Huntington Bancshares to acquire Veritex for $1.9 billion

Huntington Bancshares Incorporated (NASDAQ: HBAN) announced a definitive agreement to acquire Veritex Holdings, Inc. (NASDAQ: VBTX) in a $1.9 billion all-stock transaction, according to a company statement.

Under the terms of the agreement, Huntington will issue 1.95 shares for each outstanding share of Veritex. Based on Huntington's closing price of $17.39 on July 11, 2025, the consideration implies $33.91 per Veritex share.

Veritex, headquartered in Dallas, operates more than 30 branches across Texas markets including Dallas/Fort Worth and Houston. As of March 31, 2025, Veritex reported approximately $13 billion in assets, $9 billion in loans, and $11 billion in deposits.

The transaction is expected to close 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.

Malcolm Holland, Chairman, President and CEO of Veritex, will join Huntington in a non-executive role as Chairman of Texas. Huntington plans to maintain Veritex's branch network and invest to grow it over time.

Huntington also provided preliminary second quarter 2025 results, reporting earnings per share of $0.34, unchanged from the prior quarter and up over 13% from the year-ago quarter. Net interest income reached $1.5 billion, an increase of $41 million from the prior quarter.

Average loans and leases totaled $133.2 billion, up $2.3 billion from the prior quarter, while average deposits reached $163.4 billion, an increase of $1.8 billion from the prior quarter.

The transaction is expected to be modestly accretive to Huntington's earnings per share and neutral to regulatory capital at close.

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