BancorpSouth Bank And Cadence Bancorporation Complete Merger To Form Cadence Bank

(RTTNews) - Cadence Bank (CADE), a newly formed American lender, on Friday announced the closing of previously declared merger in which Cadence Bancorporation merged into BancorpSouth Bank, with BancorpSouth as the surviving company. Upon the completion of the merger, BancorpSouth has been renamed as Cadence Bank.

The stock of newly formed Cadence Bank is scheduled to trade on the New York Stock Exchange under the trading symbol 'CADE' starting from October 29.

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 lender said in a statement.

The combined company has dual headquarters in Tupelo, Miss. and Houston, Texas, with primary operations centers in Tupelo, Miss. and Birmingham, Ala.

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.

Cadence's management committee includes executive leaders from both of the companies. Dan Rollins, has been appointed as Chairman and Chief Executive Officer of Cadence Bank. Paul Murphy has been named as Executive Vice Chairman, Chris Bagley as President, and Valerie Toalson as Chief Financial Officer.