Dallas-based Veritex Holdings is set to be acquired by Columbus, Ohio-based Huntington Bancshares in a nearly $2 billion deal.
Huntington announced the planned merger, stating that the acquisition would help accelerate the bank holding company’s growth in Texas by expanding its presence in Dallas-Fort Worth and Houston.
“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,” said Steve Steinour, chairman, president, and CEO of Huntington Bancshares, in the press release.
“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.”
As of the end of March 2025, Veritex had roughly $13 billion in assets, $9 billion in loans, and held $11 billion in deposits. Huntington will purchase Veritiex for $1.9 billion in stock in a deal expected to close early in the fourth quarter.
“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,” said Malcolm Holland, chairman, president, and CEO of Veritex, who will serve as Huntington’s nonexecutive Texas Chairman.
“We are very excited about becoming part of the Huntington family and bringing more capabilities to our Texas clients than ever before.”
Veritex was founded in 2010 and went pubic in 2014. It ranks as one of the 10 largest banks headquartered in the Lone Star State and boasts over 30 branches across Texas.
Huntington will issue 1.95 shares for each outstanding share of Veritex in the all-stock transaction, based on Huntington’s July 11 closing price of $17.39.
Following the news, Veritex shares closed at $32.82 on Monday, July 14, nearly 20% higher than their closing price of $27.46 on Friday, July 11.