Ohio-based Huntington Bancshares has agreed to acquire Veritex, a bank holding company headquartered in Dallas, Texas, in an all-stock deal worth $1.9bn.
The transaction involves Huntington issuing 1.95 shares for each outstanding share of Veritex. Based on the closing price of Huntington’s shares at $17.39 on 11 July 2025, Veritex shares are valued at $33.91 each.
Both firms are listed on Nasdaq.
The acquisition aims to enhance Huntington’s growth strategy in Texas by bolstering its presence in key areas such as Dallas/Fort Worth and Houston. Huntington’s banking subsidiary is the Huntington National Bank (Huntington Bank).
As of 31 March 2025, Veritex reported assets valued at approximately $13bn, loans worth $9bn, and deposits totalling $11bn.
The subsequent merger is projected to slightly increase Huntington’s earnings per share (EPS) and maintain its regulatory capital. It will also be marginally dilutive to its tangible book value per share, with the dilution expected to be offset within a year.
Veritex Community Bank, the banking subsidiary of Veritex, operates over 30 branches across Texas, including in major markets such as Dallas/Fort Worth and Houston.
Huntington plans to retain these branches and intends to invest in their growth over time. Veritex provides a range of banking products and services primarily targeted at small to mid-sized businesses.
Huntington chairman, president and CEO Steve Steinour said: “This combination supports our ambitions and reflects our 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.”
Huntington is a regional bank holding company with assets worth $210 billion. Established in 1866, it delivers various banking services and operates 968 branches across 13 states.
It has been active in Texas since 2009 and offers middle-market business banking solutions in cities like Dallas and Houston.
The merger is anticipated to conclude in Q4 2025, subject to regulatory approval and customary conditions. Post-conversion, Veritex’s teams and branches will operate under the Huntington Bank brand.
Veritex chairman, president and CEO Malcolm Holland said: “Veritex has always been a people and community focused bank. We have found a partner in Huntington Bank who shares and lives out those same values.
“We are very excited about becoming part of the Huntington family and bringing more capabilities to our Texas clients than ever before.”
Huntington also disclosed expected financial outcomes for the second quarter ending 30 June 2025. The firm anticipates EPS of $0.34, consistent with the previous quarter and showing a year-over-year increase of over 13%.
Net interest income is projected at $1.5bn, reflecting quarterly and annual growth of 3% and 12%, respectively.
