Cadence Bank
TypePublic company
IndustryBanking
FoundedApril 30, 1887 (1887-04-30)
DefunctOctober 29, 2021 (2021-10-29)
FateAcquired by BancorpSouth
HeadquartersHouston, Texas, U.S.
Key people
Paul B. Murphy, Jr. Chairman
Sam Tortorici, CEO
Valerie Toalson, CFO
Hank Holmes, President
RevenueIncrease US$542.54 million (2020)
Decrease US$-205.53 million (2020)
Total assetsIncrease US$18.71 billion (2020)
Total equityDecrease US$2.12 billion (2020)
Number of employees
1,818 (2020)
ParentCadence Bancorporation
Footnotes / references
[1][2][3][4]
Cadence Bank Memorial Branch in Houston, Texas

Cadence Bank was a US-based bank with 99 branches in Alabama, Florida, Georgia, Mississippi, Tennessee and Texas. The bank was based in Atlanta, with executive and operations headquarters in Birmingham, Alabama. It was the primary subsidiary of Houston, Texas based Cadence Bancorporation, a bank holding company.[1]

The bank owned the naming rights to the Cadence Bank Amphitheatre in Atlanta.

History

Cadence Bank was founded as the First National Bank of Aberdeen, on April 30, 1887. In 1972, it changed its name to the First National Bank of Monroe County in 1972. In March 1974, it merged with Peoples Bank in Starkville, Mississippi, becoming the National Bank of Mississippi in May of that year. In October 1974, it merged with the National Bank of Commerce of Columbus to become the National Bank of Commerce of Mississippi. In 2005, it changed its name to Cadence Bank, N.A.[5]

The bank's parent company formed in 2009 as Community Bancorp LLC. In 2010, it secured $1 billion of capital commitments. It acquired Cadence Bank in March 2011.[6]

In April 2011, it acquired Superior Bancorp of Birmingham, Alabama in a transaction facilitated by the Federal Deposit Insurance Corporation due to Superior Bank's failure.[7]

In November 2011, the bank moved its headquarters from Starkville, Mississippi to Birmingham, Alabama.[8]

In July 2012, it acquired Encore Bank.[1][9][10]

In January 2019, the company acquired State Bank.[11][12][13] It also moved its headquarters to Atlanta.[8]

In April 2021, Cadence Bancorporation entered into a merger agreement with BancorpSouth Bank; the merged entity uses the Cadence Bank name.[14]

References

  1. 1 2 3 "Cadence Bank Annual Report 2018".
  2. ↑ "Cadence Bancorporation Reports Fourth Quarter and Full Year 2019 Financial Results".
  3. ↑ "2020 Annual Review" (PDF). Cadence Bank. Retrieved August 6, 2021.
  4. ↑ "Second quarter 2021 financial results" (PDF). Cadence Bank. Retrieved August 6, 2021.
  5. ↑ "Cadence Bank, N.A." BankFind Suite. Washington, D.C.: Federal Deposit Insurance Corporation. October 21, 2022. Retrieved October 22, 2022.
  6. ↑ Cadence Bancorporation (March 17, 2017). "Form S-1". EDGAR. Washington, D.C.: U.S. Securities and Exchange Commission. Retrieved October 22, 2022.
  7. ↑ "Failed Bank Information: Information for Superior Bank, Birmingham, AL". Federal Deposit Insurance Corporation.
  8. 1 2 "FDIC: Atlantic Cadence Bank". Federal Deposit Insurance Corporation.
  9. ↑ "Cadence Bancorp, LLC Closes Acquisition of Encore Bancshares, Inc" (Press release). Business Wire. July 2, 2012.
  10. ↑ Cole, Antrenise (September 17, 2012). "Cadence Bank completes conversion with Encore Bank". American City Business Journals.
  11. ↑ "Cadence Bancorporation Announces Completion of Merger with State Bank Financial Corporation" (Press release). Business Wire. January 2, 2019.
  12. ↑ Thornton, William (January 2, 2019). "Cadence Bank merger complete". The Birmingham News.
  13. ↑ "Savannah: State Bank branches become Cadence Bank". Savannah Morning News. February 19, 2019.
  14. ↑ "BancorpSouth Bank and Cadence Bancorporation to combine in transformational merger". Cadence Bank. Retrieved August 6, 2021.
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