TUPELO, Miss., Dec. 8, 2021 /PRNewswire/ -- Cadence Bank
(NYSE: CADE) (Cadence) announced today that its Board of Directors
authorized a new share repurchase program allowing the company to
purchase up to an aggregate of 10 million shares of Cadence's
common stock. Subject to the approval of the Federal Deposit
Insurance Corporation, this new share repurchase program will be
effective on January 3, 2022 and will
expire on December 30, 2022. Cadence
recently completed the repurchase of the full 6 million shares of
Cadence common stock authorized under its current share repurchase
program, which expires December 31,
2021.
Under the new share repurchase program, Cadence's shares may be
purchased periodically in open market transactions at prevailing
market prices, in privately negotiated transactions or by other
means in accordance with federal securities laws. The new share
repurchase program may be extended, modified, amended, suspended or
discontinued at any time at the discretion of Cadence's Board of
Directors and does not commit Cadence to repurchase shares of its
common stock. With respect to repurchases made pursuant to the new
share repurchase program, the actual means of purchase, the timing
of purchases, the target number of shares per purchase, and the
maximum price or range of prices per purchase will be determined by
management in its discretion and will depend upon a number of
factors, including Cadence's capital position, liquidity, financial
performance and alternate uses of capital, the market price of
Cadence's common stock, general market and economic conditions, and
applicable legal and regulatory requirements.
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.
Forward-Looking Statements
Certain statements made in this news release are not statements
of historical fact and constitute "forward-looking statements"
within the meaning of Section 21E of the Securities Exchange Act of
1934, as amended, and are subject to the safe harbor created
thereby under the Private Securities Litigation Reform Act of
1995. 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," "aspire,"
"roadmap," "achieve," "estimate," "intend," "plan," "project,"
"projection," "forecast," "goal," "target," "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 include, without limitation, statements related to the
terms, timing, logistics and conditions of Cadence's share
repurchase programs, Cadence's utilization of the share repurchase
programs, and Cadence's compliance with applicable law including,
but not limited to, federal securities laws, in connection with the
administration of the share repurchase programs.
These forward-looking statements are not historical facts, and
are based upon current expectations, estimates and projections
about Cadence's industry, management's beliefs and certain
assumptions made by management, many of which, by their nature, are
inherently uncertain, involve risk and are beyond Cadence's
control. The inclusion of these forward-looking statements
should not be regarded as a representation by Cadence or any other
person that such expectations, estimates and projections will be
achieved. Accordingly, Cadence cautions 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 and that are beyond Cadence's control.
Although Cadence believes that the expectations reflected in these
forward-looking statements are reasonable as of the date of this
news release, actual results may prove to be materially different
from the results expressed or implied by the forward-looking
statements.
If one or more events related to these or other risks or
uncertainties materialize, or if Cadence's underlying assumptions
prove to be incorrect, actual results may differ materially from
Cadence's forward-looking statements. Accordingly, undue reliance
should not be placed on any such forward-looking statements. Any
forward-looking statement speaks only as of the date of this news
release, and Cadence does not undertake any obligation to publicly
update or review any forward-looking statement, whether as a result
of new information, future developments or otherwise, except as
required by applicable law. New risks and uncertainties may
emerge from time to time, and it is not possible for Cadence to
predict their occurrence or how they will affect Cadence. The
foregoing should be read in conjunction with those risk factors
that are set forth from time to time in Cadence's periodic and
current reports filed with the FDIC, including those factors
included in Cadence's Annual Report on Form 10-K for the year ended
December 31, 2020 under the heading
"Item 1A. Risk Factors," in Cadence's Quarterly Reports on Form
10-Q under the heading "Part II-Item 1A. Risk Factors," in
Cadence's Current Reports on Form 8-K and Cadence's other filings
with the FDIC, which are available at https://www.fdic.gov and at
Cadence's website https://ir.cadencebank.com under the heading
"Public Filings."
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SOURCE Cadence Bank