Cadence Bank signed a definitive merger agreement with Industry Bancshares, Inc., the bank holding company for Bank of Brenham, Citizens State Bank, Fayetteville Bank, Industry State Bank, The First National Bank of Bellville and The First National Bank of Shiner.
 
Founded in 1911 and headquartered in Industry, Texas, Industry Bancshares operates 27 full-service branches across Central and Southeast Texas. The merger will meaningfully expand Cadence Bank's Texas presence in attractive, growing markets within the state, delivering a strong core deposit base built on long-term customer relationships and deep local connections. As of March 31, 2025 (unaudited), Industry Bancshares reported total assets of $4.4 billion, total loans of $1.1 billion and total deposits of $4.5 billion.

Under the terms of the merger agreement, Cadence Bank will, based upon Industry Bancshares' equity capital at the closing of the transaction, pay between $20 million and $60 million in cash for all of Industry Bancshares' outstanding common stock, subject to certain conditions and potential adjustments.

"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 Texas and the South, we understand the needs of these local economies and can bring expanded product offerings and increased lending opportunities to fuel future growth. Furthermore, with our banking services and technology, we will be able to deliver an enhanced customer experience and help even more customers reach their financial goals."

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 Industry's six bank subsidiaries will continue to receive the same exemplary service they have come to expect from the bankers they know and trust.

"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.