Another week means another bank consolidation.
Columbus, Ohio-based Huntington Bancshares said Monday that it is acquiring Cadence Bank in a stock swap valued at about $7.4 billion. Cadence — with dual headquarters in Houston and Tupelo, Miss. — has more than 390 locations across Texas and the South. Huntington operates more than 1,000 branches many of which are in some of the fastest-growth areas of the country and has about $223 billion in assets.
Wachtell, Lipton, Rosen & Katz provides outside legal counsel to Huntington, while Evercore and BofA Securities serve as financial advisors. Sullivan & Cromwell is Cadence’s outside counsel and Keefe, Bruyette & Woods is the financial advisor to the bank, which has about $53 billion in total assets.
Cadence’s Houston-based chief legal officer is Shanna Kuzdzal, who replaced the bank’s longtime in-house leader Chuck Pignuolo in 2023 when he retired. Previously the senior executive vice president and general counsel of Stellar Bancorp, Kuzdzal also worked as senior vice president and associate general counsel at Prosperity Bank. Before that, the 2004 graduate from University of Texas School of Law was a corporate and securities attorney in Bracewell’s Houston office.
In July, The Lawbook reported Huntington bought Dallas-based Veritex for $1.9 billion in another all-stock deal, and on Monday Chairman, President and CEO Steve Steinour said Huntington now has a presence in 21 states.
“This is an important next phase of growth for Huntington,” Steinour said. “This partnership will extend the reach of our full franchise from the Midwest to the South to Texas and into new, high-growth markets for which we have a powerful playbook. Today’s announcement represents a significant step on our journey to be the leading people-first, customer-centered bank in the country.”
The companies said Cadence shareholders will receive 2.475 shares of Huntington for each share held. Huntington expects the transaction to immediately add to earnings and close by the end of the second quarter.
Huntington said the acquisitions of Cadence – which was founded in Verona, Miss., in 1876 – and Veritex have helped it become one of the largest banks in Dallas, Houston and across the Lone Star State. With the Cadence deal, Huntington also becomes the largest bank in Mississippi and a top 10 bank in both Alabama and Arkansas by deposits.
Cadence Bank Chairman and CEO James D. “Dan” Rollins III will join Huntington as non-executive vice chairman, and two other Cadence directors will be invited to join the Huntington board.