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Business Upturn
3 days ago
- Business
- Business Upturn
SHAREHOLDER INVESTIGATION: Halper Sadeh LLC Investigates KLG, OLO, VBTX on Behalf of Shareholders
NEW YORK, July 26, 2025 (GLOBE NEWSWIRE) — Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to: WK Kellogg Co (NYSE: KLG)'s sale to The Ferrero Group for $23.00 per share in cash. If you are a Kellogg shareholder, click here to learn more about your legal rights and options. Olo Inc. (NYSE: OLO)'s sale to Thoma Bravo for $10.25 per share in cash. If you are an Olo shareholder, click here to learn more about your legal rights and options. Veritex Holdings, Inc. (NASDAQ: VBTX)'s sale to Huntington Bancshares Incorporated. Under the terms of the agreement, Huntington will issue 1.95 shares for each outstanding share of Veritex. If you are a Veritex shareholder, click here to learn more about your legal rights and options. Halper Sadeh LLC may seek increased consideration for shareholders, additional disclosures and information concerning the proposed transaction, or other relief and benefits on behalf of shareholders. We would handle the action on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses. Shareholders are encouraged to contact the firm free of charge to discuss their legal rights and options. Please call Daniel Sadeh or Zachary Halper at (212) 763-0060 or email [email protected] or [email protected]. Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors. Attorney Advertising. Prior results do not guarantee a similar outcome. Contact Information:Halper Sadeh LLCDaniel Sadeh, Halper, World Trade Center85th FloorNew York, NY 10007(212) 763-0060 [email protected] [email protected]
Malaysian Reserve
22-07-2025
- Business
- Malaysian Reserve
SHAREHOLDER INVESTIGATION: Halper Sadeh LLC Investigates VBTX, HMST, VRNA, STR on Behalf of Shareholders
NEW YORK, July 21, 2025 /PRNewswire/ — Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to: Veritex Holdings, Inc. (NASDAQ: VBTX)'s sale to Huntington Bancshares Incorporated. Under the terms of the agreement, Huntington will issue 1.95 shares for each outstanding share of Veritex. If you are a Veritex shareholder, click here to learn more about your legal rights and options. HomeStreet, Inc. (NASDAQ: HMST)'s merger with Mechanics Bank. The proposed transaction values HomeStreet at a pre-transaction estimated equity value of $300 million. Upon completion of the proposed transaction, HomeStreet shareholders are expected to own approximately 8.3% of the combined company. If you are a HomeStreet shareholder, click here to learn more about your rights and options. Verona Pharma plc (NASDAQ: VRNA)'s sale to Merck for $107.00 per American Depository Share. If you are a Verona shareholder, click here to learn more about your legal rights and options. Sitio Royalties Corp. (NYSE: STR)'s merger with Viper Energy, Inc. If you are a Sitio shareholder, click here to learn more about your legal rights and options. Halper Sadeh LLC may seek increased consideration for shareholders, additional disclosures and information concerning the proposed transaction, or other relief and benefits on behalf of shareholders. We would handle the action on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses. Shareholders are encouraged to contact the firm free of charge to discuss their legal rights and options. Please call Daniel Sadeh or Zachary Halper at (212) 763-0060 or email sadeh@ or zhalper@ Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors. Attorney Advertising. Prior results do not guarantee a similar outcome. Contact Information:Halper Sadeh LLCDaniel Sadeh, Halper, Esq.(212) 763-0060sadeh@
Yahoo
21-07-2025
- Business
- Yahoo
Huntington CFO on the strategic $1.9 billion deal to expand Texas footprint
Good morning. For CFOs navigating 2025's uncertain landscape, strategic M&A remains one of the few levers for rapid growth—if executed with precision. I spoke with Zachary Wasserman, CFO of Huntington Bancshares, a $210 billion regional bank holding company based in Columbus, Ohio, about how their latest Texas expansion fits into this playbook. Huntington (No. 375 on the Fortune 500) recently announced a definitive agreement to acquire Dallas-based Veritex Holdings, the parent company of Veritex Community Bank, for $1.9 billion in an all-stock deal. The transaction is expected to close in early Q4 2025. As of March 31, Veritex had approximately $13 billion in assets, $9 billion in loans, and $11 billion in deposits. 'This will significantly boost our Texas footprint,' Wasserman said. 'Dallas-Fort Worth and Houston are tremendous growth markets, and Veritex's deep local relationships are a perfect complement.' He described the acquisition as a springboard for growth, not only through expanding commercial lending but also by bringing Huntington's full suite of services in treasury management, wealth, and capital markets to Veritex customers. 'We're excited to bring all of our branch banking and consumer digital offerings, including mortgage products, to these markets,' he added. Even amid continued uncertainty, strategic M&A remains attractive. 'Organic growth is always our top priority, and you can see that in our Q2 results—over 8% revenue growth and 20% EPS growth,' Wasserman explained. 'But when acquisitions offer a compelling fit in strategy, culture, and financials, they can be a powerful accelerant. Texas is now our third-largest state, and with its economic growth, this deal positions us for significant expansion.' KPMG's recent midyear M&A survey finds that 74% of dealmakers expect M&A in 2025 to be more active than in 2024. Nearly 65% of dealmakers said they have changed their deal plans since the start of the year, with 22% saying they will do more deals, versus 18% saying they will do fewer deals. Post-acquisition integration is a top priority, Wasserman noted. 'Our experience with prior acquisitions has made this a well-oiled process.' The Huntington executive team recently visited Dallas-Fort Worth and Houston to meet new colleagues and begin integration planning. Wasserman also said the missions and cultures of Huntington and Veritex are well aligned, which he believes is essential. Q2 momentum Huntington reported net income of $536 million for the second quarter, with earnings per share of $0.34, an increase of $0.04 year over year. The bank saw 12% growth in net interest income and a 3% increase from the previous quarter, driven by 8% total loan growth year over year, with 10% growth in commercial loans, and a net interest margin (NIM) expansion to 3.11% from 3% in the previous year. 'Most of the NIM expansion comes from optimized funding costs as rates have declined over the past year,' Wasserman said. As the second quarter progressed, client uncertainty faded, Wasserman noted. 'Tariff prospects improved, capital markets stabilized, and equity markets rebounded,' he said. 'The economy continues to grow, prompting commercial clients to invest in their businesses, while consumers remain resilient.' For the remainder of the year, Huntington's strategy focuses on growing its fee-based businesses, including wealth management, payments, and capital markets. 'The biggest risk continues to be the macro economy and geopolitical environment,' Wasserman said. 'But what we're seeing on the ground indicates a strong second half of the year.' Sheryl This story was originally featured on Sign in to access your portfolio
Yahoo
21-07-2025
- Business
- Yahoo
Huntington CFO: Veritex met ‘high bar' for acquisitions
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. As Huntington conducted due diligence on acquisition target Veritex, the Columbus, Ohio-based regional discovered many of the customers it had hoped to snag over time were already clients of the Texas bank. That was just one advantageous aspect of the $1.9 billion deal, announced last week, according to Huntington CFO Zach Wasserman. The $208 billion-asset regional envisions the acquisition serving as a springboard to local business in Texas, given Veritex's presence in the Dallas/Fort Worth and Houston markets. The acquisition of Dallas-based Veritex came together quickly: Huntington management had known Veritex CEO Malcolm Holland for a few years, but deal discussions began in mid-June, Wasserman said. Huntington didn't need to do an acquisition in Texas, Wasserman asserted, since the regional lender now has $6 billion in loans and $2 billion in deposits in the state, but 'what we saw here was very opportunistic.' 'It's something we became very convicted about as we learned more about them, in terms of their culture being incredibly well-aligned, and the strategic growth opportunities for us,' he said. Veritex's commercial clients are largely in the small and medium-sized business space and the smaller end of the middle market, so Huntington plans to bring its services and capabilities to those customers while $13 billion-asset Veritex offers Huntington the brand recognition and local expertise that can help bolster growth in the state, Wasserman said. Another area of opportunity is consumer, since 'neither of us are really going after the consumer business in Texas,' he said. 'We'll be launching our full consumer franchise into Texas. There's 31 branch locations that they've got, and I think, over time, you'll see us expand on that pretty significantly,' he said. That includes branch expansion, although Wasserman declined to provide specific details. Veritex is the 10th-largest commercial bank in Texas. With the deal – expected to close in the fourth quarter – Texas becomes Huntington's third-largest state in terms of deposits. The bank hasn't shared specific long-term goals in Texas, but Wasserman said he expects the state and the Dallas/Fort Worth metro area to be some of the largest for Huntington 'for a long time to come.' 'We will invest on top of that platform and really build it out even more than it is,' he said. That includes investments in talent, Wasserman indicated. Since Huntington has announced rollouts in Texas and the Carolinas and launched some specialty businesses, 'we have started to get quite a bit of inbound interest across the board in joining Huntington,' because 'bankers want to be part of a platform that's growing,' he said. Huntington has about 200 employees in Texas now; once the Veritex deal closes, that'll be about 1,000, he said. Wasserman declined to share any target for hiring or headcount expansion in the state, but said growth is part of the plan. To be sure, there's no shortage of competition across Texas, as national and larger regional banks, as well as local lenders, seek to expand on the backs of population and business growth in the state, through organic growth or merger and acquisition opportunities. Huntington aims to stand out with a local angle, Wasserman said. In commercial banking, 'that's actually a pretty differentiated approach,' he said. 'In many cases, what we're seeing is a lot of verticalization in the commercial banking space, where the relationships of local bankers are getting kind of disintermediated by industry experts within different institutions that are often not local.' Holland will remain with the company after the deal closes and become its Texas chairman 'to really help us make a smooth transition and to grow from the platform he and his team have already built,' Wasserman said. 'That's really key.' Veritex has 800 employees; when asked if all will remain, Wasserman said he expects the large majority will. 'Given the modest size of the deal, retaining relationship managers will be crucial,' JPMorgan analyst Andrew J. Dietrich said in a July 14 note. Huntington had about 400 people engaged in acquisition diligence, reviewing Veritex's commercial and industrial business and portfolio – 'not only the existing credit, but also just their philosophy,' Wasserman said. That was essential to ensure the bank's approach aligned with Huntington's, so the regional could be comfortable taking over Veritex's business and living with it for years, he added. The deal is expected to be modestly accretive to Huntington's earnings per share, result in minimal tangible book value dilution and has an earn-back period of about one year. Huntington expects to realize 25% cost synergies from Veritex's expense base, with half in the first year and the remainder in the second year, Dietrich noted. From here, Huntington remains largely focused on its organic growth strategy, rather than eyeing more M&A deals, although the bank remains 'opportunistic,' he said. 'We set a really high bar,' strategically, financially and culturally, with potential acquisitions, Wasserman said. 'It's not often that an opportunity clears those hurdles,' although 'if it did, you know, [we're] open to it.' 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Yahoo
19-07-2025
- Business
- Yahoo
Huntington Bank CEO talks Q2 earnings, tariffs, & Veritex deal
Huntington Bancshares (HBAN) stock is in focus after the regional bank announced second quarter earnings. Huntington Bancshares chairman, president, and CEO Steve Steinour joins Asking for a Trend to discuss the earnings print, the state of the US economy, the company's acquisition of Veritex (VBTX), and more. To watch more expert insights and analysis on the latest market action, check out more Asking for a Trend here. Shares of Huntington Bank fell on Friday, despite the regional lender raising its annual interest income forecast, as they expect to deliver record net interest income for the full year. Huntington Bank is one of the country's largest small business administration loan originators with $210 billion in assets. Steve Steinour, Chairman, President, and Chief Executive Officer joins Nada, break down the latest earnings and expectations. Steve, it is good to see you. So, you did report results, Steve, um, and and the stock slipped a bit. I was talking to an analyst who covers you all, Steve, and he was saying, you know, Steve posts solid growth, but he said the next the guidance he offered said implies the next few quarters could maybe slow be slowing down a bit, and he said the question on the street and for investors is whether Steve is being just kind of conservative here or no, is he is he looking at the outlook as he's talking to customers and and has reason to believe that things may be a little bit slower in the quarters ahead. What's your answer, Steve? Well, we had a spectacular second quarter, and um and and with that, there was a certain amount of pullback. We did 8% year-over-year loan growth, but there was a pullback. Uh, there's uh uh some uncertainty about going forward. So, on the margin, it affected some of our lending activity. It would have been even stronger. And at 8%, I think it's peer-leading. Uh so we we've hedged it a little bit because of the ongoing uncertainties. Um, we enter this quarter very strong. We've got great conviction in the third quarter, and typically, the fourth quarter is our best quarter of the year. So we're we're uh we're trying to call it with a bit of conservatism. Given the uncertainty, Steve, you do have though very, you know, listen, interesting insight and line of sight into the US economy. How would you generally, Steve, characterize the economy here? How, you know, how healthy, how resilient does it look to you? Look, I think the underlying economy still is relatively healthy. There's a lot of transition going on in the manufacturing side that's tariff related, supply chain repositioning, um uh substitution of parts into different uh production environments, things like that. So it's really difficult for manufacturers, and and having said that, companies are doing reasonably well. Consumer is surprisingly strong. We see that with very low delinquency levels, and our our losses were uh very, very low. Net charge offs, 20 basis points in our peer group, that's probably one of the best best best numbers if not the best. So we're we're we're still quite optimistic about the economy. We need to get a few things, more things settled down. We've got the the tax code now set, so that's a big uh uh relief. And I'm optimistic as we get through the tariffs and some of the other issues that things will settle down and again, this core economy is in relatively good shape. You mentioned that big beautiful bill, Steve. What's interesting is when I talk to economists on the show, Steve, and I'll ask them about that, I would say their their enthusiasm broadly it's it's sort of tempered in terms of what it will mean for the economy, but you're actually, you know, you're running a business. What what do you think it's going to mean? Well, we're a very large equipment finance lender. We're number four or five in the country. So the accelerated depreciation is going to be a big boon for uh uh cap backs for equipment, and that'll be very significant for us. So, uh at a business level, we think this is going to be very helpful helpful to us, and and frankly on a longer term basis to our society, because all of the onshoring, reshoring, all of the expansion in the US, it's all going to get boosted by the accelerated depreciation provisions in the in that bill. I want to talk about the Fed with you as well, Steve, because we've we've had some notable economists on the show this week. Uh, I'm thinking one in particular who told me, listen, he he does not think you're going to see the Fed cut this year. That is the base case he's telling his clients at this point. Uh, certainly would not make the president happy, but I I'm curious, Steve, let's say that's true. If the Fed doesn't cut this year, that means what for your bank? It doesn't have any significant impact on us either way. Uh, we're we're we're we're hedged to neutrality. If they cut, we're uh modestly better off, but we've expanded the NIM significantly throughout the our net interest margin significantly throughout the year anyway, and uh and that that that NIM will hold, and it's in a very tight band now. So, uh our asset growth will fuel net interest income growth, and uh and you know, we feel optimistic about it. We've had a great, as I said, great first half, and our second half is usually better. Let's talk about an acquisition you made, Steve. That made some headlines. You're buying Veritex. Walk us through that decision and what it means for the bank. Well, we've been investing in different businesses. We've been in the Carolinas investing. We have eight new specialty banking areas. We're still investing in the core, and we're doing very, very well. We've been in Texas since 2009. Veritex is headquartered in Dallas. We have five a little over five, five and a half billion dollars of loans in Texas today. We're the number one SBA SBA lender in Texas. Um, Veritex is in Dallas and Houston, which is exactly where we want to be. And the ability to combine with them, it's a great group of talented bankers. Uh they have a terrific leader in Malcolm Holland. He's going to join us as well. And so, this will let us bring the full franchise of Huntington to Texas. It's a big deal for us. We think this has a lot of upside. We we talk about this as a springboard, and we think it will be. Texas what Texas is either the fastest growing state uh or or or very close to that, and it's huge scale, and it's exactly where we're positioned. How do regulators feel about it, Steve? They uh we've obviously pre-cleared these things with regulators, and and we're pre-cleared to go. But we manage the company we manage the company for 15 years with an aggregate moderate to low risk profile. A couple of years ago when Silicon Valley Bank failed, we had the best liquidity profile of any bank our size or larger. And we've maintained that. And and that has positioned us to make investments and grow the bank when others have been reluctant or have chosen to take a different course. Steve, great to see you and to have you on the show. Thank you so much for your time today. Thank you. Related Videos IPO outlook: Why you can expect 'more activity' this fall Chicago Fed President Austan Goolsbee on Tariffs, Inflation and AI | WSJ's Take On the Week Tech highs, liquidity spigots, crypto week: Market takeaways Trump signs GENIUS Act into law, a 'key moment' for crypto Sign in to access your portfolio
