NEW YORK, Feb 3, 2026, 09:11 EST — Premarket
Huntington Bancshares shares rose roughly 2.2% in premarket Tuesday after the bank completed its all-stock deal to acquire Cadence Bank, converting Cadence’s shares into Huntington stock claims. Cadence last traded at $42.11.
Cadence holders face a straightforward reality: the CADE trade has closed, shifting their stake into Huntington shares. The crucial figure here is the exchange ratio — how many shares of the buyer’s stock are given for each target share.
Huntington’s premarket price of $17.88, combined with the 2.475-for-1 exchange ratio, values each former Cadence share at roughly $44.25—excluding any cash paid for fractional shares. A few investors will receive small cash payouts instead of fractional Huntington shares, which might clutter portfolios briefly.
Huntington disclosed in a filing that the merger took effect on Feb. 1, absorbing Cadence into The Huntington National Bank and ending Cadence’s independent status. According to the filing, each Cadence common share held just before the effective time was exchanged for 2.475 shares of Huntington common stock, with cash paid out for any fractional shares.
Huntington reported issuing roughly 462 million shares as part of the merger consideration. It also converted Cadence’s Series A preferred stock into depositary shares linked to a new Huntington preferred series. The board now counts 15 directors, with three former Cadence directors joining, among them James D. “Dan” Rollins III.
Huntington announced the combined company will hold roughly $279 billion in assets, $221 billion in deposits, and $187 billion in loans, based on Dec. 31 figures. The bank also confirmed it will maintain Cadence’s 390-branch footprint without any closures. “We’re thrilled to welcome our new colleagues and customers from Cadence to Huntington,” CEO Steve Steinour said. Rollins described the deal’s completion as “a historic milestone.” (Huntington Bancshares Incorporated)
The tricky part remains: integrating systems, processes, and customer relationships across 21 states without dropping deposits or letting expenses spiral. Bank mergers often seem straightforward on paper but get messy during technology cutovers, when service glitches spike and customer losses become apparent.
The deal, unveiled in October, came in at roughly $7.4 billion. It promised the Ohio-based lender a quicker entry into Texas and other Southern markets. (Reuters)
Investors show little tolerance for promises of “eventually.” Integration expenses often climb steeply, and a single misstep in credit quality—particularly within commercial real estate or other cyclical loan portfolios—can overshadow any potential gains from scale.
Huntington’s next key event is its earnings report on April 23. Investors will be scrutinizing the first-quarter numbers for clues on expenses, deposit flows, and any unexpected issues from integration. (Huntington Bancshares Incorporated)
