Cadence Bank Announces 2024 Share Repurchase Program

Rhea-AI Summary

Cadence Bank (NYSE: CADE) authorized a new share repurchase program allowing the company to buy up to 10 million shares of its common stock. The program will be effective from January 2, 2024, to December 31, 2024. The company has not repurchased shares under its current program, and the new program allows for purchases through various means, subject to regulatory approval.

HOUSTON and TUPELO, Miss., Dec. 13, 2023 /PRNewswire/ -- Cadence Bank's (NYSE: CADE) (Cadence) Board of Directors authorized a new share repurchase program allowing the company to purchase up to an aggregate of 10 million shares of Cadence's common stock. Subject to the approval of the Federal Deposit Insurance Corporation, this new share repurchase program will be effective on January 2, 2024, and will expire on December 31, 2024. Cadence has not repurchased shares authorized under its current share repurchase program, which expires on December 29, 2023.

Under the new share repurchase program, Cadence's shares may be purchased periodically in open market transactions at prevailing market prices, in privately negotiated transactions or by other means in accordance with federal securities laws. The new share repurchase program may be extended, modified, amended, suspended or discontinued at any time at the discretion of Cadence's Board of Directors and does not commit Cadence to repurchase shares of its common stock. With respect to repurchases made pursuant to the new share repurchase program, the actual means of purchase, the timing of purchases, the target number of shares per purchase and the maximum price or range of prices per purchase will be determined by management in its discretion and will depend upon a number of factors, including Cadence's capital position, liquidity, financial performance and alternate uses of capital, the market price of Cadence's common stock, general market and economic conditions, and applicable legal and regulatory requirements.

About Cadence Bank
Cadence 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, inclusion and belonging in both its workplace and communities. Cadence Bank, Member FDIC. Equal Housing Lender.

Forward-Looking Statements

Certain statements made in this news release are not statements of historical fact and constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995 and the "bespeaks caution" doctrine. These statements are often, but not always, made through the use of words or phrases such as "anticipate," "assume," "believe," "budget," "contemplate," "continue," "could," "expect," "foresee," "goal," "indicate," "may," "might," "outlook," "plan," "project," "prospect," "potential," "roadmap," "should," "target," "will," "would," or the negative version of those words, or other comparable words of a future or forward-looking nature. These forward-looking statements include, without limitation, statements related to the terms, timing, logistics and conditions of Cadence's share repurchase programs, Cadence's utilization of the share repurchase programs, and Cadence's compliance with applicable law including, but not limited to, federal securities laws, in connection with the administration of the share repurchase programs.

These forward-looking statements are not historical facts, and are based upon current expectations, estimates, and projections about Cadence's industry, management's beliefs, and certain assumptions made by management, many of which, by their nature, are inherently uncertain, involve risk, and are beyond Cadence's control. The inclusion of these forward-looking statements should not be regarded as a representation by Cadence or any other person that such expectations, estimates, or projections will be achieved. Accordingly, Cadence cautions that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict and that are beyond Cadence's control. Although Cadence believes these forward-looking statements are reasonable as of the date of this news release, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Undue reliance should not be placed on any such forward-looking statements.

Any forward-looking statement speaks only as of the date of this news release, and Cadence does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by applicable law.  New risks and uncertainties may emerge from time to time, and it is not possible for Cadence to predict their occurrence or how they will affect Cadence. The foregoing should be read in conjunction with those risk factors that are set forth from time to time in Cadence's periodic and current reports filed with the FDIC, including those factors included in Cadence's Annual Report on Form 10-K for the year ended December 31, 2022 under the heading "Item 1A. Risk Factors," in Cadence's Quarterly Reports on Form 10-Q under the heading "Part II-Item 1A. Risk Factors," in Cadence's Current Reports on Form 8-K, and Cadence's other filings with the FDIC, which are available at https://www.fdic.gov and at Cadence's website https://ir.cadencebank.com under the heading "Public Filings."

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SOURCE Cadence Bank

FAQ

What did Cadence Bank's Board of Directors authorize?

The Board authorized a new share repurchase program allowing the company to purchase up to 10 million shares of its common stock.

When will the new share repurchase program be effective?

The new program will be effective from January 2, 2024, to December 31, 2024.

How will Cadence Bank make the share purchases?

The shares may be purchased periodically in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in accordance with federal securities laws.

What factors will determine the timing and means of share purchases?

The timing, means, and number of shares to be purchased will be determined by management based on factors such as Cadence's capital position, liquidity, financial performance, market conditions, and legal and regulatory requirements.

Can the new share repurchase program be extended or discontinued?

Yes, the program may be extended, modified, amended, suspended, or discontinued at any time at the discretion of Cadence's Board of Directors.