07:23 AM EDT, 10/27/2025 (MT Newswires) -- Huntington Bancshares ( HBAN ) said Monday it has agreed to acquire Cadence Bank ( CADE ) in a 100% stock transaction that values Cadence at $7.4 billion.

Under the terms of the definitive agreement, Huntington will issue 2.475 shares of its common stock for each outstanding share of Cadence. Based on Huntington's closing price of $16.07 on last Friday, the deal values Cadence at $39.77 per share, Huntington said.

Huntington said the transaction is expected to be 10% accretive to earnings per share, adding that the earn-back, including merger expenses, is expected within three years.

The deal is expected to close in the first quarter of 2026, Huntington said. Following the transaction, all Cadence branches and teams will operate under the Huntington Bank name and brand.

Huntington Bancshares ( HBAN ) shares were down more than 3% and Cadence Bank ( CADE ) shares were up more than 3% in recent Monday pre-bell activity.