TUPELO, Miss., Aug. 9, 2021 /PRNewswire/ -- BancorpSouth
Bank (NYSE: BXS) shareholders today voted to approve its merger
with Cadence Bancorporation (NYSE: CADE), the parent company of
Cadence Bank, N.A, during a special
meeting of its shareholders. This is a critical step toward
completing the previously announced merger, pursuant to which the
companies will combine in an all-stock merger to create a company
with a total market value of more than $6
billion and create a premier regional banking franchise
across Texas and the Southeast.
Both companies' boards of directors have previously approved the
merger.
The merger remains subject to the receipt of certain regulatory
approvals and the satisfaction of other customary closing
conditions. BancorpSouth Bank expects the transaction to close in
the fourth quarter of 2021 and anticipates full integration will
take place in the second half of 2022.
Following completion of the merger, the newly combined company
will operate under the name "Cadence
Bank" and will trade on the New York Stock Exchange (NYSE)
under the ticker symbol "CADE".
About BancorpSouth Bank
BancorpSouth Bank (NYSE: BXS)
is headquartered in Tupelo,
Mississippi, with approximately $28
billion in assets. BancorpSouth operates approximately
315 full-service branch locations as well as additional mortgage,
insurance, and loan production offices in Alabama, Arkansas, Georgia, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in
Illinois. BancorpSouth is committed to a culture of respect,
diversity, and inclusion in both its workplace and communities. To
learn more, visit our Community Commitment page at
www.bancorpsouth.com; "Like" us on Facebook; follow us on Twitter
and Instagram: @MyBXS; or connect with us through
LinkedIn.
Forward-Looking Statements
Certain statements in this
communication may constitute "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended,
with respect to BancorpSouth Bank's and Cadence Bancorporation's
and Cadence Bank's (together,
"Cadence") beliefs, plans, goals, expectations, and estimates.
Forward-looking statements are not a representation of historical
information but instead pertain to future operations, strategies,
financial results or other developments. These forward-looking
statements may be identified by their reference to a future period
or periods or by the use of forward-looking terminology such as
"anticipate," "believe," "could," "continue," "seek," "intend,"
"estimate," "expect," "foresee," "hope," "intend," "may," "might,"
"plan," "should," "predict," "project," "goal," "outlook,"
"potential," "will," "will result," "will likely result," or
"would" or future or conditional verb tenses and variations or
negatives of such terms. These forward looking statements include,
without limitation, those relating to the terms, timing and closing
of the proposed transaction.
BancorpSouth Bank and Cadence caution readers not to place undue
reliance on the forward-looking statements contained in this
communication, in that actual results could differ materially from
those indicated in such forward-looking statements as a result of a
variety of factors, many of which are beyond the control of
BancorpSouth Bank and Cadence. The factors that could cause actual
results to differ materially include the following: the occurrence
of any event, change or other circumstances that could give rise to
the right of one or both of the parties to terminate the definitive
merger agreement between BancorpSouth Bank and Cadence; the outcome
of any legal proceedings that may be instituted against
BancorpSouth Bank or Cadence; the possibility that the proposed
transaction will not close when expected or at all because required
regulatory or other approvals are not received or other conditions
to the closing are not satisfied on a timely basis or at all, or
are obtained subject to conditions that are not anticipated; the
ability of BancorpSouth Bank and Cadence to meet expectations
regarding the timing, completion and accounting and tax treatments
of the proposed transaction; the risk that any announcements
relating to the proposed transaction could have adverse effects on
the market price of the common stock of either or both parties to
the proposed transaction; the possibility that the anticipated
benefits of the proposed transaction will not be 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 BancorpSouth Bank and Cadence do business; certain
restrictions during the pendency of the proposed transaction that
may impact the parties' ability to pursue certain business
opportunities or strategic transactions; the possibility that the
transaction may be more expensive to complete than anticipated,
including as a result of unexpected factors or events; diversion of
management's attention from ongoing business operations and
opportunities; the possibility that the parties may be unable to
achieve expected synergies and operating efficiencies in the merger
within the expected timeframes or at all and to successfully
integrate Cadence's operations and those of BancorpSouth Bank; such
integration may be more difficult, time consuming or costly than
expected; revenues following the proposed transaction may be lower
than expected; potential adverse reactions or changes to business
or employee relationships, including those resulting from the
announcement or completion of the proposed transaction;
BancorpSouth Bank and Cadence's success in executing their
respective business plans and strategies and managing the risks
involved in the foregoing; the dilution caused by BancorpSouth
Bank's issuance of additional shares of its capital stock in
connection with the proposed transaction; and other factors that
may affect future results of BancorpSouth Bank and Cadence; and the
other factors discussed in "Risk Factors" in BancorpSouth Bank's
Annual Report on Form 10-K for the year ended December 31, 2020, BancorpSouth Bank's Quarterly
Reports on Form 10-Q for the quarters ended March 31, 2021 and June
30, 2021 and BancorpSouth Bank's other filings with the
Federal Deposit Insurance Corporation (the "FDIC"), which are
available at https://www.fdic.gov/ and in the "Investor Relations"
section of BancorpSouth Bank's website,
https://www.bancorpsouth.com/, under the heading "Public Filings,"
and in Cadence's Annual Report on Form 10-K for the year ended
December 31, 2020, Cadence's
Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021 and June
30, 2021 and in Cadence's other filings with the U.S.
Securities and Exchange Commission (the "SEC"), which are available
at http://www.sec.gov and in the "Investor Relations" section of
Cadence's website, https://cadencebank.com/, under the heading "SEC
Filings." BancorpSouth Bank and Cadence assume no obligation to
update the information in this communication, except as otherwise
required by law.
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SOURCE BancorpSouth Bank