Cadence Bank has completed its merger into Tupelo, Mississippi-based BancorpSouth Bank, creating the sixth-largest lender in the nine-state footprint it serves.
The merged business has $48bn in assets. BancorpSouth is the surviving entity but will assume the Cadence Bank brand.
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System integration is expected to complete in the fourth quarter of 2022, and until then, both the lenders will retain their respective brand names.
Cadence Bank chairman and CEO Dan Rollins said: “Our larger scale, increased customer base, and financial strength and flexibility will allow us to become more competitive and efficient in our rapidly-changing industry, with a greater ability to meet customer needs by accelerating investments in technology solutions.”
BancorpSouth’s 11 former directors and eight former Cadence directors are part of the combined entity’s board of directors.
Cadence Bank executive vice-chairman Paul Murphy said: “The merger makes strategic sense as our community and commercial banking models complement each other – creating a balanced go-to-market business model. Combining these two successful banks will expand our branch network with more convenient locations and allow us to offer a broader range of products and services to our customers.”
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By GlobalDataThe value of the deal, which was announced in April this year, was not disclosed.
As per the initial announcement, Cadence shareholders are entitled to 0.70 shares of BancorpSouth Bank for each share held along with a one-time cash dividend of $1.25.
BancorpSouth shareholders have around 55% ownership stake in the combined group, while Cadence shareholders own the remainder.
