Cadence Bank Announces Strategic Business Alliance With Unity National Bank of Houston

Rhea-AI Summary

Cadence Bank, a subsidiary of Cadence Bancorporation (NYSE: CADE), has formed a strategic alliance with Unity National Bank, Texas' only Black-owned bank. This partnership aims to enhance Unity's capacity to provide commercial loans and financial services to minority and underserved communities in Greater Houston and Atlanta. Cadence will offer advisory services covering IT management, product development, and talent recruitment. This collaboration is particularly timely, addressing the COVID-19 pandemic's impact on these communities.

Positive

• Cadence Bank strengthens its community impact through the strategic alliance with Unity National Bank.
• Unity National Bank gains growth capital, enhancing its commercial loan capabilities.
• The partnership focuses on supporting minority and underserved communities in Greater Houston and Atlanta.

Negative

• None.

Cadence Bank, a subsidiary of Cadence Bancorporation (NYSE: CADE), today announced a strategic business alliance with Houston-based Unity National Bank of Houston (Unity National Bank), the only Black-owned banking institution in Texas. The cooperative alliance brings growth capital to Unity National Bank, strengthening its ability to make commercial loans and deliver other banking and financial solutions to businesses, individuals and families in minority and underserved communities in Greater Houston and Atlanta.

Unity National Bank, originally founded in 1963 as Riverside National Bank, is an independent community bank providing commercial and retail banking services and quality customer service, and proudly serves as a role model to other businesses in the Black community. Additionally, Unity National Bank is one of two Black minority depository institutions (MDI) with a national charter.

Through this strategic mentor-bank relationship, Cadence Bank will provide certain advisory services to Unity National Bank. Such services include, but are not limited to, advice on information technology management; strategies for the design, development and implementation of new banking products and services; recommendations for talent recruitment, associate training and development; and guidance on loan originations.

“We share Unity National Bank’s commitment to revitalizing minority and underserved communities and value the strategic alliance we have formed, knowing that collectively we can make a stronger impact,” said Hank Holmes, president of Cadence Bank. “It’s a privilege to work together, and we look forward to delivering positive progress in meeting our communities’ banking needs.”

Laurie Vignaud, president & CEO of Unity National Bank, added: “We appreciate Cadence Bank’s commitment to ensuring our underserved communities have the support and resources needed to make a meaningful impact. The COVID-19 pandemic has disproportionately impacted our minority and low to moderate income communities. Supporting our small businesses is needed now more than ever, and our collaboration will help us provide the much-needed support our communities are asking for.”

For more information about the respective institutions, visit cadencebank.com and unitybanktexas.com.

About Cadence Bank

Cadence Bank is a leading regional banking franchise with $18.8 billion in assets as of March 31, 2021, and 98 branch locations in Alabama, Florida, Georgia, Mississippi, Tennessee, and Texas. Backed by 133 years of financial expertise, Cadence provides corporations, middle-market companies, small businesses, and consumers with a full range of innovative banking and financial solutions. 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. Clients have access to leading-edge online and mobile solutions, interactive teller machines, and more than 55,000 ATMs. The Cadence team of 1,900 associates is committed to exceeding customer expectations and helping their clients succeed financially. Cadence Bank, N.A. is a subsidiary of Cadence Bancorporation (NYSE: CADE). For additional information, visit cadencebank.com. Cadence Bank, N.A. Member FDIC. Equal Housing Lender. NMLS#525022.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210608005128/en/

FAQ

What is the recent partnership involving stock symbol CADE?

Cadence Bank announced a strategic alliance with Unity National Bank to support minority and underserved communities.

How will Cadence Bank support Unity National Bank?

Cadence Bank will provide advisory services in IT management, product development, and talent recruitment.

What communities will benefit from the CADE and Unity National Bank alliance?

The partnership aims to benefit minority and underserved communities in Greater Houston and Atlanta.

What are the key goals of the CADE and Unity National Bank collaboration?

The collaboration seeks to enhance Unity's capacity for commercial loans and financial services.

When was the strategic alliance between CADE and Unity National Bank announced?

The partnership was announced on June 8, 2021.