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Cadence Bancorporation Declares Special Dividend of $1.25 Per Share
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Positive)
Tags
dividends
Rhea-AI Summary
Cadence Bancorporation (NYSE: CADE) announced a one-time, special cash dividend of $1.25 per share for Class A Common Stockholders. The dividend is payable on or about October 29, 2021 to stockholders of record by the close of business on October 25, 2021. This special dividend, totaling approximately $153 million, is part of the merger agreement with BancorpSouth Bank, set to close on October 31, 2021. The merger aims to enhance long-term value for shareholders.
Positive
One-time special cash dividend of $1.25 per share, totaling approximately $153 million.
Payment aligns with the merger with BancorpSouth Bank, expected to enhance shareholder value.
Negative
None.
HOUSTON--(BUSINESS WIRE)--
Cadence Bancorporation (NYSE: CADE) today announced that it has declared a 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 payable on or about October 29, 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 scheduled for October 31, 2021, 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.
Paul Murphy, Chairman & Chief Executive Officer of Cadence Bancorporation, stated: “We believe our transformational merger with BancorpSouth – and our combined capital strength – will continue to drive long-term value to all shareholders. We are pleased that Cadence shareholders will enjoy a meaningful one-time, special cash dividend as agreed upon in the merger agreement.”
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.
