Cadence Bank announced the successful closing of its previously announced merger in which legacy Cadence Bancorporation merged into BancorpSouth Bank, with BancorpSouth as the surviving company. Upon the completion of the merger, BancorpSouth was renamed Cadence Bank, and its stock will trade on the New York Stock Exchange under the symbol CADE.
Through this transaction, Cadence is the sixth-largest bank headquartered in its nine-state footprint with $48 billion in assets, and a presence in eight of the top 10 largest metropolitan statistical areas therein.
"With the completion of our merger, we're positioned to be a stronger banking franchise offering relationship-focused financial services and creating new opportunities to benefit our teammates, customers, communities and shareholders," said Dan Rollins, Chairman and CEO of Cadence Bank. "Our larger scale, increased customer base, and financial strength and flexibility will allow us to become more competitive and efficient in our rapidly-changing industry, with a greater ability to meet customer needs by accelerating investments in technology solutions."
Paul Murphy, Executive Vice Chairman of Cadence Bank, added, "We're excited to reach this historic milestone for our companies. The merger makes strategic sense as our community and commercial banking models complement each other – creating a balanced go-to-market business model. Combining these two successful banks will expand our branch network with more convenient locations and allow us to offer a broader range of products and services to our customers. Our shared strategic vision and our commitment to relationship-focused service and supporting our customers and communities provide us with the opportunity to build long-term value for all stakeholders."
Cadence's management committee includes executive leaders from both of the legacy companies. This committee has management oversight over all aspects of the company and includes the following leaders:
- Dan Rollins, Chairman & Chief Executive Officer
- Paul Murphy, Executive Vice Chairman
- Chris Bagley, President
- Valerie Toalson, Chief Financial Officer
- Hank Holmes, Chief Banking Officer
- Billy Braddock, Chief Credit Officer - Corporate Banking
- Tom Clark, Chief Information Officer
- Cathy Freeman, Chief Administrative Officer
- Jeff Jaggers, Chief Operating Officer
- Ty Lambert, Chief Risk Officer
- Mike Meyer, President - Banking Services
- Chuck Pignuolo, Chief Legal Officer
- Sheila Ray, Chief Talent Officer
- Keith Vander Steeg, Chief Credit Officer - Community Bank
- Brian Walhood, President - Community Bank
The board of directors is comprised of 11 former BancorpSouth directors and eight former Cadence directors:
- Gus J. Blass III
- Shannon A. Brown
- Deborah M. Cannon
- Charlotte N. Corley
- Joseph W. Evans
- J. Richard Fredericks
- Virginia A. Hepner
- William G. "Skipper" Holliman
- Warren A. Hood Jr.
- Keith J. Jackson
- Larry G. Kirk
- Paul B. Murphy Jr.
- Precious W. Owodunni
- Alan W. Perry
- James D. Rollins III
- Marc J. Shapiro
- Thomas R. Stanton
- Kathy N. Waller
- J. Thomas Wiley Jr.
BancorpSouth Bank and Cadence Bank will continue to operate under their respective brands until the system integration, which is expected to occur in the fourth quarter of 2022.
The combined company has dual headquarters in Tupelo, MS and Houston, TX, with primary operations centers in Tupelo, MS. and Birmingham, AL.