Cadence Bancorporation (NYSE:CADE) (“Cadence”), the holding
company of Cadence Bank, N.A. (“Cadence Bank”), today announced
that it has completed its previously announced merger with State
Bank Financial Corporation (NASDAQ:STBZ) (“State Bank”), effective
January 1, 2019.
State Bank’s wholly owned subsidiary, State Bank and Trust
Company, was merged into Cadence Bank, effective January 1, 2019,
and its business will operate as “State Bank and Trust Company, a
division of Cadence Bank, N.A.” until systems conversion, which is
scheduled for February 2019. Upon conversion, the Cadence Bank
subsidiary will operate as Cadence Bank across its entire footprint
covering Texas, Georgia, Florida, Alabama, Mississippi and
Tennessee.
“The closing of this merger is a significant milestone for our
organization,” said Paul B. Murphy, Jr., Chairman and CEO of
Cadence Bancorporation. “Today, we celebrate the culmination of our
combined efforts and warmly welcome State Bank customers and
associates. We look forward to continuing to serve our customers,
bankers and communities with the same passion and responsiveness
they have come to expect.”
In connection with the merger, State Bank Chairman Joe Evans
joined the Cadence board of directors as Vice Chairman, State Bank
CEO and Vice Chairman Tom Wiley joined the Cadence board of
directors as a director and the Cadence Bank board of directors as
Chairman, and State Bank director Virginia Hepner joined the
Cadence board of directors as a director.
“We welcome Joe, Tom and Virginia to Cadence, and we
look forward to their active participation and insights as we bring
together two great institutions,” Murphy added.
About Cadence Bancorporation
Cadence Bancorporation (NYSE:CADE), headquartered in Houston,
Texas, is a regional bank holding company with $11.8 billion in
assets as of September 30, 2018, and the recently acquired State
Bank franchise as of September 30, 2018 had assets of $4.9 billion.
Cadence operates 98 branch locations in Alabama, Florida, Georgia,
Mississippi, Tennessee and Texas, and provides corporations,
middle-market companies, small businesses and consumers with a full
range of innovative banking and financial solutions. Services and
products include commercial and business banking, treasury
management, specialized lending, asset-based lending, commercial
real estate, SBA lending, foreign exchange, wealth management,
investment and trust services, financial planning, retirement plan
management, personal and business insurance, consumer banking,
consumer loans, mortgages, home equity lines and loans, and credit
cards. Clients have access to leading-edge online and mobile
solutions, interactive teller machines, and more than 55,000 ATMs.
The Cadence team of 1,800 associates is committed to exceeding
customer expectations and helping their clients succeed
financially.
Cautionary Statement Regarding Forward-Looking
Information
This communication contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements reflect our current views
with respect to, among other things, future events and our results
of operations, financial condition and financial performance. These
statements are often, but not always, made through the use of words
or phrases such as “may,” “should,” “could,” “predict,”
“potential,” “believe,” “will likely result,” “expect,” “continue,”
“will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,”
“projection,” “would” and “outlook,” or the negative version of
those words or other comparable words of a future or
forward-looking nature. These forward-looking statements are not
historical facts, and are based on current expectations, estimates
and projections about our industry, management’s beliefs and
certain assumptions made by management, many of which, by their
nature, are inherently uncertain and beyond our control.
Accordingly, we caution you that any such forward-looking
statements are not guarantees of future performance and are subject
to risks, assumptions and uncertainties that are difficult to
predict. Although we believe that the expectations reflected in
these forward-looking statements are reasonable as of the date
made, actual results may prove to be materially different from the
results expressed or implied by the forward-looking statements.
Such factors include, without limitation, the “Risk Factors”
referenced in our Registration Statement on Form S-3 filed with the
Securities and Exchange Commission (the “SEC”) on May 21, 2018, and
other risks and uncertainties listed from time to time in our
reports and documents filed with the SEC, including our Annual
Reports on Form 10-K and Quarterly Reports on Form 10-Q, and the
following factors: business and economic conditions generally and
in the financial services industry, nationally and within our
current and future geographic market areas; economic, market,
operational, liquidity, credit and interest rate risks associated
with our business; lack of seasoning in our loan portfolio;
deteriorating asset quality and higher loan charge-offs; the laws
and regulations applicable to our business; our ability to achieve
organic loan and deposit growth and the composition of such growth;
increased competition in the financial services industry,
nationally, regionally or locally; our ability to maintain our
historical earnings trends; our ability to raise additional capital
to implement our business plan; material weaknesses in our internal
control over financial reporting; systems failures or interruptions
involving our information technology and telecommunications systems
or third-party servicers; the composition of our management team
and our ability to attract and retain key personnel; the fiscal
position of the U.S. federal government and the soundness of other
financial institutions; the composition of our loan portfolio,
including the identity of our borrowers and the concentration of
loans in energy-related industries and in our specialized
industries; the portion of our loan portfolio that is comprised of
participations and shared national credits; the amount of
nonperforming and classified assets we hold; the outcome of any
legal proceedings that may be instituted against Cadence; the
possibility that the anticipated benefits of the merger with State
Bank are not realized when expected or at all, including as a
result of the impact of, or problems arising from, the integration
of the two companies or as a result of the strength of the economy
and competitive factors in the areas where Cadence does business.
Cadence can give no assurance that any goal or plan or expectation
set forth in forward-looking statements can be achieved and readers
are cautioned not to place undue reliance on such statements. The
forward-looking statements are made as of the date of this
communication, and Cadence does not intend, and assumes no
obligation, to update any forward-looking statement to reflect
events or circumstances after the date on which the statement is
made or to reflect the occurrence of unanticipated events or
circumstances, except as required by applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20190102005150/en/
Cadence
BancorporationMedia:Danielle
Kernell713-871-4051danielle.kernell@cadencebank.com
Investor relations:Valerie Toalson713-871-4103 or
800-698-7878vtoalson@cadencebancorporation.com
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