News Summary
Huntington Bancshares is set to acquire Dallas-based Veritex Holdings for $1.9 billion in an all-stock deal. This acquisition aims to strengthen Huntington’s presence in Texas, which is emerging as a key financial hub. Valued at $33.91 per share, this transaction will allow Huntington to enhance its commercial lending and capitalize on Texas’s economic growth, positioning it as a major player in the banking sector. The deal comes with an anticipation of regulatory approvals and is expected to close by early Q4 2025, with Veritex’s CEO moving into a role at Huntington post-acquisition.
Dallas Welcomes Big News in Banking: Huntington’s Bold Move to Acquire Veritex Holdings!
Well, folks, gather around because we’ve got some exciting news straight out of the Lone Star State! In a deal that’s making waves across Texas, Huntington Bancshares is gearing up to acquire the Dallas-based Veritex Holdings for a whopping $1.9 billion. This all-stock transaction could be a significant game-changer in the banking landscape of Texas!
The Numbers Behind the Deal
So, what’s the nitty-gritty? Huntington plans to issue 1.95 shares of its stock for each outstanding share of Veritex. That puts a value of $33.91 per share on Veritex, which is quite the sweet deal, considering it’s about 23.5% higher than Veritex’s last closing price. You might be thinking, “What’s happening with their stock?” Well, interestingly, after the announcement, Huntington’s shares dipped by 1.8%, while Veritex’s shares skyrocketed by 20%. Talk about a rollercoaster ride!
A New Chapter for Huntington
This acquisition is not just a random move; it signifies Huntington’s ambition to spread its wings across Texas, which is becoming one of the fastest-growing financial hubs in the country. With this deal, Texas will be stepping into the limelight as Huntington’s third-largest deposit state, boasting a loan portfolio of an impressive $15 billion within its borders.
As part of the acquisition, Huntington is looking to enhance its commercial lending and capital markets capabilities, making them more robust in a region filled with economic opportunities. It’s like saying, “Hey Texas, we’re here to stay!”
What About Veritex?
Now, Veritex is no small fish in this pond either! Established in 2010, this bank has grown to become one of the top 20 banks headquartered in Texas and currently operates over 30 branches with total assets reaching $13 billion. Their emphasis on community banking is something that’s resonated with customers, so it’ll be interesting to see how this merger maintains that community-focused approach.
Looking Ahead
What can we expect from this megadeal? The transaction is anticipated to close around early Q4 of 2025, but there are a few hoops to jump through first, including regulatory approvals and some customary closing conditions. But once everything is sorted, Veritex’s CEO, Malcolm Holland, is slated to take a non-executive role as chairman of Texas at Huntington. That’s a pretty sweet gig!
A Track Record of Expansion
This isn’t Huntington’s first rodeo when it comes to acquisitions; they previously bought out TCF Financial back in 2021, which expanded their reach into Minnesota and Colorado. Each acquisition seems to further solidify Huntington’s reputation as a serious contender in the banking arena.
Keeping Customers in Mind
And for those worried about what this will mean for the existing customers of both banks, fear not! Huntington has a solid strategy in place for minimizing disruption to customers and the communities they serve. It looks like they’re making sure everyone is on board for this exciting new journey.
In Conclusion
As we watch this story unfold, one thing is clear: the Texas banking scene is heating up, and Huntington Bancshares is making a big move to ensure they have a place at the table. Stay tuned, everyone! This is only the beginning of what promises to be a thrilling chapter in Texas finance!
Deeper Dive: News & Info About This Topic
- Banking Dive: Huntington to Buy Texas Bank Veritex for $1.9 Billion
- Reuters: Huntington Bancshares to Buy Veritex for $1.9 Billion Deal
- WFAA: Dallas-Based Veritex Bank Agrees to $1.9B Buyout
- Bloomberg: Huntington Agrees to Acquire Veritex for $1.9 Billion
- Wikipedia: Huntington Bancshares
Author: STAFF HERE SAN ANTONIO WRITER
The SAN ANTONIO STAFF WRITER represents the experienced team at HERESanAntonio.com, your go-to source for actionable local news and information in San Antonio, Bexar County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Fiesta San Antonio, San Antonio Stock Show & Rodeo, and Dia de los Muertos. Our coverage extends to key organizations like the Greater San Antonio Chamber of Commerce and United Way of San Antonio and Bexar County, plus leading businesses in retail, insurance, and energy that power the local economy such as H-E-B, USAA, and Valero Energy. As part of the broader HERE network, including HEREAustinTX.com, HERECollegeStation.com, HEREDallas.com, and HEREHouston.com, we provide comprehensive, credible insights into Texas's dynamic landscape.
