{"id":474598,"date":"2021-04-12T06:33:36","date_gmt":"2021-04-12T10:33:36","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/bancorpsouth-bank-and-cadence-bancorporation-to-combine-in-transformational-merger\/"},"modified":"2021-04-12T06:33:36","modified_gmt":"2021-04-12T10:33:36","slug":"bancorpsouth-bank-and-cadence-bancorporation-to-combine-in-transformational-merger","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/bancorpsouth-bank-and-cadence-bancorporation-to-combine-in-transformational-merger\/","title":{"rendered":"BancorpSouth Bank and Cadence Bancorporation to combine in transformational merger"},"content":{"rendered":"
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Creates a Premier Regional Banking Franchise across Texas and the Southeast<\/h2>\n

Merger creates the 5th largest bank with headquarters in nine-state footprint<\/h2>\n

Financially compelling transaction for both companies’ shareholders<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n TUPELO, Miss.<\/span> and HOUSTON<\/span>, April 12, 2021<\/span> \/PRNewswire\/ — BancorpSouth Bank (NYSE: BXS) (“BancorpSouth”) and Cadence Bancorporation (NYSE: CADE) (“Cadence”), the parent company of Cadence Bank, N.A., jointly announced today that they have entered into a merger agreement under which the companies will combine\u00a0in an all-stock merger with a total market value of more than\u00a0$6 billion to create a leading Texas<\/span> and Southeastern regional bank.<\/p>\n

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Under the terms of the merger agreement, which was unanimously approved by the Boards of Directors of both companies, Cadence shareholders will receive 0.70 shares of BXS for each share of CADE they own. Additionally, the agreement allows for a one-time special cash dividend to CADE shareholders of $1.25<\/span> per share in conjunction with the closing of the merger. BancorpSouth shareholders will own approximately 55% and Cadence shareholders will own approximately 45% of the combined company.<\/p>\n

The company will combine the aesthetics of both brands\u00a0and\u00a0logos and operate as Cadence Bank. The bank will have dual headquarters in Tupelo, MS<\/span> and Houston, TX<\/span>, with operations centers in Tupelo, MS<\/span> and Birmingham, AL<\/span> as well as specialty sites in Macon, GA<\/span>; Starkville, MS<\/span>; and Houston, TX.<\/span><\/p>\n

\n Dan Rollins<\/span> will be the Chairman and Chief Executive Officer and Paul Murphy<\/span> will serve as Executive Vice Chairman of the combined company. The board of directors will initially be comprised of 20\u00a0directors \u2013 11 from BancorpSouth and nine from Cadence.<\/p>\n

\n Dan Rollins<\/span> commented: “Cadence has built an impressive commercial banking franchise that when combined with the strengths of our team at BancorpSouth seems to be a perfect fit. This strategic merger will allow us to expand our reach and offerings with minimal overlap in our existing branch network. Culturally speaking, our mission and values align really well together. Mergers are all about people, and what’s important to note here is that our leadership teams are in sync. By joining forces, it’s easy to see that we’ll be able to make a significant impact on our customers and communities while driving long-term shareholder value.”<\/p>\n

“I am thrilled to partner with BancorpSouth,” said Paul Murphy<\/span>. “I have great respect for the franchise they have built over the last 145 years, beginning in my home state of Mississippi<\/span>. The BancorpSouth community banking franchise is top tier and complements Cadence’s expertise in middle-market commercial banking seamlessly. We look forward to delivering significant value to our shareholders, driven by meaningful synergies and our shared banking philosophy to put the client first. I was impressed with the team at BancorpSouth early on, and I grow even more so the more I get to know them. Like us, they really care about their people. The scale of our combined bank, our collective talent, our similar cultures and our footprint in some of the fastest-growing markets in the country have us extremely excited about the future.”<\/p>\n

\n Strategically Compelling for Both Organizations<\/b>\n <\/p>\n