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Mitsue Schue
Cadence Bank is a commercial bank with dual headquarters in Tupelo, Mississippi and Houston, Texas with operations in Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Missouri, Oklahoma, Tennessee, Texas, and Illinois. In 1876, Raymond Trice and Company received a charter to create a bank in its hardware store in Verona, Mississippi. In 1886, the banking operation was moved to Tupelo, Mississippi and the company was renamed to Bank of Lee County, Mississippi. Soon after, it was renamed to the Bank of Tupelo. The bank was renamed to Bank of Mississippi in 1966. In 1997, the bank changed its name to BancorpSouth.[2] In October 2021, the bank changed its name to Cadence Bank. It has the naming rights to Cadence Bank Amphitheatre in Atlanta and Cadence Bank Arena in Tupelo.
In April 2000, the bank acquired First United Bancshares of El Dorado, Arkansas. First United Bancshares was acquired for $455 million in a tax-free exchange of stock where BancorpSouth gave 1.125 shares of its common stock for each share of First United Bancshares stock.[4]
In January 2014, the bank acquired Ouachita Bancshares Corp. of Monroe, Louisiana and Central Community Corporation of Temple, Texas. Ouachita Bancshares Corp. was purchased for 3,675,000 shares of BancorpSouth's common stock plus $22.875 million in cash. Central Community Corporation was purchased for 7,250,000 shares of BancorpSouth's common stock plus $28.5 million in cash. After nearly four years and multiple extension of completion dates, the bank received the necessary approvals in late 2017 to close the transactions. Both mergers were completed effective January 15, 2018.[9]
In July 2017, the bank reorganized to eliminate redundant corporate infrastructure and activities. BancorpSouth, Inc. was merged with and into its wholly owned bank subsidiary, BancorpSouth Bank. The reorganization left BancorpSouth Bank as the surviving entity. This left BancorpSouth Bank being regulated by the Federal Deposit Insurance Corporation and the Mississippi Department of Banking and Consumer Finance. Before the reorganization, BancorpSouth, Inc. was regulated by the Federal Reserve as a bank holding company.[10]
In April 2018, the bank acquired Icon Capital Corporation and its wholly owned subsidiary Icon Bank of Texas, National Association of Houston, Texas for 4,125,000 shares of BancorpSouth's common stock plus $17.5 million in cash.[11] The merger was completed on October 1, 2018, and folds in seven open full-service banking offices as well as two not-yet-opened full-service banking offices into BancorpSouth's footprint.[12]
In November 2018, the bank acquired Casey Bancorp, Inc. of Grand Prairie, Texas and its wholly owned subsidiary, Grand Bank of Texas. Also, the bank acquired Merchants Trust, Inc. of Jackson, Alabama and its wholly owned subsidiary, Merchants Bank. Casey Bancorp, Inc. was purchased for 1,275,000 shares of BancorpSouth's common stock plus $11.000 million in cash with the agreement providing a collar with respect to the total deal value ranging from $51.750 million to $56.750 million. Merchants Trust, Inc. was purchased for 950,000 shares of BancorpSouth's common stock plus $8.000 million in cash with the agreement providing a collar with respect to the total deal value ranging from $37.500 million to $43.000 million.[13][14] Both mergers were completed effective April 1, 2019.[15]
In March 2019, the bank acquired Van Alstyne Financial Corporation of Van Alstyne, Texas and its wholly owned subsidiary, Texas Star Bank. Also, the bank acquired Summit Financial Enterprises, Inc. of Panama City, Florida and its wholly owned subsidiary Summit Bank, National Association. Van Alstyne Financial Corporation was purchased for 2,100,000 shares of BancorpSouth's common stock plus $20.500 million in cash with the agreement providing a collar with respect to the total deal value ranging from $80.000 million to $86.700 million. Summit Financial Enterprises, Inc. was purchased for 2,500,000 shares of BancorpSouth's common stock plus $20.000 million in cash with the agreement providing a collar with respect to the total deal value ranging from $95.000 million to $107.500 million.[16][17] Both mergers were completed effective September 1, 2019.[18]
In September 2019, the bank acquired Texas First Bancshares, Inc. of Waco, Texas and its wholly owned subsidiary, Texas First State Bank for 1,065,000 shares of BancorpSouth's common stock plus $13.0 million in cash. The terms of the merger agreement provide for a collar with respect to the total deal value ranging from $38.8 million to $46.5 million.[19] The merger was completed on January 1, 2020.[20]
In April 2003, the bank acquired WMS, LLC of Baton Rouge, Louisiana, which operated under the name of Wright & Percy Insurance. Also, in July of the same year, the bank acquired Ramsey, Krug, Farrell and Lensing, Inc. of Little Rock, Arkansas.[24][25]
The plan follows the October 29, 2021, completion of the legacy BancorpSouth Bank and legacy Cadence Bancorporation merger, which created a leading regional banking franchise with approximately $50 billion in assets and more than 400 branch locations in its nine-state footprint as of year-end 2021. Before the merger, in 2019, Cadence and NCRC established a $2.5 billion community benefits plan.
Since 2016, NCRC has facilitated similar community benefits agreements with 18 bank groups worth a combined $441 billion for mortgage, small business and community development lending, investments and philanthropy in LMI and under-resourced communities.
Cadence Bank (NYSE: CADE) is a leading regional banking franchise with approximately $50 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. Cadence Bank, Member FDIC. Equal Housing Lender.
Cadence will collaborate with community stakeholders to remove barriers of opportunity by providing a listing of bank procurement opportunities with routine frequency, working with the NCRC to identify diverse suppliers, maintaining clear supplier qualifications, and providing opportunities for diverse suppliers to learn how they can qualify for opportunities.
About Cadence BankCadence Bank (NYSE: CADE) is a leading regional banking franchise with approximately $50 billion in assets and over 350 branch locations across the South 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, and retirement plan management. Cadence is committed to a culture of respect, diversity and inclusion in both its workplace and communities. Cadence Bank, Member FDIC. Equal Housing Lender.
There is no place for discrimination in the federal banking system. The OCC will use the full force of our authority to correct fair lending violations with our supervisory and enforcement tools, including civil money penalties, cease and desist orders, and requiring restitution for customers harmed as a result of any discriminatory practices.
The OCC will continue to refer fair housing violations to the Department of Justice and act independently to hold banks accountable for compliance with fair lending and other consumer protection laws.
The deal to sell one of the largest bank-owned insurance brokerages in the United States for $904 million in cash is the latest example of banks parting with their highly valued insurance subsidiaries.
Among large bank-owned insurance brokerages, Cadence Insurance trails Truist Financial's insurance subsidiary in size. Earlier this year, Charlotte, North Carolina-based Truist sold 20% of its stake in Truist Insurance Holdings to a private equity firm for $1.95 billion, a move that Truist executives said would pay for future growth and boost earnings over time.
In this year's roundup of top banking news for 2023: Navy Federal Credit Union joins the RTP network amid ongoing military contract woes, major banks across the U.S. announce staff cuts, regulators shutter Signature Bank and more.
In November's roundup of top banking news: Citigroup approaches newest wave of job cuts and managerial shifts, Truist Financial nearly doubles most-senior executive leadership team, JPMorgan Chase faces regulatory inquiries and more.
Bank investor Kenneth Lehman and investment firm Castle Creek are providing the funds to the Virginia-based bank, whose fintech friendly strategy has gotten it in trouble with regulators. The bank's stock has sunk 70% this year.
*Top RIA custodian (Cerulli Associates, 2020 U.S. RIA Marketplace Report); No. 1 Independent Broker-Dealer in the U.S. (Based on total revenues, Financial Planning magazine 1996-2022); among third-party providers of brokerage services to banks and credit unions, No. 1 in AUM Growth from Financial Institutions; No. 1 in Market Share of AUM from Financial Institutions; No. 1 in Market Share of Revenue from Financial Institutions; No. 1 on Financial Institution Market Share; No. 1 on Share of Advisors. (2021-2022 Kehrer Bielan Research & Consulting Annual TPM Report). Fortune 500 as of June 2021.
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