The First, A National Banking Association (“The First”),
headquartered in Hattiesburg, Mississippi and subsidiary of The
First Bancshares, Inc. (NASDAQ: FBMS “FBMS”) has entered into a
definitive purchase agreement to acquire seven Cadence Bank, N.A.
branches in Northeast Mississippi. Cadence Bank, N.A. is a
subsidiary of Cadence Bancorporation (NYSE: CADE “Cadence”).
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20210902005796/en/
The divestiture of these branches is a result of the joint
Letter of Agreement (“LOA”) entered into between BancorpSouth Bank
(NYSE: BXS “BancorpSouth”) and Cadence with the United States
Department of Justice’s Antitrust Division (“DOJ”) in connection
with the proposed merger of BancorpSouth and Cadence.
It is expected that The First will assume approximately $450
million in deposits for a premium of $1 million, acquire
approximately $42 million in loans at par value, acquire the real
estate associated with the seven Cadence branches at their
appraised value, and acquire other assets associated with the
branches at book value. The definitive purchase agreement provides
that the consummation of the transaction must occur within 180 days
following the BancorpSouth and Cadence merger. However, this
transaction is expected to close in the fourth quarter of 2021,
subject to the satisfaction of customary closing conditions,
including the consummation of the BancorpSouth and Cadence merger
and receipt of all necessary regulatory approvals. The First
intends to make offers of employment to current branch employees
upon the close of the transaction and will be providing additional
information to customers of the branches slated for
divestiture.
The following Cadence branches will be divested:
- 128 East Commerce Street, Aberdeen, Mississippi
- 302 Highway 145 North, Aberdeen, Mississippi
- 657 Commerce Street, West Point, Mississippi
- 215 Highway 45 South, West Point, Mississippi
- 818 Highway 12 West, Starkville, Mississippi
- 793 Russell Street, Starkville, Mississippi
- 606 Highway 12 East, Starkville, Mississippi
“We are excited about growing our company’s presence in our home
state of Mississippi with the addition of seven locations in
Starkville, West Point, and Aberdeen,” said Hoppy Cole, President
and CEO of The First. “This expansion furthers our strategic vision
of building a high performing regional bank. We look forward to
welcoming our new team members and clients, and we are thrilled
with the opportunities for growth that this presents.”
Stephens Inc. served as financial advisor to The First
Bancshares, Inc.
About The First Bancshares, Inc.
The First Bancshares, Inc., headquartered in Hattiesburg,
Mississippi, is the parent company of The First, A National Banking
Association. Founded in 1996, the First has operations in
Mississippi, Louisiana, Alabama, Florida and Georgia. The Company’s
stock is traded on NASDAQ Global Market under the symbol FBMS.
Information is available on the Company’s website:
www.thefirstbank.com.
About Cadence Bancorporation
Cadence Bancorporation (NYSE: CADE), headquartered in Houston,
Texas, is a regional financial holding company with $18.7 billion
in assets as of June 30, 2021. Its wholly owned subsidiary, Cadence
Bank, N.A., operates 99 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. Cadence Bank’s 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. The bank’s clients
have access to leading-edge online and mobile solutions,
interactive teller machines, and more than 55,000 ATMs. The Cadence
Bank team of more than 1,800 associates is committed to exceeding
customer expectations and helping their clients succeed
financially. Cadence Bank, N.A. Member FDIC. Equal Housing Lender.
NMLS#525022.
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
This communication and certain of other filings of FBMS,
Cadence, and BancorpSouth with the Securities and Exchange
Commission contain statements that constitute “forward looking
statements” within the meaning of, and subject to the protections
of, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. All
statements other than statements of historical fact are
forward-looking statements. Such statements can generally be
identified by such words as “believes,” “anticipates,” “expects,”
“may,” “will,” “assumes,” “should,” “predicts,” “could,” “would,”
“intends,” “targets,” “estimates,” “projects,” “plans,”
“potential,” “positioned” and other similar words and expressions
of the future or otherwise regarding the outlook for the future
business and financial performance of each of FBMS, Cadence, and
BancorpSouth and/or the performance of the banking industry and
economy in general. Prospective investors are cautioned that any
such forward-looking statements are not guarantees of future
performance and involve known and unknown risk and uncertainties
which may cause the actual results, performance or achievements of
each of FBMS, Cadence, and BancorpSouth to be materially different
from the future results, performance or achievements expressed or
implied by such forward-looking statements. Forward-looking
statements are based on the information known to, and current
beliefs and expectations of, the management teams of each of FBMS,
Cadence, and BancorpSouth and are subject to significant risks and
uncertainties. Actual results may differ materially from those
contemplated by such forward-looking statements. Factors that might
cause such differences include, but are not limited to: (1)
competitive pressures among financial institutions increasing
significantly; (2) changes in economic or political conditions,
either nationally or locally, particularly in areas in which the
Companies conduct operations; (3) interest rate risk; (4) changes
in applicable laws, rules, or regulations, including changes to
statutes, regulations or regulatory policies or practices as a
result of, or in response to COVID-19; (5) risks related to
recently completed acquisitions and other M&A activity by each
of FBMS, Cadence, and BancorpSouth, including that the anticipated
benefits from such transactions are not realized in the time frame
anticipated or at all as a result of changes in general economic
and market conditions or other unexpected factors or events; (6)
changes in management’s plans for the future; (7) credit risk
associated with our lending activities; changes in interest rates,
loan demand, real estate values, or competition; (8) changes in
accounting principles, policies, or guidelines; (9) adverse results
from current or future litigation, regulatory examinations or other
legal and/or regulatory actions, including as a result of
participation in and execution of government programs related to
the COVID-19 pandemic; (10) the impact of the COVID-19 pandemic on
the assets, business, cash flows, financial condition, liquidity,
prospects and results of operations of each of FBMS, Cadence, and
BancorpSouth; (11) potential increases in the provision for loan
losses resulting from the COVID-19 pandemic; (12) the possibility
that the proposed transaction will not close when expected or at
all because required regulatory approval are not received or other
conditions to the closing are not satisfied on a timely basis or at
all; (13) the possibility that the anticipated benefits of the
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 customers or as a result of the strength of the
economy and competitive factors in the areas where FBMS, Cadence,
and BancorpSouth do business; (14) the possibility that the
transaction may be more expensive to complete than anticipated,
including as a result of unexpected factors or events; (15)
diversion of attention of the management teams of each of FBMS,
Cadence, and BancorpSouth from ongoing business operations and
opportunities; (16) potential adverse reactions or changes to
business or employee relationships, including those resulting from
the announcement or completion of the transaction; and (17) other
general competitive, economic, political, and market factors,
including those affecting the business, operations, pricing,
products, or services of FBMS, Cadence, and BancorpSouth. These and
other factors that could cause results to differ materially from
those described in the forward-looking statements, as well as a
discussion of the risks and uncertainties that may affect the
businesses of FBMS, Cadence, and BancorpSouth, can be found in our
Annual Reports on Form 10-K and in other filings by each of FBMS,
Cadence, and BancorpSouth with the Securities and Exchange
Commission, which are available on the SEC’s website,
http://www.sec.gov, or, in the case of BancorpSouth, at
https://www.fdic.gov/ and in the “Investor Relations” section of
BancorpSouth’s website, https://www.bancorpsouth.com/, under the
heading “Public Filings”. Undue reliance should not be placed on
forward-looking statements. Each of FBMS, Cadence, and BancorpSouth
disclaim any obligation to update such factors or to publicly
announce the results of any revisions to any of the forward-looking
statements included herein to reflect future events or
developments.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210902005796/en/
The First Contact: M. Ray
“Hoppy” Cole, CEO or DeeDee Lowery, CFO 601-268-8998
Cadence Contact: Danielle
Kernell danielle.kernell@cadencebank.com 713-871-4051
BancorpSouth Contact: Antrenise
Robinson media.relations@bxs.com 662-680-2038
Cadence Bank (NYSE:CADE)
Historical Stock Chart
From Sep 2024 to Oct 2024
Cadence Bank (NYSE:CADE)
Historical Stock Chart
From Oct 2023 to Oct 2024