Huntington Bancshares plans to reduce jobs at Texas-based Cadence Bank following its $7.4 billion acquisition. The move is part of Huntington’s strategy to expand its presence in Texas, which the company views as one of the most attractive markets in the U.S. Huntington, headquartered in Columbus, Ohio, is a regional bank providing a full range of financial services, including commercial, small business, and consumer banking services. Cadence Bank, based in Houston, employs approximately 5,800 people. Huntington agreed to acquire Cadence in an all-stock deal in late October, expected to close in the first quarter.
Huntington’s CEO, Stephen Steinour, acknowledged the upcoming layoffs. The bank aims for transparency and will communicate these impacts promptly. While the exact number of job cuts remains undisclosed, Huntington anticipates shifting some roles from other regions to Texas, focusing on the state’s growth potential. The acquisition of Cadence will create a bank with $276 billion in assets, elevating Huntington to a Category 3 regulatory classification with stricter capital and liquidity rules.
Steinour highlighted Texas and the Carolinas as key growth areas for Huntington. The bank is opening 55 branches across North and South Carolina, further solidifying its expansion strategy. Huntington previously reduced over 60 jobs at Veritex, another Texas bank, after a $1.9 billion acquisition that closed in October.
The Cadence deal will also enable Huntington to finance more energy companies and pursue opportunities in auto financing within Texas. The bank prioritises growing its existing business, with loans already growing 9% this year. Despite a slight slowdown, Huntington remains optimistic about the economic environment, with its customers and the industry performing well.
