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Huntington’s takeover of Cadence…

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Bhamdawg1725

Junior
Dec 15, 2023
176
350
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I’ve got some Cadence accounts as well as accounts scattered across a few other banks. I’m curious what the concerns are. Seems like there’ll be little disruption the direct deposits, if I’m reading it right. The main thing is just re setting up my online banking and bill pay. I got an email saying I’ll be able to do that in the coming weeks.

Admittedly, I’ve been through about 4-5 mergers with my various banks and there’s always hiccups. But if my online banking is working. I’m good.
 
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patdog

Heisman
May 28, 2007
57,765
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Maroon Eagle said:

Banks are supposed to be risk-averse and want to keep their customers happy. Huntington’s introducing all these changes… and when many customers are elderly and don't like change… this reeks of a bad move…
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Aren't changes unavoidable in a bank merger? Don't get me wrong. Of course they don't care about the small customers. But no bank does. I don't see this being any better or worse than other bank mergers.
 
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Villagedawg

Villagedawg

All-Conference
Nov 16, 2005
2,132
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Faustdog said:
We have a mortgage with them. It has been a nightmare with getting our new insurance escrow set up properly this year.

I bet there are a lot of old timers out there pining for the Bank of Mississippi days.
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I would be one of those.
 
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Bhamdawg1725

Junior
Dec 15, 2023
176
350
63
Got me curious. Since 2010, we’ve gone from 6800 banks to 4500 banks in the US. That’s either a merger or a closure every 2.4 days.

Seems every bank is not a matter of if, just a matter of when. One of my best friends sells bank software. And he’s mentioned concern as there’s less banks to sell to every passing year.

Followed up with ChatGPT on these thoughts. Mentioned a good way to consider if a community bank is for sale is to assess the age of their executive leadership and major stake holders. Interesting way to look at it. If that’s the case, there’s a lot more M&A coming in the next few years for MS banks.

I reckon if you’re with a Regions, Chase, Bank of America, or now Huntington, you’re probably through your last merger.
 
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Willow Grove Dawg

All-Conference
Nov 3, 2016
7,670
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My first credit card was with Bank of Mississippi in the early 80's & I still have it. I got it in 9th grade (1980ish). My dad (died in 2002) had to co-sign for it with me & it originally had a credit limit of $500. I don't have any other accounts with them. The proactive communication from them has been solid, but it sounds like they fear the transition might be rough.

Trustmark changed something with the computer system this past weekend. There wasn't any access all from Friday afternoon until Monday morning. The website & their app still aren't updating debit card active real time as it did previously and they duplicated some debit transactions Monday & credited them back today. These transitions are just tricky & folks tend to get real emotional about their damned money.
 
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bully12

Senior
Sep 2, 2012
1,659
739
113
I worked in banking for 48 years, both as a regulator and in several different banks, I survived two mergers, didn't survive the third, and but survived the fourth until something better came along. My experience from all those mergers is that the acquiring bank doesn't give a rat's *** about either the customers or the employees of the bank being acquired. All they want to acquire is a market presence. . . . .
 
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dogmatic001

dogmatic001

Junior
Sep 30, 2022
221
222
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I got a Bank of Mississippi checking account in 1995 when I went to work in Columbus and there wasn't a branch of my bank (People's Bank, now Renasant) there. Bank of Mississippi has grown or merged several times since then, but this may be the first time doing so with one larger than they are. I haven't had an problems yet. We've had mortgages with them on several houses over the years since 1999 and haven't had any trouble. Haven't had any trouble with this one yet.

We do mortgage, checking and savings with Huntington nee' Cadence.

I'm not sure what I'm supposed to be expecting trouble with. Local personality has been gone since they quit being Bank of Mississippi, but that's never meant much to me. Banking is banking for my uses.
 
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johnson86-1

All-American
Aug 22, 2012
14,584
5,066
113
patdog said:
Aren't changes unavoidable in a bank merger? Don't get me wrong. Of course they don't care about the small customers. But no bank does. I don't see this being any better or worse than other bank mergers.
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I never had to do anything for the bancorpsouth to Cadence change. Not sure if maybe Cadence used Bancorpsouth's charter or something and it was disruptive for the Cadence people, but it was nothing on the bancorpsouth side. If my autodrafts and ebilling don't transfer automatically, that's going to be a pain in the ***. I don't know that I'll bother moving to a new bank over it. But I'm sure a decent number will.
 
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patdog

Heisman
May 28, 2007
57,765
27,584
113
Maroon Eagle said:
Yeah, change is unavoidable but I wish they maintained Cadence’s routing & account number system…
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That does seem odd. And their explanation for it is bullsh*t. I guess they're not concerned about protecting customer accounts and preventing account number duplication for a limited time.
We assign new, unique account numbers to protect accounts and prevent account number duplication, and the routing number will change to Huntington’s routing number so deposits and payments continue to process securely. Use the new Huntington account and routing numbers that you receive by mail to update any direct deposits and automatic payments. To ensure your payments and deposits continue smoothly, your current Cadence account and routing numbers will continue to work for a limited time.
Click to expand...
 
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Maroon Eagle

Maroon Eagle

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May 24, 2006
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patdog said:
That does seem odd. And their explanation for it is bullsh*t. I guess they're not concerned about protecting customer accounts and preventing account number duplication for a limited time.
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My point exactly

There’s good change…

And then there’s change for the sake of change… which is the main reason why I was more than a bit snarky with the Lebby hashtag in the post…
 
FormerBully

FormerBully

All-American
Sep 2, 2022
4,551
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I bank at Renasant Bank, and I was in the downtown Tupelo branch last week to fix a check issue. There were at least ten people in there, moving everything over from Candace because of this. Unfortunately, Renasants will be next.

I am a free market capitalist, but private equity has killed the American dream. The downfall of America is coming from these companies buying all the little guys. The best days are unfortunately behind us.
 
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ronpolk

All-Conference
May 6, 2009
9,219
4,874
113
Bhamdawg1725 said:
Got me curious. Since 2010, we’ve gone from 6800 banks to 4500 banks in the US. That’s either a merger or a closure every 2.4 days.

Seems every bank is not a matter of if, just a matter of when. One of my best friends sells bank software. And he’s mentioned concern as there’s less banks to sell to every passing year.

Followed up with ChatGPT on these thoughts. Mentioned a good way to consider if a community bank is for sale is to assess the age of their executive leadership and major stake holders. Interesting way to look at it. If that’s the case, there’s a lot more M&A coming in the next few years for MS banks.

I reckon if you’re with a Regions, Chase, Bank of America, or now Huntington, you’re probably through your last merger.
Click to expand...
I’m not saying regions is planning to sell anytime soon but they are significantly smaller than the other banks you mentioned. I could certainly see them being purchased by someone one day.

If you look at Europe, their banking is dominated by just a few large banks. It will obviously take a long time but that is essentially where we are headed too.
 
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DrQuayEvans

Redshirt
Jan 2, 2026
9
3
3
FormerBully said:
I bank at Renasant Bank, and I was in the downtown Tupelo branch last week to fix a check issue. There were at least ten people in there, moving everything over from Candace because of this. Unfortunately, Renasants will be next.

I am a free market capitalist, but private equity has killed the American dream. The downfall of America is coming from these companies buying all the little guys. The best days are unfortunately behind us.
Click to expand...
Private Equity firms aren't buying up banks. Big banks are buying up smaller banks.
 
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Dawgbite

Dawgbite

All-American
Nov 1, 2011
9,088
9,825
113
I for one miss the original Cadence. I didn’t care for the Bank of Ms version that called itself Cadence and I wasn’t going through it again. I closed all my Cadence accounts about two weeks ago and went 100% Renesant.
 
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paindonthurt

All-Conference
Apr 7, 2025
4,352
3,048
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FormerBully said:
I am a free market capitalist, but private equity has killed the American dream. The downfall of America is coming from these companies buying all the little guys. The best days are unfortunately behind us.
Click to expand...
I keep seeing this on sixpack. WHY? Can you logically explain this to me?

I mean a bigger company or private equity buying a small business sounds like the perfect American dream to me. I start a business. it does well. I sell it and make a boat load of money.

The only way the american dream is killed is barriers to entry. If big companies own everything, eventually there will be a smaller company who can do it better and willing to make less money.
 
Wesson Bulldog

Wesson Bulldog

All-Conference
Nov 3, 2015
1,660
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Willow Grove Dawg said:
My first credit card was with Bank of Mississippi in the early 80's & I still have it. I got it in 9th grade (1980ish). My dad (died in 2002) had to co-sign for it with me & it originally had a credit limit of $500. I don't have any other accounts with them. The proactive communication from them has been solid, but it sounds like they fear the transition might be rough.

Trustmark changed something with the computer system this past weekend. There wasn't any access all from Friday afternoon until Monday morning. The website & their app still aren't updating debit card active real time as it did previously and they duplicated some debit transactions Monday & credited them back today. These transitions are just tricky & folks tend to get real emotional about their damned money.
Click to expand...
This happened to us. My wife said "Holy 17" when she opened the app Monday night.
 
horshack.sixpack

horshack.sixpack

All-American
Oct 30, 2012
11,472
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bully12 said:
I worked in banking for 48 years, both as a regulator and in several different banks, I survived two mergers, didn't survive the third, and but survived the fourth until something better came along. My experience from all those mergers is that the acquiring bank doesn't give a rat's *** about either the customers or the employees of the bank being acquired. All they want to acquire is a market presence. . . . .
Click to expand...
early merger messaging "Don't worry, nothing is going to change."
 
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Called3rdstrikedawg

All-Conference
May 7, 2016
1,753
1,567
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Huntington is not closing any Cadence Branches because there is no territory overlap. They did downsize or relocate some of the Leadership and back office personnel in the 3 Cadence Bank executive offices. Lots of Small Banks will merger with larger banks going forward. This was a very large bank(Huntington) buying a fairly large bank( Cadence) to expand their presence to the South and gain presence in 21 states. Huntington is now the 10th largest bank in the US. The Football Field Mississippi State will play Minnesota on is called Huntington Bank Field. The Stadium the Browns play in is called Huntington Bank Stadium.

They aren’t through growing.
 
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Papapat.sixpack

Papapat.sixpack

Sophomore
Feb 25, 2018
153
158
43
Being a veteran I’ve used USAA for almost 20 years now and never had any problems not having a local branch. I never have understood the money spent on these grandiose banks on every corner when no one goes inside anymore. (driven down highland colony parkway lately?)
 
karlchilders.sixpack

karlchilders.sixpack

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Jun 5, 2008
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I spent my entire working life in the profession. Change is part of the game.
Roll with it as best you can. Expect more.
(not saying I like it all)
 
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Called3rdstrikedawg

All-Conference
May 7, 2016
1,753
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The thing I hate is when I get a mortgage and then that mortgage gets sold. My current mortgage was just sold to Rocket Mortgage. My previous mortgage was sold to Mr. Cooper who has been bought out. Guess next time I’ll use the Mortgage Man!😎
 
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3dawgnight

Junior
Aug 27, 2012
169
203
43
WrapItDog said:
You must be poor. Have you ever tried to deposit a check over a million dollars at the drive thru**
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I see the sarcastircs but the wealthy do get a completely different banking experience. From someone who has been around banking and in banking for 25 years.
 
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patdog

Heisman
May 28, 2007
57,765
27,584
113
3dawgnight said:
I see the sarcastircs but the wealthy do get a completely different banking experience. From someone who has been around banking and in banking for 25 years.
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Of course they do. They get a better everything else experience too.
 
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champdawg.sixpack

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Aug 25, 2012
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I had a sales call with a banker with cadence a few weeks ago and he told me the takeover was gonna be a cluster. Said local banks are on way out. All regional and national coming soon. Not good
 
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Bulldog Bruce

Bulldog Bruce

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Nov 1, 2007
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With the Bank of Mississippi -> Bancorpsouth -> Cadence my routing and account info stayed the same. The website stayed the same. I got the notice that this time it's all changing and since many of my monthly bills are direct pay this might prove to be a real pain. The only checks I write now is paying taxes to avoid the 3% surcharge of using my debit card for local and state taxes.

Is it time to change to one of these big online banks? I never found much use for my local Bank. Rates always seemed to be higher locally.

Anyone on SoFi or Capital One or Ally?
 
C

champdawg.sixpack

All-Conference
Aug 25, 2012
1,059
1,129
113
Bulldog Bruce said:
With the Bank of Mississippi -> Bancorpsouth -> Cadence my routing and account info stayed the same. The website stayed the same. I got the notice that this time it's all changing and since many of my monthly bills are direct pay this might prove to be a real pain. The only checks I write now is paying taxes to avoid the 3% surcharge of using my debit card for local and state taxes.

Is it time to change to one of these big online banks? I never found much use for my local Bank. Rates always seemed to be higher locally.

Anyone on SoFi or Capital One or Ally?
Click to expand...
I’m the opposite. I want to know my banker personally. I want to be able to get a personal loan without it having to be approved in friggin Atlanta, Dallas or anywhere else. My banker knows me. I know him. Sign here and here’s your check. Easy peasy
 
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ETK99

ETK99

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Jul 30, 2019
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FormerBully

FormerBully

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Sep 2, 2022
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DrQuayEvans said:
Private Equity firms aren't buying up banks. Big banks are buying up smaller banks.
Click to expand...
Who owns the big banks? BlackRock is the biggest investor in Huntington Banks holding company. They are buying everything including bank.
 
FormerBully

FormerBully

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paindonthurt said:
I keep seeing this on sixpack. WHY? Can you logically explain this to me?

I mean a bigger company or private equity buying a small business sounds like the perfect American dream to me. I start a business. it does well. I sell it and make a boat load of money.

The only way the american dream is killed is barriers to entry. If big companies own everything, eventually there will be a smaller company who can do it better and willing to make less money.
Click to expand...
It can be good, but I have been part of two companies that sold out to private equity firms. The first was awful from the start. We went from a company that cared about it’s employees to just numbers on paper, great insurance to awful insurance, etc.

The second company was purchased and at first it was great. They took majority control but let us keep producing. That changed a few years later when they put into place there leadership. Commissions cut, healthcare cut, we went from the local company too billion dollar giant. I had to literally tell customers we were right and they could kick rocks. Good customer service was replaced by the dollar. All the good sells guys including me got out.

It is a complicated subject, but short answer is they move in to raise percentage (profit) to eventually resale the company. They strip the company to make it look good on paper to flip it to next firm. Healthcare, safety, loyalty, perks, go quickly to make books look great. The first company I spoke about actually use to donate 1/3 of sales to local charities. The company completely stoped that, but claimed they have donated 1/3 to local charities haha. Big difference between we have before and we currently give.
 
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