Huntington Bank $7.4 Billion Acquisition

Huntington Bank has received the final regulatory approval for its $7.4 billion acquisition of Cadence Bank. The Office of the Comptroller of the Currency (OCC) granted approval on Monday, marking the last step before the deal is finalized. Huntington expects the acquisition to close on February 1, 2026. Following the closure, the bank will begin systems conversions in the second quarter of 2026.

The approval timeline was swift, with the OCC’s green light coming just 56 days after Huntington announced its intention to acquire Cadence. This is notably faster than many other major banking deals in recent years, such as PNC’s acquisition of FirstBank, which took 94 days for approval, and the Pinnacle-Synovus merger, which took 124 days.

Huntington Bank’s Expansion and Market Positioning

The approval of the Huntington-Cadence deal will create a $276 billion-asset bank, expanding Huntington’s footprint to 21 states. This acquisition will significantly increase Huntington’s market presence, giving it the fifth-largest deposit market share in Dallas, fifth in Houston, and eighth across Texas. It also bolsters the bank’s position in several other states, including Mississippi, Alabama, Arkansas, Florida, Georgia, Louisiana, Missouri, and Tennessee.

Cadence, which has dual headquarters in Tupelo, Mississippi, and Houston, is the second Texas-based bank Huntington has acquired in recent months. Huntington’s previous acquisition of Dallas-based Veritex Community Bank, worth $1.9 billion, was announced in July 2025. By acquiring Cadence, Huntington will gain $53 billion in assets, 390 branches, and 1 million customers.

A Busy Year for Cadence and Huntington’s Strategic Moves

The acquisition of Cadence wraps up a busy year for the Mississippi-based bank. In April 2025, before entering the agreement with Huntington, Cadence acquired Industry Bancshares, which operates six Texas community banks. For Huntington, the acquisition is part of a broader strategy to grow its presence across the southeastern U.S. and Texas, two regions experiencing significant population and business growth.

The regulatory approval of the Huntington-Cadence deal is a stark contrast to the more prolonged approval process under the Biden administration. For example, the $5.2 billion merger of Columbia Banking System and Umpqua Bank took more than 16 months to gain approval, while Capital One’s $35.3 billion acquisition of Discover took 14 months under a mix of both Trump and Biden administration oversight.

The Huntington Bank-Cadence Bank acquisition represents a major milestone in the banking industry, accelerating Huntington’s growth while expanding its presence in key markets. The deal reflects the ongoing trend of consolidation in the financial sector, with larger banks making strategic moves to expand their geographic footprint and customer base.