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Cadence Bank (1887–2021)

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Cadence Bank
Company typePublic company
NYSE: CADE
Russell 2000 Index Component
IndustryFinancial services, Banking
FoundedMay 1, 1887; 137 years ago (May 1, 1887)
Defunct29 October 2021 Edit this on Wikidata
Number of locations
Increase 98 branches
Area served
Texas,Mississippi,Alabama,Florida,Georgia, and Tennessee (6 States)
Key people
Paul B. Murphy, Jr. Chairman & CEO
Sam Tortorici, President
Valerie Toalson, CFO
ProductsCommercial banking
Retail banking
Treasury management
Mortgage banking
Investments
Asset management
Insurance
Payroll
Wealth management
Revenue$607.3 million (2018)
$166.3 million (2018)
Total assets$17.9 billion (September 30, 2019)
Total equity$1.4 billion (2018)
Number of employees
1,800 (2019)
Websitecadencebank.com
Footnotes / references
[1][2]

Cadence Bank (CADE) is a regional bank based in the United States with 98 branches in Texas, Mississippi, Alabama, Florida, Georgia, and Tennessee. It provides corporations, middle-market companies, small businesses and consumers with a full range of innovative banking and financial solutions. Services and products include consumer banking, commercial banking, treasury management, specialized lending, asset-based lending, commercial real estate, SBA lending, foreign exchange, wealth management, investments and trust services, financial planning, retirement plan management, payroll and insurance services, consumer loans, mortgages, home equity line of credit, online banking, debit cards, and credit cards.[3]

Cadence Bank clients have access to leading-edge online and mobile solutions including: mobile transfers, budgeting tools, remote deposit for checks, BillPay, Venmo, Apple Pay®, Google Pay™, Samsung Pay), a Customer Contact Center, interactive teller machines, and more than 55,000 automated teller machines.[4] The Cadence team of 1,800 associates is committed to exceeding customer expectations and helping their clients succeed financially. It is the primary subsidiary of Houston, Texas based Cadence Bancorporation, a bank holding company.[1]

The Bank owns the naming rights to the Cadence Bank Amphitheatre in Atlanta. According to the FDIC's "BankFind", Cadence Bank was established in May 1, 1887 and has been FDIC insured since January 1, 1934. The Bank's primary government regulatory agency is the Office of the Comptroller of the Currency and its secondary government regulatory agency is the Consumer Financial Protection Bureau.[5]

History

In 2009, the Bank was formed as Community Bancorp LLC by banking industry veterans.[6]

In 2010, it secured $1.0 billion of capital commitments.[7]

In March 2011, it acquired Cadence Bank of Starkville, Mississippi. Rebranded the company as Cadence Bank. Added Specialized Industries lending team including Healthcare and Restaurant.[1]

In April 2011, it acquired Superior Bancorp of Birmingham, Alabama in a transaction facilitated by the Federal Deposit Insurance Corporation after Superior Bank suffered from bank failure.[8]

In November 2011, the Bank moved its headquarters from Starkville, Mississippi to Birmingham, Alabama.[9]

In July 2012, Cadence Bank acquired Houston, TX based Encore Bank with $1.6B in assets, 12 branches, Linscomb & Williams, Encore Trust, Town & Country Insurance. [1][10][11] The Bank added commercial banking, business banking and treasury management to Tampa, Florida.[12]

In 2014, the Kroll Bond Rating Agency initiated coverage with the first investment grade rating. The Bank completed a $245 million debt issuance to support growth and a continued solid capital position.[13]

In 2015, the Bank completed a $50 million debt issuance to foster the continued growth and solid capital position of the company.[14]

On April 12, 2017 – Cadence Bancorporation announced the pricing of its initial public offering of 7,500,000 shares of Class A common stock at a price to the public of $20.00 per share and a total offering size of $150,000,000. The Class A common stock is expected to begin trading on the New York Stock Exchange on April 13, 2017 under the symbol “CADE.”[15]

On September 30, 2017, the Bank total assets were $10.5 billion. The Bank fell under the regulatory guidance of the Consumer Financial Protection Bureau.ref>"Cadence Bancorporation Reports Third Quarter 2017 Results". Cadence Bank.</ref>

In 2018, the Bank entered into a mergers and acquisitions agreement with Atlanta-based State Bank Financial Corporation, a holding company whose wholly-owned subsidiary, State Bank and Trust Company, has $4.9 billion in assets and 32 branches in Georgia. The Bank also completed a series of offerings:

  • Completed a $230 million follow-on offering; Cadence Bancorp, LLC sold approximately 11.0% of Cadence Bancorporation’s outstanding Class A common stock.
  • Completed a $580 million follow-on offering; Cadence Bancorp, LLC sold approximately 21.5% of Cadence Bancorporation’s outstanding Class A common stock.
  • Completed a $355 million follow-on offering; Cadence Bancorp, LLC sold approximately 14.9% of Cadence Bancorporation’s outstanding Class A common stock.
  • Completed a $333 million follow-on offering; Cadence Bancorp, LLC sold approximately 14.5% of Cadence Bancorporation’s outstanding Class A common stock.[16]

In January 2019, Cadence Bank acquired State Bank Financial Corporation and merged State Bank's wholly owned subsidiary, State Bank and Trust Company, into Cadence Bank, bringing a significant Georgia presence to Cadence Bank and an incredible combination of talents and resources. This merger includes AloStar, a division of Cadence Bank, N.A. and Altera Payroll & Insurance, a subsidiary of Cadence Bank, N.A. [17][18][19] During this time, the Bank moved its headquarters to Atlanta, GA.[9]

Commitment to Community

Cadence Bank believes it is the Bank's obligation to contribute to the betterment of our communities through financial investments and volunteerism. In cities and towns where it does business, it supports a variety of non-profit, civic and economic development organizations that share its interest in improving local prosperity, economic self-sufficiency, education, and the health and well-being of community members. Cadence Bank supports the Community Reinvestment Act of 1977, which encourages depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods, consistent with safe and sound operations. 98 branches providing bank product and services across six states.[20]

References

  1. ^ a b c d "Cadence Bank Annual Report 2018".
  2. ^ "Cadence Bancorporation 1Q 2019 Financial Results".
  3. ^ "Investor Relations Corporate Information". Cadence Bank.
  4. ^ "Cadence Bank Online Banking with Fluent". Cadence Bank.
  5. ^ "FDIC BankFind Cadence Bank NA". Federal Deposit Insurance Corporation.
  6. ^ "Cadence Bank Timeline". Cadence Bank.
  7. ^ "Cadence Bank Timeline". Cadence Bank.
  8. ^ "Failed Bank Information: Information for Superior Bank, Birmingham, AL". Federal Deposit Insurance Corporation.
  9. ^ a b "FDIC: Atlantic Cadence Bank". Federal Deposit Insurance Corporation.
  10. ^ "Cadence Bancorp, LLC Closes Acquisition of Encore Bancshares, Inc" (Press release). Business Wire. July 2, 2012.
  11. ^ Cole, Antrenise (September 17, 2012). "Cadence Bank completes conversion with Encore Bank". American City Business Journals.
  12. ^ "Cadence Bank Timeline". Cadence Bank.
  13. ^ "Cadence Bank Timeline". Cadence Bank.
  14. ^ "Cadence Bank Timeline". Cadence Bank.
  15. ^ "Cadence Bancorporation Announcing Pricing of Initial Public Offering". Cadence Bank.
  16. ^ "Cadence Bank Timeline". Cadence Bank.
  17. ^ "Cadence Bancorporation Announces Completion of Merger with State Bank Financial Corporation" (Press release). Business Wire. January 2, 2019.
  18. ^ Thornton, William (January 2, 2019). "Cadence Bank merger complete". The Birmingham News.
  19. ^ "Savannah: State Bank branches become Cadence Bank". Savannah Morning News. February 19, 2019.
  20. ^ "Commitment to Community". Cadence Bank.
  • Business data for Cadence Bank:
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