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Cadence Bank (NYSE: CADE) has successfully completed its merger with BancorpSouth Bank, making it the sixth-largest bank in its nine-state region with $48 billion in assets. The merger enhances the bank's competitive positioning by broadening its branch network and service offerings, while retaining the existing brands until a full system integration is anticipated in late 2022. The combined entity aims to provide relationship-focused services, creating opportunities for growth and efficiency.
BancorpSouth Bank (NYSE: BXS) declared a quarterly cash dividend of $0.20 per share of common stock, payable on January 3, 2022, with a record date of December 15, 2021. The dividend also applies to legacy Cadence shareholders following the merger with Cadence Bancorporation, effective October 29, 2021. Additionally, the board declared a cash dividend of $0.34375 per share of Series A Preferred Stock, payable on November 22, 2021, to shareholders of record by November 5, 2021. Net income for Q3 2021 was $70.4 million, or $0.65 per diluted share.
Avid Bioservices will be added to the S&P SmallCap 600 on October 29, 2021, replacing Cadence Bancorporation, which is being acquired by BancorpSouth Bank. This transition indicates a positive shift for Avid Bioservices as it moves into a more prominent index, potentially attracting more investment and improving liquidity. The acquisition of Cadence Bancorporation is expected to close around the same date, pending final conditions.
BancorpSouth Bank (NYSE: BXS) reported a net income of $70.4 million for Q3 2021, translating to $0.65 per diluted share. Total pre-tax pre-provision net revenue reached $90.1 million, while total deposits saw an increase of $722.2 million, representing a 12.2% annualized growth. The bank experienced organic net loan growth of $121.6 million (3.3% annualized). Credit quality metrics remained strong with a negative provision for credit losses of $7.0 million. Additionally, the merger with Cadence Bancorporation is set to close on October 29, 2021, potentially creating a $48 billion institution.
BancorpSouth Bank (NYSE: BXS) and Cadence Bancorporation (NYSE: CADE) have received final FDIC approval for their merger, originally announced on April 12, 2021. The merger is set to close on October 31, 2021, creating the sixth-largest bank in a nine-state footprint. Following the merger, BancorpSouth will rebrand as Cadence Bank, with its ticker symbol changing from BXS to CADE. Shareholders will receive 0.70 shares of BXS for each share of CADE, along with a special cash dividend of $1.25 per CADE share. CEO Dan Rollins emphasized the merger's potential to enhance service offerings and market presence.
BancorpSouth Bank (NYSE: BXS) and the Federal Home Loan Bank of Dallas have awarded $78,222 in Partnership Grant Program funding to 10 nonprofits across Arkansas, Mississippi, and Louisiana. These grants aim to support vital operational activities for nonprofits, particularly in the wake of COVID-19 and Hurricane Ida. Notable beneficiaries include Habitat for Humanity organizations and Mercy Housing. In 2021, FHLB Dallas granted over $600,000 across its five-state district, reinforcing BancorpSouth's commitment to community improvement.
BancorpSouth Bank (NYSE: BXS) will announce its third-quarter 2021 earnings on October 25, 2021, after market close. A live earnings webcast will occur on October 26, 2021, at 10:00 a.m. CDT, allowing analysts and the public to engage in an interactive session. This financial institution, based in Tupelo, Mississippi, manages approximately $28 billion in assets and operates around 315 full-service branches across multiple states, including Alabama and Texas.
BancorpSouth Bank (NYSE: BXS) announced that its subsidiary, BXS Community Fund, has received a $50 million allocation under the New Markets Tax Credit program. This allocation, awarded by the U.S. Department of Treasury's CDFI Fund, is aimed at promoting investments in low-income urban and rural communities. BXS Community Fund was selected from among 208 applicants nationwide. The funds will support manufacturing, healthcare provisions in underserved areas, and grocery access, focusing on highly distressed communities.
The First Bancshares, Inc. (NASDAQ: FBMS) has signed an agreement to acquire seven Cadence Bank branches in Northeast Mississippi. This acquisition is part of a divestiture due to the merger between BancorpSouth (NYSE: BXS) and Cadence Bancorporation (NYSE: CADE), which was prompted by a DOJ Antitrust review. The First will assume approximately $450 million in deposits for a $1 million premium, and acquire about $42 million in loans at par value. The deal is expected to close in Q4 2021, subject to regulatory approvals.
Cadence Bancorporation (NYSE: CADE) has reached settlements with the U.S. Department of Justice (DOJ) and the Office of the Comptroller of the Currency (OCC) over historical allegations of fair lending law violations in Houston, Texas. The Bank will pay a $3 million penalty to the Treasury and invest $4.17 million in a loan subsidy fund. Additionally, a full-service branch will be opened in a majority-Black and Hispanic neighborhood. The Bank aims to strengthen its community outreach and continue its commitment to compliance and diversity.
