Cadence Bank to be acquired

Cadence Bank (NYSE: CADE), which operates four branches in Springfield, is set to be acquired in an all-stock deal valued at $7.4 billion.

Columbus, Ohio-based Huntington Bancshares Inc. (Nasdaq: HBAN) inked a deal to buy Cadence Bank, with headquarters in Houston, Texas, and Tupelo, Mississippi, according to a news release. Cadence Bank branches would transition to the Huntington Bank name through the deal, which is expected to close in first quarter 2026 and fully convert in second quarter 2026.

"This partnership will extend the reach of our full franchise to 21 states – stretching from the Midwest to the South to Texas – and into new, high-growth markets for which we have a powerful playbook," said Steve Steinour, chair, president and CEO of Huntington Bancshares, in the release.

Cadence Bank in 2021 combined with Tupelo, Mississippi-based BancorpSouth Bank (NYSE: BXS), with Cadence as the surviving name, according to past Springfield Business Journal reporting. 

The combined Huntington and Cadence entity would have assets of $276 billion and deposits of $220 billion, according to the release.

"We've been delivering for our customers and communities for 150 years, and partnering with Huntington will help us do even more to support those we serve," said James D. "Dan" Rollins III, chair and CEO of Cadence Bank, in the release. "This is a defining moment for Cadence Bank, and we're confident this alignment will create lasting value across our footprint and beyond."

CADE shares were trading at $37.74 as of 10:32 a.m., compared with a 52-week range of $25.22 to $40.23 per share. HBAN shares were trading at $15.48, compared with a 52-week range of $11.92 to $18.45 per share.