Huntington Bank, which recently closed on the $1.9 billion deal for Dallas-based Veritex Community Bank, announced Monday it will expand its Texas presence with the acquisition of Texas- and Mississippi-based Cadence Bank for $7.4 billion.
Cadence, which has $53 billion in assets, has dual headquarters in Houston and Tupelo, Mississippi. The bank has about 390 branches and 1 million customers across Texas, Mississippi, Alabama, Arkansas, Florida, Georgia, Louisiana, Missouri and Tennessee, including two loan production offices in Fort Worth.
With the addition of Cadence, Columbus, Ohio-based Huntington, in conjunction with the recently closed acquisition of Veritex Community Bank, will have the fifth-largest deposit market share in Dallas, the fifth-largest deposit market share in Houston, and the eighth-largest deposit market share across the Lone Star State…