Deal to create bank with $276 billion in assets
Cadence shares up 5%, Huntington falls 2.5%
Huntington eyes foothold in high-growth markets
(Reuters) – Columbus-based Huntington Bancshares agreed to buy smaller rival Cadence Bank for $7.4 billion in an all-stock deal on Oct. 27, underscoring a broader push by regional lenders to grow their footprint and compete with larger banks.
Dealmaking has gathered pace under the Trump administration, which has pledged to simplify and speed up merger approvals, while analysts say the highly fragmented U.S. banking system leaves ample room for consolidation.
Regional lenders are also pursuing mergers to diversify revenue, strengthen balance sheets and expand in faster-growing markets as they strive to compete with larger rivals.
The deal will create a bank with assets of $276 billion, deposits of $220 billion and $184 billion in loans and leases.
Columbus based Huntington buys Cadence Bank for $7.4 billion
