bank in both Alabama and Arkansas by deposits.