TUPELO, Miss. and HOUSTON, Oct. 29,
2021 /PRNewswire/ -- Cadence Bank (NYSE: CADE) today
announced the successful closing of its previously announced merger
in which legacy Cadence Bancorporation merged into BancorpSouth
Bank, with BancorpSouth as the surviving company. Upon the
completion of the merger, BancorpSouth was renamed Cadence Bank, and its stock will trade on the
New York Stock Exchange under the symbol "CADE" beginning
today.
Through this transaction, Cadence is the sixth-largest bank
headquartered in its nine-state footprint with $48 billion in assets, and a presence in eight of
the top 10 largest metropolitan statistical areas therein.
"With the completion of our merger, we're positioned to be a
stronger banking franchise offering relationship-focused financial
services and creating new opportunities to benefit our teammates,
customers, communities and shareholders," said Dan Rollins, chairman and CEO of Cadence Bank. "Our larger scale, increased
customer base, and financial strength and flexibility will allow us
to become more competitive and efficient in our rapidly-changing
industry, with a greater ability to meet customer needs by
accelerating investments in technology solutions."
Paul Murphy, executive vice
chairman of Cadence Bank, added,
"We're excited to reach this historic milestone for our companies.
The merger makes strategic sense as our community and commercial
banking models complement each other – creating a balanced
go-to-market business model. Combining these two successful banks
will expand our branch network with more convenient locations and
allow us to offer a broader range of products and services to our
customers. Our shared strategic vision and our commitment to
relationship-focused service and supporting our customers and
communities provide us with the opportunity to build long-term
value for all stakeholders."
Cadence's management committee includes executive leaders from
both of the legacy companies. This committee has management
oversight over all aspects of the company and includes the
following leaders:
- Dan Rollins, Chairman &
Chief Executive Officer
- Paul Murphy, Executive Vice
Chairman
- Chris Bagley, President
- Valerie Toalson, Chief Financial
Officer
- Hank Holmes, Chief Banking
Officer
- Billy Braddock, Chief Credit
Officer - Corporate Banking
- Tom Clark, Chief Information
Officer
- Cathy Freeman, Chief
Administrative Officer
- Jeff Jaggers, Chief Operating
Officer
- Ty Lambert, Chief Risk
Officer
- Mike Meyer, President - Banking
Services
- Chuck Pignuolo, Chief Legal Officer
- Sheila Ray, Chief Talent
Officer
- Keith Vander Steeg, Chief Credit
Officer - Community Bank
- Brian Walhood, President -
Community Bank
The board of directors is comprised of 11 former BancorpSouth
directors and eight former Cadence directors:
- Gus J. Blass III
- Shannon A. Brown
- Deborah M. Cannon
- Charlotte N. Corley
- Joseph W. Evans
- J. Richard Fredericks
- Virginia A. Hepner
- William G. "Skipper" Holliman
- Warren A. Hood Jr.
- Keith J. Jackson
- Larry G. Kirk
- Paul B. Murphy Jr.
- Precious W. Owodunni
- Alan W. Perry
- James D. Rollins III
- Marc J. Shapiro
- Thomas R. Stanton
- Kathy N. Waller
- J. Thomas Wiley Jr.
As a result of the merger, customers will not experience any
immediate changes to their banking and should continue using their
respective BancorpSouth or Cadence branches, checks, bank cards,
online and mobile banking, and other banking services as they
usually do. However, customers of both banks can now use their
existing debit cards at any BancorpSouth and Cadence ATMs with no
service fee.
BancorpSouth Bank and Cadence
Bank will continue to operate under their respective brands
until the system integration, which is expected to occur in the
fourth quarter of 2022.
The combined company has dual headquarters in Tupelo, Miss. and Houston, Texas, with primary operations
centers in Tupelo, Miss. and
Birmingham, Ala.
About Cadence Bank
Cadence Bank (NYSE: CADE) is a
leading regional banking franchise with $48
billion in assets and more than 400 branch locations across
the South, Midwest and Texas.
Cadence provides consumers, businesses and corporations with a full
range of innovative banking and financial solutions. Services and
products include consumer banking, consumer loans, mortgages, home
equity lines and loans, credit cards, commercial and business
banking, treasury management, specialized lending, asset-based
lending, commercial real estate, equipment financing, correspondent
banking, SBA lending, foreign exchange, wealth management,
investment and trust services, financial planning, retirement plan
management, and personal and business insurance. Cadence is
committed to a culture of respect, diversity and inclusion in both
its workplace and communities.
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SOURCE BancorpSouth Bank