Cadence Bank (1887–2021) Explained

Cadence Bank
Type:	Public company
Industry:	Banking
Fate:	Acquired by BancorpSouth
Location:	Houston, Texas, U.S.
Key People:	Paul B. Murphy, Jr. Chairman Sam Tortorici, CEO Valerie Toalson, CFO Hank Holmes, President
Revenue:	(2020)
Assets:	US$18.71 billion (2020)
Equity:	US$2.12 billion (2020)
Parent:	Cadence Bancorporation
Num Employees:	1,818 (2020)
Footnotes:	^[1] ^[2] ^[3] ^[4]

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 $ 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]

Notes and References

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