New York, Feb 1, 2026, 06:15 (EST) — Market closed.
Huntington Bancshares Incorporated (HBAN) shares ended Friday 1.1% higher at $17.48 but slipped 0.5% in after-hours trading. Investors were digesting a new securities filing related to the bank’s upcoming merger with Cadence Bank. (Yahoo Finance)
Timing is key here, as Huntington informed regulators that the Cadence deal has cleared all necessary approvals and is set to close around Feb. 1, pending any last conditions. Once it closes, the related share issuance connected to the transaction will be triggered. (SEC)
Following shareholder approval in early January, CEO Steve Steinour described the vote as “an important milestone” for merging Huntington and Cadence, the company said. Steinour also highlighted that the deal would expand the footprint and “grow shareholder value,” according to the release. (Huntington Bancshares Incorporated)
A Nasdaq certification letter dated Jan. 30 confirmed the exchange’s approval to list and register the depositary shares, pending official issuance notice. Depositary shares act as tradeable receipts representing a portion of a preferred share; “perpetual” indicates no fixed maturity, while “non-cumulative” means missed dividends don’t accumulate.
The merger prospectus details the mechanics. Cadence’s Series A preferred stock, known on the NYSE as CADE-PrA, will convert into one depositary share equal to 1/1,000th of a new Huntington preferred share. Those depositary shares are slated to be listed on Nasdaq once the deal is finalized. (SEC)
HBAN’s jump on Friday came with a surge in volume: roughly 212 million shares changed hands, dwarfing the stock’s recent 50-day average of around 28 million. It outpaced JPMorgan Chase, Bank of America and Wells Fargo—despite the S&P 500 and Dow closing lower, according to MarketWatch data. (MarketWatch)
Bank shares found themselves caught in a tug-of-war over interest rates Friday. Stocks dropped worldwide after U.S. President Donald Trump nominated former Fed governor Kevin Warsh to head the Federal Reserve, Reuters reported. On top of that, producer-price inflation came in hotter than anticipated. “You’ve got uncertainty … you’ve got a new nominated chair,” said Terry Sandven, chief equity strategist at U.S. Bank Asset Management. (Reuters)
Huntington is still balancing growth against funding costs. On Jan. 22, the bank predicted record net interest income for 2026. Steinour noted the lender kicked off the year with “excellent momentum,” fueled by loan growth and wider margins. (Reuters)
The Cadence acquisition lies at the heart of this wager. Back in October, Huntington struck a $7.4 billion all-stock deal to buy Cadence, Reuters reported, as regional banks push for more scale and tap into faster-growing markets. (Reuters)
The setup isn’t straightforward. Delays in closing, integration costs running over budget, or a quicker drop in yields could all weigh on bank earnings forecasts. That’s particularly true if credit losses begin to tick up.
U.S. markets are closed Sunday, so all eyes will be on Monday’s session for official word on the Cadence merger closing and the start of trading for the new depositary shares. Then, on Feb. 6 at 8:30 a.m. ET, the Labor Department will drop the January jobs report — a crucial data point that could shake up bank stocks and rate expectations. (Bls)
