Cadence Bancorporation Increases Share Repurchase Program by $100 Million
February 18 2020 - 4:58PM
Business Wire
Cadence Bancorporation (NYSE: CADE) (“Cadence”) today announced
that its board of directors has authorized an increase to its share
repurchase program of Cadence’s Class A common stock by an
additional $100 million. Cadence previously announced a $50 million
share repurchase authorization on July 26, 2019. Cadence
repurchased $20.2 million from July 26, 2019 through December 31,
2019, and from January 27 through February 14, 2020, the Company
repurchased an additional $20.5 million.
Cadence expects to fund the program with cash on hand and cash
generated from operations. The repurchase authorization may be
modified, suspended or discontinued at any time at Cadence’s
discretion and does not obligate Cadence to acquire any particular
amount of Class A common stock. The actual timing, number and value
of the shares to be purchased under the program will be determined
by Cadence’s management at its discretion.
Cadence’s Class A common stock repurchase program will be
subject to various factors, including Cadence’s capital position,
liquidity, financial performance and alternate uses of capital,
stock trading price, general market and other conditions, and
applicable legal requirements. The Class A common stock repurchases
may be accomplished through open market purchases or privately
negotiated transactions.
About Cadence Bancorporation
Cadence Bancorporation (NYSE: CADE), headquartered in Houston,
Texas, is a regional financial holding company with $17.8 billion
in total assets as of December 31, 2019. 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, payroll and
insurance services, 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.
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Cadence Bancorporation
Media contact: Danielle Kernell 713-871-4051
danielle.kernell@cadencebank.com
Investor relations contact: Valerie Toalson 713-871-4103
or 800-698-7878 vtoalson@cadencebancorporation.com
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