New Delhi, Oct. 27 -- Huntington Bancshares is purchasing regional bank Cadence Bank in an all-stock deal valued at $7.4 billion, a move intended to strengthen its existing position across the Southern US.

Columbus, Ohio-based Huntington will issue 2.475 common shares for each outstanding common share of Cadence.

Huntington announced on Monday that upon the completion of the deal, it will become the number one bank in Mississippi and a top-ten institution in both Alabama and Arkansas by deposits.

The transaction is anticipated to be completed in the first quarter of 2026, though it still requires approval from shareholders at both Huntington and Cadence.

Cadence, whose headquarters are split between Houston, Texas, and Tupelo, Mississ...