News Summary
Huntington Bancshares has made a strategic acquisition of Veritex Community Bank Holding Company for $1.9 billion, highlighting its expansion into key Texas markets. This all-stock deal aims to bolster Huntington’s operations in cities like Dallas and Houston while providing enhanced resources and services for local customers. Veritex, one of Texas’s largest banks, will maintain its branch network under Huntington’s leadership, promising job growth and shareholder benefits. Set to close in 2025, the acquisition signals Huntington’s commitment to investing in the Texas banking landscape.
Texas – Columbus-based Huntington Bancshares has announced its acquisition of Veritex Community Bank Holding Company, the parent organization of Texas-based Veritex Community Bank, in an all-stock deal valued at $1.9 billion. The acquisition is aimed at increasing Huntington’s presence in key Texas markets, particularly in Dallas and Houston.
Veritex Community Bank reports approximately $13 billion in assets and is recognized as one of the top 20 largest banks headquartered in Texas. The acquisition will allow Huntington to extend its footprint in a rapidly growing market where it has been operational since entering Texas in 2009. Currently, Huntington employs around 200 people within the state.
Through this acquisition, Huntington plans to maintain and invest in Veritex’s existing network of 30 branches. The deal involves exchanging 1.95 shares of Huntington stock for each outstanding share of Veritex, enabling a smooth transition into Huntington’s operational framework. Following the merger, Huntington anticipates modestly positive effects on its earnings per share, while the transaction is expected to be neutral to regulatory capital but slightly dilutive to tangible book value per share.
Malcolm Holland, CEO of Veritex, will transition to a non-executive role as chairman of Texas within Huntington post-acquisition, ensuring continuity and knowledge transfer in leadership. The completion of the transaction is expected around the fourth quarter of 2025, contingent on receiving the necessary regulatory approvals and fulfilling customary closing conditions.
Huntington’s Growth Strategy
This acquisition is part of Huntington’s broader strategy to deepen its market penetration in Texas. Previously, the bank made other strategic moves in 2022 with the acquisitions of Capstone Partners, an investment adviser, and PhysicianLoans, a mortgage lender. By combining assets, the two banks are projected to exceed $15 billion following the acquisition completion, making the entity more appealing to investors.
Veritex Community Bank’s Legacy
Veritex Community Bank has cultivated a strong reputation and a loyal customer base within the Texas banking landscape. With a focus on community engagement and customer service, the bank has made significant strides as a trusted financial institution in the area.
Conclusion
As financial institutions continue to consolidate amid a competitive banking environment, this acquisition marks another significant move for Huntington Bancshares. Building on Veritex’s established legacy, Huntington aims to solidify its standing within the Texas market, leveraging the merger to capitalize on growth opportunities in one of the nation’s most dynamic regions.
Deeper Dive: News & Info About This Topic
- Banking Dive: Huntington Acquires Veritex
- Wikipedia: Banking in the United States
- Bloomberg: Huntington to Acquire Veritex
- Google Search: Huntington acquisition
- The Advocate: Investar Bank Acquisition
- Encyclopedia Britannica: Bank
- KNUE: Wells Fargo Closing Texas Branches
- Google News: Texas banking news
- Business Insider: Best Banks in Texas
- Google Scholar: Texas bank expansion
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