Huntington and Vertix Holdings Merge in $1.9 Billion Deal

Mergers in the US bank sector continued as Huntington Bancshares Incorporated, a top ten regional bank holding company headquartered in Columbus, Ohio, on Monday said that it has agreed to acquire Veritex Holdings, a bank holding company headquartered in Dallas, Texas in a $1.9 billion deal.

This acquisition accelerates Huntington’s strong organic growth in Texas by expanding its presence in Dallas/Fort Worth and Houston.  As of 31 March 2025, Veritex reported approximately $13 billion in assets, $9 billion in loans, and $11 billion in deposits.

Steve Steinour, Chairman, President and CEO of Huntington Bancshares, said that this combination supports their ambitions and reflects long-term commitment to the state of Texas, one of the most dynamic and fastest-growing economies in the country.

The Veritex team brings deep local relationships, a strong commercial banking franchise and customer loyalty, and this partnership will serve as a springboard for substantial future growth in the state, he said.

Veritex Holdings Chairman, President and CEO Malcolm Holland said that Veritex has always been a people and community focused bank and they have found a partner in Huntington Bank who shares and lives out those same values.

Holland will join Huntington in a non-executive role as Chairman of Texas and continue his work to serve local customers and communities.

Veritex, headquartered in Dallas, operates more than 30 branches across key Texas markets including Dallas/Fort Worth and Houston. Huntington plans to maintain Veritex’s branch network and invest to grow it over time.

Huntington has been serving customers and communities in Texas since 2009 and currently offers middle-market business banking solutions in the Dallas and Houston markets, including corporate banking and automotive finance.

The nation’s largest originator, by volume, of Small Business Administration (SBA) loans, Huntington was the top SBA lender in Texas in 2024.

Brant Standridge, President of Consumer & Regional Banking at Huntington, said that Veritex has assembled a talented and experienced team who have earned the trust and loyalty of individuals, families and companies of all sizes across Texas.

Additionally, Huntington is committed to continuing Veritex’s strong legacy of community support through local partnerships, investment and engagement. As an initial step, Huntington is funding $10 million toward philanthropic investments in Texas.

The merger is expected to close early in the fourth quarter of 2025, subject to regulatory approvals and customary closing conditions. Upon conversion, Veritex teams and branches will operate under the Huntington Bank name and brand.

Under the terms of the agreement, Huntington will issue 1.95 shares for each outstanding share of Veritex in a 100% stock transaction. Based on Huntington’s closing price of $17.39 as of 11 July 2025, the consideration implies $33.91 per Veritex share or an aggregate transaction value of $1.9 billion.

Huntington’s Q2 Results

The announcement precedes Huntington’s release of its financial results for the second quarter ended 30 June 2025.

The earnings per common share (EPS) of $0.34, remained unchanged from the prior quarter, and up over 13% from the year-ago quarter. The quarter included $0.04 of impact to EPS resulting from a $58 million decrease in earnings from a securities repositioning and Notable Items that decreased earnings by $3 million.

Huntington’s net interest income stood at $1.5 billion, an increase of $41 million or 3%, from the prior quarter and $155 million or 12%, from the year-ago quarter. The average loans and leases were $133.2 billion, an increase of $2.3 billion, or 2% from the prior quarter and $9.8 billion, or 8% from the year-ago quarter.

Huntington’s average deposits were $163.4 billion, an increase of $1.8 billion, or 1% from the prior quarter and $9.9 billion, or 6% from the year-ago quarter.