Cadence Bank to Acquire Industry Bancshares, Inc.
Cadence Bank (NYSE: CADE) has announced a definitive merger agreement to acquire Industry Bancshares, Inc., which operates six bank subsidiaries across 27 full-service branches in Central and Southeast Texas. The acquisition target reported $4.4 billion in total assets, $1.1 billion in total loans, and $4.5 billion in total deposits as of March 31, 2025.
The transaction value is set between $20 million and $60 million in cash, subject to conditions and adjustments based on Industry Bancshares' equity capital at closing. The merger, unanimously approved by both boards, is expected to close in the second half of 2025, pending regulatory and shareholder approvals.
The merger will expand Cadence's Texas presence in growing markets and strengthen its core deposit base. Key executives from Industry Bancshares, including Doak Hartley and Michelle Hodge, will continue in leadership roles post-merger.
Cadence Bank (NYSE: CADE) ha annunciato un accordo definitivo di fusione per acquisire Industry Bancshares, Inc., che gestisce sei filiali bancarie distribuite in 27 sedi a servizio completo nel Texas centrale e sudorientale. L'obiettivo dell'acquisizione ha riportato 4,4 miliardi di dollari in totale attivi, 1,1 miliardi di dollari in prestiti totali e 4,5 miliardi di dollari in depositi totali al 31 marzo 2025.
Il valore della transazione è fissato tra 20 e 60 milioni di dollari in contanti, soggetto a condizioni e aggiustamenti basati sul capitale netto di Industry Bancshares al momento della chiusura. La fusione, approvata all’unanimità da entrambi i consigli di amministrazione, è prevista per la seconda metà del 2025, in attesa delle approvazioni normative e degli azionisti.
La fusione amplierà la presenza di Cadence in Texas nei mercati in crescita e rafforzerà la sua base di depositi core. I principali dirigenti di Industry Bancshares, tra cui Doak Hartley e Michelle Hodge, continueranno a ricoprire ruoli di leadership dopo la fusione.
Cadence Bank (NYSE: CADE) ha anunciado un acuerdo definitivo de fusión para adquirir Industry Bancshares, Inc., que opera seis filiales bancarias en 27 sucursales con servicio completo en el centro y sureste de Texas. La empresa objetivo reportó 4.400 millones de dólares en activos totales, 1.100 millones de dólares en préstamos totales y 4.500 millones de dólares en depósitos totales al 31 de marzo de 2025.
El valor de la transacción se sitúa entre 20 y 60 millones de dólares en efectivo, sujeto a condiciones y ajustes basados en el capital accionario de Industry Bancshares al cierre. La fusión, aprobada unánimemente por ambas juntas directivas, se espera que se cierre en la segunda mitad de 2025, pendiente de aprobaciones regulatorias y de los accionistas.
La fusión ampliará la presencia de Cadence en Texas en mercados en crecimiento y fortalecerá su base de depósitos principales. Los ejecutivos clave de Industry Bancshares, incluidos Doak Hartley y Michelle Hodge, continuarán en roles de liderazgo tras la fusión.
Cadence Bank (NYSE: CADE)는 Industry Bancshares, Inc.를 인수하기 위한 최종 합병 계약을 발표했습니다. Industry Bancshares는 텍사스 중부 및 동남부 지역에서 27개의 전면 서비스 지점을 운영하는 6개의 은행 자회사를 보유하고 있습니다. 인수 대상 회사는 2025년 3월 31일 기준으로 총 자산 44억 달러, 총 대출 11억 달러, 총 예금 45억 달러를 보고했습니다.
거래 가치는 현금 기준 2천만 달러에서 6천만 달러 사이로 설정되었으며, 이는 Industry Bancshares의 종결 시점 자본에 따라 조건 및 조정이 적용됩니다. 양 이사회가 만장일치로 승인한 이번 합병은 규제 당국 및 주주 승인 대기 중으로 2025년 하반기에 완료될 예정입니다.
이번 합병으로 Cadence는 텍사스 내 성장 시장에서 입지를 확장하고 핵심 예금 기반을 강화할 것입니다. Industry Bancshares의 주요 경영진인 도악 하틀리(Doak Hartley)와 미셸 호지(Michelle Hodge)는 합병 후에도 리더십 역할을 계속 맡게 됩니다.
Cadence Bank (NYSE : CADE) a annoncé un accord définitif de fusion pour acquérir Industry Bancshares, Inc., qui exploite six filiales bancaires réparties sur 27 agences à service complet dans le centre et le sud-est du Texas. La cible de l’acquisition a déclaré 4,4 milliards de dollars d’actifs totaux, 1,1 milliard de dollars de prêts totaux et 4,5 milliards de dollars de dépôts totaux au 31 mars 2025.
La valeur de la transaction est fixée entre 20 et 60 millions de dollars en espèces, sous réserve de conditions et d’ajustements basés sur les capitaux propres d’Industry Bancshares à la clôture. La fusion, approuvée à l’unanimité par les deux conseils d’administration, devrait être finalisée au second semestre 2025, sous réserve des approbations réglementaires et des actionnaires.
Cette fusion permettra à Cadence d’étendre sa présence au Texas sur des marchés en croissance et de renforcer sa base de dépôts principaux. Les cadres clés d’Industry Bancshares, dont Doak Hartley et Michelle Hodge, continueront à occuper des postes de direction après la fusion.
Cadence Bank (NYSE: CADE) hat eine endgültige Fusionsvereinbarung zur Übernahme von Industry Bancshares, Inc. bekannt gegeben, das sechs Banktochtergesellschaften mit 27 vollwertigen Filialen in Zentral- und Südosttexas betreibt. Das Übernahmeziel meldete zum 31. März 2025 4,4 Milliarden US-Dollar an Gesamtvermögen, 1,1 Milliarden US-Dollar an Gesamtkrediten und 4,5 Milliarden US-Dollar an Gesamteinlagen.
Der Transaktionswert liegt zwischen 20 und 60 Millionen US-Dollar in bar, vorbehaltlich Bedingungen und Anpassungen basierend auf dem Eigenkapital von Industry Bancshares zum Abschlusszeitpunkt. Die Fusion, die von beiden Vorständen einstimmig genehmigt wurde, soll in der zweiten Hälfte des Jahres 2025 abgeschlossen werden, vorbehaltlich behördlicher und aktionärsrechtlicher Genehmigungen.
Durch die Fusion wird Cadence seine Präsenz in Texas in wachsenden Märkten ausbauen und seine Kern-Einlagenbasis stärken. Schlüsselpersonen von Industry Bancshares, darunter Doak Hartley und Michelle Hodge, werden nach der Fusion weiterhin Führungsrollen übernehmen.
- Significant expansion in attractive Texas markets with 27 new branches
- Addition of $4.5 billion in deposits strengthens core deposit base
- Acquisition of $4.4 billion in total assets and $1.1 billion loan portfolio
- Retention of key Industry Bancshares executives ensures continuity of relationships
- Cash payment of up to $60 million impacts Cadence's liquidity
- Integration of six different bank subsidiaries may present operational challenges
- Transaction completion dependent on minimum equity capital requirements
Insights
Cadence Bank's acquisition of Industry Bancshares provides significant deposit growth and Texas market expansion at a variable pricing structure tied to equity capital.
Cadence Bank's acquisition of Industry Bancshares represents a strategic expansion of its Texas footprint through the addition of six bank subsidiaries operating 27 full-service branches across Central and Southeast Texas. The transaction's payment structure is notable - Cadence will pay between
The acquisition target brings substantial scale to Cadence, with Industry Bancshares reporting total assets of
From a retention perspective, Cadence plans to keep eight key executives from Industry Bancshares in leadership roles, including Doak Hartley, Michelle Hodge, Mike Mueller, Brent Jones, Gary Durrenberger, Kyle Holloway, Lisa Moeller, and Mike Kalina. This continuity in leadership should help preserve customer relationships established over Industry Bancshares' century-plus history dating back to 1911.
The transaction is subject to regulatory approvals and the satisfaction of closing conditions, including a minimum equity capital requirement for Industry Bancshares. The deal is expected to close during the second half of 2025, expanding Cadence's community banking presence in growing Texas markets.
Cadence has signed a merger agreement with Industry Bancshares, Inc., the bank holding company for Bank of
Founded in 1911 and headquartered in
Under the terms of the merger agreement, Cadence Bank will, based upon Industry Bancshares' equity capital at the closing of the transaction, pay between
"What makes this alliance so impactful is that Cadence Bank's community banking foundation aligns well with the community focus of Industry Bancshares' six bank subsidiaries," said Dan Rollins, chairman and CEO of Cadence Bank. "We are all deeply focused on taking care of our customers and the communities we serve. Because we operate in very similar markets across
Upon completion of the transaction, Doak Hartley, Michelle Hodge, Mike Mueller, Brent Jones, Gary Durrenberger, Kyle Holloway, Lisa Moeller and Mike Kalina are expected to continue in key roles in their respective communities with the combined organization. Customers of
"This merger represents an exciting new chapter for our customers and communities," states Carl J. Chaney, executive chairman of Industry Bancshares. "Cadence shares our deep commitment to building strong relationships and doing what is right for our customers and communities. With their scale, resources and relationship-driven approach, this merger will allow continued personal service and trusted expertise our customers depend on."
The merger has been unanimously approved by the boards of directors of Cadence Bank and Industry Bancshares. In addition to regulatory and shareholder approvals and the satisfaction of other customary closing conditions, the closing of the transaction is also conditioned upon Industry Bancshares's equity capital meeting a minimum amount at closing. It is targeted to close during the second half of 2025.
Industry Bancshares was advised in this transaction by Hovde Group LLC as financial advisor and Alston & Bird LLP as legal counsel. Cadence Bank was advised in this transaction by UBS Investment Bank as financial advisor and Sullivan & Cromwell LLP as legal counsel.
In addition to the information contained within this news release, an investor presentation has been posted on Cadence's Investor Relations site and has been furnished as an exhibit to a Current Report on Form 8-K filed with the Federal Reserve. The presentation contains additional information regarding the merger with Industry Bancshares. Cadence will host an Investor Relations call related to the transaction on Monday, April 28 at 8:30 a.m. CT at https://app.webinar.net/DQOGoJ3paqw.
For more information about Cadence Bank, visit CadenceBank.com.
About Cadence Bank
Cadence Bank (NYSE: CADE) is a
Forward-Looking Statements
Certain statements contained in this press release may not be based upon historical facts and are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as "anticipate," "believe," "could," "continue," "seek," "intend," "estimate," "expect," "foresee," "hope," "may," "might," "plan," "should," "predict," "project," "goal," "outlook," "potential," "will," "will result," "will likely result," or "would" or future or conditional verb tenses and variations or negatives of such terms. These forward-looking statements include, without limitation, those relating to the terms, timing and closing of the merger, the benefits and synergies expected from the merger, and the ability of Cadence Bank to close the merger in a timely manner or at all.
Cadence Bank cautions readers not to place undue reliance on the forward-looking statements contained in this press release, in that actual results could differ materially from those indicated in such forward-looking statements as a result of a variety of factors, many of which are beyond the control of Cadence Bank. These factors may include, but are not limited to, the ability of Cadence Bank and Industry Bancshares, Inc. to complete the merger, the ability of Cadence Bank and Industry Bancshares, Inc. to satisfy the conditions to the completion of the merger, including the approval of the merger by Industry Bancshares, Inc.'s shareholders and the receipt of all regulatory approvals required for the merger on the terms expected in the merger agreement, the ability of Cadence Bank and Industry Bancshares, Inc. to meet expectations regarding the timing, completion and accounting and tax treatments of the merger, the potential impact upon Cadence Bank of any delay in the closing of the merger, the possibility that any of the anticipated benefits, cost savings and synergies of the merger will not be realized or will not be realized as expected, the ability of Cadence Bank to manage interest rate risk, the ability of Cadence Bank to sell the acquired securities portfolio and the pricing thereof; the acceptance by customers of Industry Bancshares, Inc. of Cadence Bank's products and services if the merger closes, the failure of the merger to close for any other reason, the effect of the announcement of the merger on Cadence Bank's operating results, the possibility that the merger may be more expensive or time consuming to complete than anticipated, including as a result of unexpected factors or events, and the impact of all other factors generally understood to affect the assets, business, cash flows, financial condition, liquidity, prospects and/or results of operations of financial services companies and the other factors described under the caption "Risk Factors" in the Form 10-K. Forward-looking statements speak only as of the date of this press release and, except as required by law, Cadence Bank does not undertake any obligation to update or revise forward-looking statements to reflect events or circumstances that occur after the date of this press release.
Additional Information and Participants in the Solicitation
This communication is being made in respect of the merger of Industry Bancshares, Inc. discussed in this press release. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. In connection with the merger, Industry Bancshares, Inc. will deliver a proxy statement to the shareholders of Industry Bancshares, Inc. seeking approval of the merger and related matters. THE SHAREHOLDERS OF
Cadence Bank and Industry Bancshares, Inc., and certain of their respective directors, executive officers and other members of management and employees, may be deemed to be participants in the solicitation of proxies from the shareholders of Industry Bancshares, Inc. in respect of the merger. Certain information about the directors and executive officers of Cadence Bank is set forth in its Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the Board of Governors of the Federal Reserve on Feb 21, 2025 (the "Form 10-K"), and in its proxy statement for its 2025 annual meeting of shareholders, which was filed with the Board of Governors of the Federal Reserve on March 14, 2025. Other information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the proxy statement and related offering memorandum when they become available.
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SOURCE Cadence Bank
FAQ
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