Acquiring Texas Bank for a whopping $1.9 billion, announced Huntington.
Huntington Bancshares, a leading financial services company, has announced a significant expansion in Texas with the strategic acquisition of Veritex Holdings, a Dallas-based bank holding company. The deal, worth $1.9 billion in stock, is expected to close in early Q4 2025.
Before the acquisition, Huntington had already been expanding its commercial banking footprint in Texas, particularly in Dallas-Fort Worth since early 2024. The acquisition of Veritex, which had about $13 billion in assets, $9 billion in loans, and $11 billion in deposits as of March 31, 2025, will add these substantial figures to Huntington’s balance sheet, significantly strengthening its presence in Texas.
Veritex brings strong local relationships, a solid commercial banking franchise, and customer loyalty that complement Huntington’s ambitions in Texas. The acquisition will also expand Huntington's presence in the Houston area.
Brant Standridge, Huntington's consumer and regional banking president, expressed his admiration for Veritex's talented and experienced team. Malcolm Holland, Veritex's CEO, will join Huntington in a non-executive role as chairman of Texas.
Huntington aims to use this acquisition as a springboard for substantial future growth in Texas, reflecting a long-term commitment to one of the fastest-growing U.S. economies. Beyond expanding commercial lending, Huntington plans to introduce its full suite of services—including treasury management, wealth management, capital markets, branch banking, consumer digital offerings, and mortgage products—to Veritex customers and the broader Texas market.
The bank’s CEO and CFO highlighted that this deal is aligned with Huntington's mission and culture, ensuring smooth integration and continued growth in Texas. The transaction is expected to be modestly accretive to Huntington's earnings per share, neutral to regulatory capital, and slightly dilutive to tangible book value per share.
This comprehensive strategy positions Huntington for accelerated growth in this dynamic and expanding market. The deal is subject to regulatory approvals and customary closing conditions. Huntington's last acquisitions were of Capstone Partners and PhysicianLoans, both in 2022.
Veritex Holdings operates Veritex Community Bank, a 30-branch network with around 200 employees in Texas. The bank is described as a people and community-focused bank, making it a valuable addition to Huntington's portfolio.
Steve Steinour, CEO of Huntington, stated that the acquisition supports their ambitions and reflects their long-term commitment to the state of Texas. The deal for Veritex to operate as Huntington branches is expected to close in the fourth quarter.
Huntington's acquisition of Veritex Holdings, a Dallas-based bank holding company, will not only strengthen their presence in Texas but also expand their operations to the Houston area, significantly adding to their banking-and-insurance sector and commercial business. This strategic move aligns with Huntington's long-term goals and mission, with the aim of using this acquisition as a springboard for future growth in Texas, catering to a broad range of services such as commercial lending, treasury management, wealth management, and more, within the finance industry.
