New York, Feb 1, 2026, 05:52 EST — Market closed.
- Cadence Bank shares dropped 1.7% on Friday, with trading volume spiking ahead of the planned merger close
- Huntington expects the deal to close around Feb. 1, pending any remaining conditions
- Traders are eyeing the spread on Huntington’s shares and waiting for any update on when CADE will halt trading
Cadence Bank shares (CADE) ended Friday down 1.7%, closing at $42.11. Roughly 80.6 million shares traded as investors adjusted ahead of its pending sale to Huntington Bancshares.
U.S. markets being closed for the weekend shifts attention to whether the deal clears its final hurdles and what lies ahead for CADE once trading restarts. Huntington revealed in a Jan. 23 filing that it has secured all necessary regulatory approvals. The merger is slated to close on or around Feb. 1, pending the remaining closing conditions.
The deal’s timing is crucial since it’s a stock-for-stock transaction. Chief Executive Steve Steinour described it as “an important next phase of growth for Huntington” when the announcement came out. Cadence CEO James D. “Dan” Rollins III called it “a defining moment for Cadence Bank.” Huntington Bancshares Incorporated
Huntington shares (HBAN) climbed 1.1% on Friday, closing at $17.48. Based on the fixed exchange ratio in the deal, this puts Cadence’s value around $43.26, about 2.7% under the price implied by HBAN’s close. That’s the kind of spread merger-arbitrage traders watch closely when wagering the deal will wrap up as planned.
Regional bank shares ended the week unevenly. The KBW Nasdaq Regional Banking Index dropped 0.13% on Friday.
The broader market dipped as well. The S&P 500 dropped 0.43% on Friday, with investors digesting President Donald Trump’s nomination of Kevin Warsh to head the Federal Reserve, plus earnings reports and inflation figures, Reuters reported.
Index-linked money could also play a role here. A FTSE Russell index notice highlighted adjustments related to the Huntington-Cadence deal, set to take effect from the opening of trading on Feb. 2, pending the merger’s completion.
But the final stretch can still catch you out. If the closing drags or the buyer’s shares wobble, Cadence’s price can veer off the implied deal value fast, leaving traders stuck holding the spread in a thin market.
Investors will be looking for clear signals now: official word that the merger has completed, plus details from exchanges or brokers about when CADE will cease trading and when HBAN shares will be distributed to shareholders. The earliest chance for this to affect prices is Monday, Feb. 2.
Related articles: NASDAQ:HBAN
