Lender M&A: Huntington expands Texas presence with $1.9B Veritex acquisition

Equipment lenders led merger and acquisition activity in July, as banks and independent financial institutions looked to expand market presence and assets. 

Huntington Bancshares acquires Veritex for $1.9B 

Huntington Bancshares announced its plan to buy Veritex Holdings in a $1.9 billion all-stock deal to boost growth in Dallas-Fort Worth and Houston, according to a July 14 Huntington release.  

Under the deal, expected to close early in the fourth quarter, branches will be rebranded as Huntington Bank and the Veritex staff will be retained. IT is  

Columbus, Ohio-based Huntington, with $210 billion in assets and 968 branches in 13 states, has operated in Texas since 2009, focusing on middle-market banking, corporate banking, automotive finance and SBA lending, according to the release. The bank was the top SBA lender in Texas in 2024 and employs about 200 people in the state. 

Huntington expects three main benefits from acquisition of Dallas-based Veritex, Brantley Standridge, senior executive vice president and president of consumer and regional banking at Huntington, said during the company’s July 18 earnings call:  

• A strong foothold in Dallas-Fort Worth and Houston to drive future growth;  

• The addition of experienced bankers with deep local ties; and 

• Alignment with Huntington’s relationship-based model to expand products and services in Texas. Veritex reported $13 billion in assets, $9 billion in loans and $11 billion in deposits as of March 31, and operates more than 30 branches in key Texas markets, according to the release. 

Pinnacle Financial, Synovus merge 

Nashville-based Pinnacle Financial Partners and Columbus, Ga.-based Synovus Financial announced plans to merge in an $8.6 billion all-stock deal, according to a July 24 Pinnacle release. The combined bank would be the largest bank holding company in Georgia and the largest bank in Tennessee, and will operate under the Pinnacle name.  

Pending approval, the deal is set to close in Q1 2026, creating an institution with combined assets of $115.8 billion, according to the release. Following the merger, Synovus’s Chief Executive Kevin Blair will become CEO of Pinnacle, while Pinnacle CEO Terry Turner becomes chairman of the merged entity. 

The merger creates a top-five deposit market share in 10 major Southeastern metros. 

Pinnacle was the 47th largest equipment finance company in 2024 with $1.7 billion in total assets, while its equipment finance subsidiary JB&B Capital ranked 86th with $473.3 million in total assets, according to the 2025 Monitor 100. Synovus also offers equipment financing, as well as offering equipment leasing through a partnership with independent equipment financier Verdant Commercial Capital, although the company plans to reassess the partnership during the merger process, according to Synovus. 

Bank First to acquire Centre 1 Bancorp 

Bank First has agreed to acquire Centre 1 Bancorp, parent of First National Bank and Trust, in an all-stock deal valued at about $174.3 million, according to a July 18 Bank First release.  

The merger, approved by both boards, expands Bank First’s footprint into southern Wisconsin and northern Illinois, its first out-of-state expansion. 

Through the merger, Manitowoc, Wis.-based Bank First and Beloit, Wis.-based Centre 1 will create a combined asset base of nearly $6 billion, according to the release. Both banks maintain over a quarter of deposits in non-interest-bearing accounts, well above industry averages. 

The deal is expected to increase lending capacity, broaden services and enhance shareholder, according to the release. Bank First expects the deal to close in Q1 2026, with system conversion in Q2, pending approvals. 

Customers under the merged bank gain access to additional offerings, including business insurance, via Bank First’s ownership stake in Ansay & Associates, according to the release. Both lenders also offer equipment loans and agricultural loans that include equipment, to serve customers in Wisconsin’s farm-heavy economy. 

Orix acquires stake in lender Hilco Global 

Orix Corporation USA agreed to acquire a majority equity stake in Hilco Global, a global financial services firm specializing in asset valuation, advisory services and asset-based investments, according to a July 3 Hilco Global release.  

The deal expands ORIX USA’s private credit and asset management platform with Hilco Global’s expertise and origination capabilities, while providing Hilco with additional capital to accelerate growth. 

Hilco also owns Hilco Commercial Industrial, which launched Hilco Equipment Finance to provide equipment financing across the U.S., Canada and Europe on Feb. 24, according to a Hilco release. 

The acquisition establishes a new asset-based lending arm combining Hilco’s deep asset knowledge with Orix’s capital, according to the Orix release. Hilco will operate as a subsidiary of ORIX USA, with Hilco’s founder and CEO Jeffrey Hecktman remaining in his role and the firm’s leadership retaining a minority stake.  

Hilco Global, founded in 1987 and headquartered near Chicago, employs more than 770 people worldwide across the industrial, real estate, brands and intellectual property sectors, according to the release.  

The acquisition is expected to close in Q3, pending regulatory approvals, according to the release. Orix USA, established in the U.S. in 1981, manages $89.8 billion in assets. 

Premier Equipment adds Green Tractors in acquisition 

Premier Equipment, a multistore John Deere dealership in southern Ontario, will acquire neighboring Green Tractors, according to a July 23 Premier Equipment release. The acquisition marks its fourth and largest acquisition of 2025. 

The deal adds nine Green Tractors locations, bringing Premier’s total John Deere Ag and Turf branches to 20, according to the release. Acquisition of Green Tractor also expands Premier’s reach into turf care, municipalities, small tractors, light construction and golf markets. 

Premier plans to begin operations with Green Tractors’ existing staff and facilities on Nov. 3, subject to approvals, according to the release. Both companies emphasized the importance of retention to honor legacies, support employees and expand service capabilities for customers. 

Other July M&A deals 

Equipment Finance News previously reported on two other M&A deals during July. 

GreatAmerica Holdings, parent of GreatAmerica Financial Services, announced its plan to acquire Iowa-based Heritage Bank and establish GreatAmerica Bank National Association, according to a July 17 GreatAmerica release. The move expands its commercial finance offerings into national markets pending regulatory approval. 

Iveco Group announced Tata Motors’ intention to acquire the former’s commercial truck and bus operations for about €3.8 billion ($4.4 billion), giving the Indian automaker a foothold in Europe’s commercial-vehicle market, according to a July 30 Iveco Group release. The deal includes buying Exor NV’s 27% stake and launching a bid for the remaining shares to delist Iveco, positioning Tata to expand its largely India-focused commercial vehicle division internationally. 

Editor’s note: All amounts have been converted to U.S. dollars. 

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