Huntington Bank Buying Rival
Columbus-based Huntington Bancshares will buy smaller rival Cadence Bank in an all-stock deal valued at $7.4 billion.
The deal will make Huntington a top 10 bank with $276 billion in assets, $220 billion in deposits, and $184 billion in loans and leases.
Cadence operates nearly 400 locations across Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Missouri, Tennessee, and Texas, with headquarters in Texas and Mississippi.
Huntington, which operates over 1,000 locations in 14 states, plans to keep all the Cadence branches open under the Huntington brand, expanding its reach to 21 states.
|