Columbus-based Huntington Bancshares Inc. has acquired Dallas-based Veritex Holdings Inc. in a nearly $2 billion all-stock deal.
DALLAS — This article was originally published by our content partners at the Dallas Business Journal. You can read the original article here.
Veritex Holdings Inc., the parent company of Dallas-based Veritex Community Bank, has agreed to a buyout by Huntington Bancshares Inc. in an all-stock deal valued at almost $2 billion.
The deal announced by the banks early on July 14 will see the parent of Columbus, Ohio-based Huntington National Bank issue 1.95 shares for each outstanding share of Veritex. Based on Huntington’s closing price of $17.39 as of July 11, the transaction implies a Veritex price of $33.91 per share, or an aggregate value of $1.9 billion.
It will be another major shakeup for the banking industry in Dallas-Fort Worth, one that will result in the loss of one of the most well-known locally based banks in Dallas while helping a regional banking powerhouse greatly expand its presence in one of the most competitive markets in the U.S.
Within DFW, Veritex had the sixth-highest market share with $9.1 billion in local deposits as of June 30, 2024, according to the latest Federal Deposit Insurance Corp. data.
To read more about the Veritex Bank buyout, read the full article from our partners at the Dallas Business Journal.