Deal with Ohio entity is “significant” for Mississippi
In a move that made national financial headlines when the market opened on Monday, October 27, the announcement was made that Tupelo-based Cadence Bank will be acquired by Huntington Bank, based in Columbus, Ohio, pending regulatory approvals and other customary closing conditions.
With more than 390 locations across Texas and the South, the addition of Cadence marks a significant milestone in Huntington’s strategic growth. The partnership will give Huntington a foothold in high-growth markets—including Houston, Dallas, Fort Worth, Austin, Atlanta, Nashville, Orlando and Tampa.
The announcement included news of Huntington’s intent to acquire Cadence in a $7.4 billion, all-stock transaction expected to close in the first quarter of 2026.
For Huntington, it’s the second Texas-related acquisition this year for $223 billion-asset Ohio regional bank. Just a few weeks prior to the Cadence deal, Huntington had also acquired Dallas-based Veritex Community Bank for $1.9 billion. The deal will now make Huntington the top bank in Mississippi and a top 10 bank in Alabama and Arkansas by deposits.
Cadence, which has $53 billion in assets, has dual headquarters in Houston and Tupelo, consists of some 390 branches and 1 million customers across Texas, Mississippi, Alabama, Arkansas, Florida, Georgia, Louisiana, Missouri and Tennessee.
According to press reports issued from Huntington, acquiring Cadence would now create a top 10 bank with $276 billion in assets and $220 billion in deposits and expand the Ohio lender’s footprint to 21 states, including Mississippi.
“We’re excited for the opportunity to build on Cadence Bank’s legacy of relationship-first, community-based banking,” said Brant Standridge, Huntington Senior Executive Vice President and President, Consumer and Regional Banking in an exclusive statement given to the Mississippi Business Journal. “Our partnership is about more than expanding our footprint, it’s about investing in Mississippi’s future and supporting local businesses and communities, just as Cadence has for 150 years. Together, we will continue to prioritize the communities we serve while unlocking new opportunities for growth.”
After the transaction is formally completed, Cadence CEO James D. “Dan” Rollins III will become a non-executive Vice Chairman of Huntington Bancshares Incorporated’s Board of Directors, as well as a Director of Huntington Bancshares Incorporated and The Huntington National Bank. Two additional members from Cadence will be invited to join Huntington’s Board, the Ohio lender reported.
“Partnering with Huntington will help us do even more to support those we serve,” said Rollins in a release at the time of the announcement. “This is a defining moment for Cadence Bank and we’re confident this alignment will create lasting value across our footprint and beyond. Together, we will continue to prioritize relationship-first banking while unlocking new opportunities for growth and innovation.” The bank is also slated to make major expansions in the Carolinas during the next year.
In an interview with MBJ, Rollins—who came to Tupelo in 2012 from his home of Houston to take over for the retiring Mississippi banking legend, Aubrey Patterson, at Cadence—said he had spent a good bit of time with Huntington’s CEO, Steve Steinour, prior to the deal being finalized.
“We had several preliminary discussions and positive meetings and I noted the compatibility and sharing of visions,” said Rollins. “I even accompanied Steve and members of Huntington’s team to some of their smaller branches around the country over the summer in order to get a feel of how they worked and dealt with customers in such markets. I came away impressed and feeling very positive about moving forward.”
While Rollins admitted there will be some acclimations and a period of adjustment when the systems conversion is expected to be completed in the second quarter of 2026, he is excited about what is ahead. Cadence Bank teams and branches will adopt the Huntington Bank name and brand—and style.
“Cadence sees this as a wonderful opportunity for growth and for providing even more services to our customers and value to our shareholders,” said Rollins. “Here at Cadence, we’ve always referred to our employees as ‘teammates’, while Huntington uses the term ‘colleague.’ That’s a minor point, of course, and all banks have their own vocabulary. But the goals and mission of top-notch service and growth is the common denominator. They’re a ‘people first’ organization, and that certainly fits in with the Cadence philosophy, which we’ve been nationally recognized for. That will stay the same.”
Rollins said the merger becomes “official” in the first quarter of 2026, with the name change—or conversion day—from Cadence to Huntington occurring at a later point in the year, probably in June. “That’s when our customers will first see a difference, as we move on to Huntington’s computer system,” said Rollins, who will thereafter become Vice Chairman at the combined board level of the bank.
“After appearing on CNBC, Fox Business and many other media outlets on the morning of the announcement, (Huntington CEO) Steve, along with 16 of his top executives—including Brant flew down to Mississippi that afternoon,” said Rollins. “We then went to Jackson to have a meeting with Governor Tate Reeves right after lunch. He wanted to know what the news meant for Mississippi going forward and, upon talking to us, was very excited about the future.”
Huntington will now be the 10th largest bank in the United States and, as Rollins noted and conveyed in the meeting to Governor Reeves, will be able to provide the state with many more resources. “We’ll be able to do so much more given our increased size and scope,” said Rollins.