Cadence Bank agreed to be acquired by Huntington Bancshares for $7.4 billion in an all-stock transaction.
The partnership will give Huntington the fifth-highest deposit market share in Dallas, the fifth-highest deposit market share in Houston and the eighth-highest deposit market share across Texas. Upon close, Huntington will become the number one bank in Mississippi and a top ten bank in both Alabama and Arkansas by deposits.
Headquartered in Houston, Texas and Tupelo, Mississippi, Cadence Bank is a $53 billion regional bank with more than 390 locations spanning the south and Texas. Cadence offers comprehensive banking, investment, trust and mortgage products and services.
Huntington Bancshares is a $223 billion asset regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, The Huntington National Bank and its affiliates provide consumers, small and middle‐market businesses, corporations, municipalities and other organizations with banking, payments, wealth management and risk management products and services. Huntington operates more than 1,000 branches in 14 states.
The S&C team that advised Cadence on the transaction includes Rodge Cohen, Mitch Eitel, Christopher Vantrease, Ashray Gautam and Jonathan Pock. Marc Treviño, Kristen Klein, Alexander Capogna and Matthew Nisi advised on executive compensation matters. Jameson Lloyd, James Jang and Alex Fang advised on tax matters. Mehdi Ansari, Grace Son and Megan Corbett advised on intellectual property matters.