Huntington Strikes $7.4 Billion Deal to Expand in the South

Huntington Bancshares Inc. agreed to buy Cadence Bank for $7.4 billion, the Ohio bank’s second major acquisition this year to expand in southern and southeastern states and the latest in a string of deals among US regional lenders.

The acquisition will extend Huntington’s footprint to 21 states, stretching from the Midwest to the South to Texas, according to a statement Monday. The bank will add more than 390 Cadence locations, ranking it fifth by deposit market share in the fast-growing metropolitan areas of Dallas and Houston and No. 1 in Mississippi, according to the statement.