New York, February 2, 2026, 09:12 EST — Premarket
Cadence Bank shares have effectively disappeared from the market following the completion of its acquisition by Huntington on Feb. 1. According to a filing with the U.S. Securities and Exchange Commission, each Cadence share was converted into the right to receive 2.475 shares of Huntington common stock.
The buyer noted the deal instantly boosts its footprint across Texas and the South, making it the eighth-largest bank in Texas and the top deposit holder in Mississippi. Steve Steinour described the merger as a “springboard for growth” in key expanding markets. Huntington Bancshares Incorporated
Cadence shares last traded at $42.11, slipping roughly 1% from the previous close. Huntington shares, meanwhile, edged up 0.7% in premarket, hitting $17.48. That fixed swap ratio suggests roughly $43.26 for each former Cadence share, not counting any cash paid instead of fractional shares.
The $7.4 billion all-stock deal was unveiled in October as Huntington aims to expand beyond its Midwest roots into faster-growing Sun Belt regions. Since it’s an all-stock transaction, investors receive shares instead of cash, meaning the deal’s value fluctuates with the buyer’s stock price.
Huntington assured customers that Cadence clients will continue banking at their current branches, with account conversions to Huntington’s systems slated for mid-2026. The bank also named three former Cadence directors to its board, including Cadence CEO James D. “Dan” Rollins III, who will serve as non-executive vice chairman. PR Newswire
The exchange ratio works both ways for former Cadence shareholders. They get a set number of Huntington shares, but the cash value will fluctuate with Huntington’s stock price. The merger paperwork also makes clear that no fractional Huntington shares will be handed out; instead, cash will cover any fractions.
Traders will turn to Huntington’s first quarterly results post-merger. The bank has set its Q1 2026 earnings release for April 23, 2026, before markets open.
Investors are also focused on the operational handover. Huntington announced last year that Cadence branches and teams will run under the Huntington name and brand once the conversion takes place, which is slated for the second quarter of 2026.
Related articles: NASDAQ:HBAN
