Huntington Bancshares in Columbus, Ohio, has agreed to buy Cadence Bank in Tupelo, Mississippi. The $210 billion-asset Huntington said in a press release that it will pay $7.4 billion in stock for the $53 billion-asset Cadence. The deal, which is expected to close in the first quarter, priced Cadence at 170% of its tangible book value.
Hilltop Bank in Casper, Wyoming, has agreed to buy Cheyenne State Bank in Wyoming. The $1 billion-asset Hilltop did not disclose how much it will pay for the $30.2 million-asset Cheyenne State. The deal is expected to close in the first quarter.
FirstSun Capital Bancorp in Denver has agreed to buy First Foundation in Irving, Texas. The $8.5 billion-asset FirstSun said in a press release that it will pay $785 million in stock for the $12.6 billion-asset First Foundation. The deal, which is expected to close in the second quarter, priced First Foundation at 80% of its tangible book value.
Nicolet Bankshares in Green Bay, Wisconsin, has agreed to buy MidWestOne Financial Group in Iowa City. The $9.5 billion-asset Nicolet said in a press release that it will pay $864 million in stock for the $6.2 billion-asset MidWestOne. The deal, which is expected to close in the first half of next year, priced MidWestOne at 166% of its tangible book value.
Third Coast Bancshares in Houston has agreed to buy Keystone Bancshares in Austin, Texas. The $5.2 billion-asset Third Coast said in a press release that it will pay $123 million in cash and stock for the $1.1 billion-asset Keystone. The deal, which is expected to close in the first quarter, priced Keystone at 123% of its tangible book value.
M&A News is reported by Paul Davis and reprinted with permission as an adaptation of the material from TheBankSlate.com.
