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Cadence Bank (NYSE: CADE) delivers regional banking solutions through corporate services, community branches, and mortgage operations across Southern U.S. markets. This page provides centralized access to official company announcements and financial news, offering stakeholders critical insights into strategic developments.
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Cadence Bancorporation (NYSE: CADE) announced that its shareholders have overwhelmingly approved the merger with BancorpSouth Bank (NYSE: BXS), creating a combined entity valued at over $6 billion. More than 99% of the 104 million shares voted in favor of the merger during the special meeting. This transaction is pending regulatory approvals and is expected to be completed in Q4 2021. Post-merger, the new company will operate as Cadence Bank and continue trading under the ticker symbol 'CADE'.
BancorpSouth Bank (NYSE: BXS) shareholders have approved the merger with Cadence Bancorporation (NYSE: CADE) during a special meeting. This all-stock merger aims to create a regional banking powerhouse valued over $6 billion, with operations across Texas and the Southeast. The transaction is expected to finalize in the fourth quarter of 2021, with full integration by the second half of 2022. Following the merger, the combined entity will operate as Cadence Bank under ticker CADE.
Cadence Bancorporation (NYSE: CADE) reported net income of $101.3 million or $0.80 per share for Q2 2021, down from $106.4 million or $0.84 per share in Q1 2021, but significantly up from a loss of ($56.1) million in Q2 2020. Adjusted net income rose to $106.1 million from $104.7 million quarter-over-quarter. Key metrics included a net interest margin of 3.10% and a robust capital ratio of 14.7%. Total assets decreased to $18.7 billion, with a notable drop in loans to $11.6 billion, down 5.9% from Q1 2021.
BancorpSouth Bank (NYSE: BXS) reported solid financial results for Q2 2021, with net income of $73.2 million ($0.69/share), and record net operating income of $90.6 million ($0.86/share). The company's pre-tax pre-provision net revenue reached $119.9 million, while total non-performing assets declined by 8.1%. Organic growth was evident with deposits up by $224.4 million (4.1% annualized) and net loans increasing by $65 million. The bank is on track to merge with Cadence Bancorporation, creating a $46 billion institution, and remains well-capitalized with a total risk-based capital ratio of 14.57%.
Cadence Bancorporation (NYSE: CADE) will hold a conference call to discuss its second quarter 2021 results on July 22, 2021, at 7:30 a.m. CT. Participants can access the call via toll-free numbers and an Elite Entry Number of 2723400. A live webcast will be available on the company’s website, with a replay accessible until August 5, 2021, using specific access codes. As of March 31, 2021, Cadence Bancorporation had $18.8 billion in assets and operates 99 branches across six states, providing a comprehensive range of banking solutions.
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.
Cadence Bancorporation (NYSE: CADE), a regional financial holding company, announced its participation in the Truist Annual Financial Services Conference on May 26, 2021. Key executives, including Paul B. Murphy, Jr. and Valerie Toalson, will represent the company at this virtual event. With $18.8 billion in assets as of March 31, 2021, Cadence Bank operates 98 branches across multiple states, providing a wide range of financial services such as commercial banking and wealth management, aimed at enhancing customer financial success.
Cadence Bancorporation (NYSE: CADE) reported a net income of $106.4 million ($0.84 per share) for Q1 2021, down from $200.6 million ($1.57 per share) in Q4 2020, but significantly improved from a net loss of $399.3 million a year ago. Adjusted net income was $104.7 million ($0.83 per share). The bank announced an allowance for credit losses of 2.49% of total loans, decreased from 2.89% in the prior quarter. Total assets reached $18.8 billion, a 9.1% increase year-over-year. A quarterly cash dividend of $0.15 per share was declared, to be paid on May 14, 2021.
BancorpSouth Bank (BXS) reported record financial results for Q1 2021, with net income of $79.2 million ($0.77 per diluted share), up from $21.9 million a year earlier. The bank achieved a pre-tax pre-provision net revenue of $99.1 million, while total deposits grew by $1.3 billion (26.7% annualized). Credit quality indicators improved, with no provision for credit losses and a 16.5% decrease in non-performing assets. BancorpSouth announced a merger with Cadence Bancorporation (CADE), expected to create a $44 billion institution, enhancing growth prospects.
BancorpSouth Bank (NYSE: BXS) and Cadence Bancorporation (NYSE: CADE) announced a transformative merger valued at over $6 billion. Cadence shareholders will receive 0.70 shares of BXS for each CADE share, along with a special cash dividend of $1.25 per share. The merger aims to create a leading regional bank with dual headquarters in Tupelo, MS, and Houston, TX. The combined entity is set to enhance growth opportunities, tap into attractive markets, and realize significant earnings per share accretion of 17% in 2022, driving shareholder value.