Cadence Bancorporation Amends Payment Date of Special Dividend

Rhea-AI Summary

Cadence Bancorporation (NYSE: CADE) has announced a one-time special cash dividend of $1.25 per share for all common stockholders recorded by the close of business on October 25, 2021. This dividend, amounting to approximately $153 million, is payable on October 28, 2021, and is linked to the merger with BancorpSouth Bank. This payment is separate from the company's regular quarterly dividends, reflecting a strong financial position post-merger.

Positive

• Special cash dividend of $1.25 per share enhances shareholder value.
• Approximately $153 million total distribution increases investor confidence.
• Dividend payment reflects successful merger execution with BancorpSouth Bank.

Negative

• None.

HOUSTON--(BUSINESS WIRE)-- Cadence Bancorporation (NYSE: CADE) today announced its previously declared one-time, special cash dividend on its shares of Class A Common Stock of $1.25 per share to all common stockholders of record as of the close of business on October 25, 2021 is now payable on October 28, 2021.

The Company and BancorpSouth Bank, a Mississippi-chartered bank (“BXS”) entered into an Agreement and Plan of Merger, dated as of April 12, 2021, as amended on May 27, 2021, which provided for the payment of this special dividend in connection with the closing of the transaction, subject to the satisfaction of customary closing conditions. Based on the current number of shares outstanding, the special cash dividend is expected to result in an aggregate distribution of approximately $153 million. This special dividend is in addition to the Company’s quarterly cash dividends.

About Cadence Bancorporation

Cadence Bancorporation (NYSE: CADE), headquartered in Houston, Texas, is a regional financial holding company with $18.7 billion in assets as of June 30, 2021. Its wholly owned subsidiary, Cadence Bank, N.A., operates 99 branch locations in Alabama, Florida, Georgia, Mississippi, Tennessee and Texas, and provides corporations, middle-market companies, small businesses and consumers with a full range of innovative banking and financial solutions. Cadence Bank’s services and products include commercial and business banking, treasury management, specialized lending, asset-based lending, commercial real estate, SBA lending, foreign exchange, wealth management, investment and trust services, financial planning, retirement plan management, personal and business insurance, consumer banking, consumer loans, mortgages, home equity lines and loans, and credit cards. The bank’s clients have access to leading-edge online and mobile solutions, interactive teller machines, and more than 55,000 ATMs. The Cadence Bank team of more than 1,800 associates is committed to exceeding customer expectations and helping their clients succeed financially. Cadence Bank, N.A. Member FDIC. Equal Housing Lender. NMLS#525022.

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Cadence Bancorporation

Media contact:

Danielle Kernell

713-871-4051

danielle.kernell@cadencebank.com

Investor relations contact:

Valerie Toalson

713-871-4103 or 800-698-7878

vtoalson@cadencebancorporation.com

Source: Cadence Bancorporation

FAQ

What is the special dividend amount for CADE?

Cadence Bancorporation has declared a special cash dividend of $1.25 per share.

When is the special dividend for CADE payable?

The special dividend for CADE is payable on October 28, 2021.

Who is eligible for the CADE special dividend?

Stockholders of Cadence Bancorporation who are recorded as of October 25, 2021, are eligible for the dividend.

How much will CADE distribute in the special dividend?

Cadence Bancorporation expects to distribute approximately $153 million in the special dividend.