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Cadence Bank (NYSE: CADE), headquartered in Houston, Texas, is a prominent regional banking company with approximately $50 billion in assets. Operating through its subsidiary, Cadence Bank, the company maintains a robust network of over 350 branches across Alabama, Florida, Mississippi, Tennessee, Texas, and the broader South. Cadence Bank offers a complete suite of banking and financial solutions tailored for consumers, businesses, and corporations. These services include consumer banking, mortgages, home equity lines and loans, credit cards, commercial 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.
The company prides itself on understanding customer needs and maintaining strong relationships throughout all phases of their financial lives. This approach distinguishes Cadence Bank as a refreshing alternative in the banking sector. With innovative products and methods, Cadence Bank aims to add significant value to both commercial and personal customers. Their hyper-focused customer service team ensures smooth interactions and relationships, guided by top-tier professionals with proven success records.
Cadence Bank is committed to community improvement, enhancing the quality of life in the regions they serve. Notably, the bank has executed several strategic initiatives for long-term growth, such as the completion of the sale of its insurance operations, Cadence Insurance, to Arthur J. Gallagher & Co. for $904 million. This transaction allows Cadence Bank to reinvest in its core banking business, supporting both short- and long-term strategic goals.
Despite the challenges of economic fluctuations, Cadence Bank has consistently demonstrated strong financial performance, maintaining stable credit quality metrics and a robust capital base. This is evidenced by recent quarterly results showing improved operating performance, disciplined growth, and meaningful improvements in key performance metrics.
Cadence Bank's corporate structure embodies respect, diversity, inclusion, and belonging, both within their workplace and the communities they serve. This dedication to social responsibility and community engagement further solidifies their role as a leading regional banking franchise.
Cadence Bancorporation (NYSE: CADE) reported a net income of $84.0 million or $0.67 per share for Q3 2021, down from $101.3 million or $0.80 per share in Q2 2021 and up from $49.3 million or $0.39 per share a year earlier. The adjusted net income was $83.4 million. The bank is poised for growth after its merger with BancorpSouth, expected to close on October 29, 2021. Key financial metrics included a Common Equity Tier 1 ratio of 14.5%, and a decrease in criticized loans by 29% from the previous quarter, indicating improved credit quality.
Cadence Bancorporation (NYSE: CADE) has announced a one-time special cash dividend of
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.
Cadence Bancorporation (NYSE: CADE) announced a quarterly cash dividend of $0.158 per share, equating to an annualized rate of $0.632 per share. This dividend will be disbursed on or about October 22, 2021, to stockholders on record as of October 18, 2021. Cadence Bank, with assets totaling $18.7 billion as of June 30, 2021, operates 99 branches across six states and offers a comprehensive range of financial services, ensuring clients have access to advanced banking solutions.
The First Bancshares, Inc. (NASDAQ: FBMS) has signed an agreement to acquire seven Cadence Bank branches in Northeast Mississippi. This acquisition is part of a divestiture due to the merger between BancorpSouth (NYSE: BXS) and Cadence Bancorporation (NYSE: CADE), which was prompted by a DOJ Antitrust review. The First will assume approximately $450 million in deposits for a $1 million premium, and acquire about $42 million in loans at par value. The deal is expected to close in Q4 2021, subject to regulatory approvals.
Cadence Bancorporation (NYSE: CADE) has reached settlements with the U.S. Department of Justice (DOJ) and the Office of the Comptroller of the Currency (OCC) over historical allegations of fair lending law violations in Houston, Texas. The Bank will pay a $3 million penalty to the Treasury and invest $4.17 million in a loan subsidy fund. Additionally, a full-service branch will be opened in a majority-Black and Hispanic neighborhood. The Bank aims to strengthen its community outreach and continue its commitment to compliance and diversity.
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%.
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