TUPELO, Miss. and HOUSTON, October 29, 2021 / PRNewswire / – Cadence Bank (NYSE: CADE) today announced the successful completion of its previously announced merger in which the former Cadence Bancorporation has merged with BancorpSouth Bank, with BancorpSouth as the surviving company. Upon completion of the merger, BancorpSouth was renamed Cadence bank, and its shares will trade on the New York Stock Exchange under the symbol “CADE” effective today.
Through this transaction, Cadence is the sixth largest bank based in its nine states with 48 billion dollars in assets, and a presence in eight of the 10 largest metropolitan statistical regions located there.
“With the completion of our merger, we are positioned to be a stronger banking franchise delivering relationship-driven financial services and creating new opportunities for the benefit of our teammates, customers, communities and shareholders,” said Dan Rollins, Chairman and CEO of Cadence bank. “Our larger scale, increased customer base, financial strength and flexibility will enable 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-president of Cadence bank, added: “We are delighted 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 business model of going to market. The combination of these two successful banks expand our branch network with more convenient locations and allow us to offer a wider range of products and services to our customers. -term value for all stakeholders. “
Cadence’s management committee includes executives from both historic companies. This committee exercises oversight of management over all aspects of the business and includes the following officers:
- Dan Rollins, Chairman and CEO
- Paul murphy, Executive Vice President
- Chris Bagley, President
- Valerie Toalson, Financial director
- Hank Holmes, bank manager
- Billy braddock, Chief Credit Officer – Corporate Banking
- Tom clark, chief information officer
- Cathy Freeman, Administrative director
- Jeff jagger, CEO
- ty Lambert, Chief Risk Officer
- Mike Meyer, President – Banking Services
- Chuck Pignuolo, Legal Director
- Sheila ray, director of talents
- Keith Vander Steeg, Credit Manager – Community Bank
- Brian Walhood, President – Community Bank
The board of directors is made up of 11 former directors of BancorpSouth and eight former directors of Cadence:
- Gus J. Blass III
- Shannon A. Brown
- Deborah M. Cannon
- Charlotte N. corley
- Joseph W. Evans
- J. Richard Frederick
- Virginie 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.
Following the merger, customers will not experience any immediate changes in their banking operations and are expected to continue to use their respective BancorpSouth or Cadence branches, checks, bank cards, online and mobile banking and other banking services as they normally do. . However, customers of both banks can now use their existing debit cards at all BancorpSouth and Cadence ATMs without a service charge.
BancorpSouth Bank and Cadence bank will continue to operate under their respective brands until the system integration, which is expected to take place in the fourth quarter of 2022.
The combined company has a double seat at Tupelo, miss. and Houston, texas, with primary operations centers in Tupelo, miss. and Birmingham, Alabama.
On Cadence bank
Cadence bank (NYSE: CADE) is a leading regional banking franchise with 48 billion dollars in assets and more than 400 branches in the South, Midwest and Texas. Cadence offers consumers, businesses and businesses 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 commercial banking, cash management, specialty loans , asset loans, commercial real estate, equipment financing, related banking services, SBA loans, foreign exchange, wealth management, investment and trust services, financial planning, pension management and insurance personal and commercial. Cadence is committed to a culture of respect, diversity and inclusion both in its workplace and in its communities.
SOURCE BancorpSouth Bank