Cadence Bank

{{about|the current bank|the company with this name from 2005 to 2021|Cadence Bank (1887–2021)}}

{{Infobox company

| name = Cadence Bank

| logo = Cadence-Bank-logo-2022.svg

| logo_size = 220px

| type = Public company

| traded_as = {{ubl|{{NYSE|CADE}}|S&P 400 component}}

| industry = Banking

| founded = {{Start date and age|1876}}

| hq_location_city = Tupelo, Mississippi, Houston, Texas

| hq_location_country = U.S.

| area_served = United States (Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Missouri, Oklahoma, Tennessee, Texas, and Illinois)

| key_people = {{plainlist|

James D. Rollins III (Chairman & CEO)
Paul B. Murphy, Jr. (Executive Vice Chairman)
Chris A. Bagley (President)
Valerie Toalson (CFO)
Jeff W. Jaggers (COO)
Mike J. Meyers (President - Banking Services)
Charles J. Pignuolo (CLO)
Cathy S. Freeman (CAO)

}}

| revenue = {{US$|442.8 million|link=yes}}

| revenue_year = 2021

| net_income = US$340.9 million

| net_income_year = 2021

| assets = US$47.7 billion

| assets_year = 2022

| equity = US$5.2 billion

| equity_year = 2021

| num_employees = 6,550

| num_employees_year = 2022

| website = {{URL|cadencebank.com}}

| footnotes = {{cite web|url=https://ir.cadencebank.com/presentations|title=Presentations|publisher=Cadence Bank|access-date=October 18, 2022}}

}}

File:Bancorp South footprint 2010-08.png

Cadence Bank is a commercial bank with dual headquarters in Tupelo, Mississippi, and Houston, Texas, with operations in Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Missouri, Oklahoma, Tennessee, Texas, and Illinois. In 1876, Raymond Trice and Company received a charter to create a bank in its hardware store in Verona, Mississippi. In 1886, the banking operation was moved to Tupelo, Mississippi and the company was renamed to Bank of Lee County, Mississippi. Soon after, it was renamed to the Bank of Tupelo. The bank was renamed to Bank of Mississippi in 1966. In 1997, the bank changed its name to BancorpSouth.{{Cite news|url=http://www.djournal.com/news/hed-bank-of-mississippi-becomes-bancorpsouth-bank/article_354ba046-9344-5d8b-a5df-78d427784e77.html|title=Bank of Mississippi becomes BancorpSouth Bank|last=McKenzie|first=Danny|date=December 5, 1998|work=Northeast Mississippi Daily Journal}} In October 2021, the bank changed its name to Cadence Bank. It has the naming rights to Cadence Bank Amphitheatre in Atlanta and Cadence Bank Arena in Tupelo.

History

In 1987, the bank acquired First Mississippi National Bank.

In 1992, the bank acquired Volunteer Bank of Jackson, Tennessee.

In 1998, the bank acquired Alabama Bancorp.{{Cite news | url=http://www.djournal.com/news/hed-bancorpsouth-to-acquire-alabama-bancorp/article_271b9f64-09f5-5fb8-9fed-e5ef1d69e0ff.html | title=BancorpSouth to acquire Alabama Bancorp | first=John | last= Cummins | work=Northeast Mississippi Daily Journal | date=June 23, 1998}}

In April 2000, the bank acquired First United Bancshares of El Dorado, Arkansas. First United Bancshares was acquired for $455 million in a tax-free exchange of stock where BancorpSouth gave 1.125 shares of its common stock for each share of First United Bancshares stock.{{Cite news | url=https://www.djournal.com/news/hed-merger-will-make-bancorpsouth-state-s-biggest/article_8a6f4802-ff42-562a-a0df-4ac89871f1fa.html | title=Merger Will Make BancorpSouth State's Biggest | work=Northeast Mississippi Daily Journal | date=April 18, 2000}}

In 2002, the bank acquired Pinnacle Bancshares.{{Cite news | url=https://www.bizjournals.com/memphis/stories/2002/02/25/daily53.html | title=BancorpSouth acquires Pinnacle | work=American City Business Journals | date=March 1, 2002}}

In 2004, the bank acquired Business Bank of Baton Rouge, Louisiana, and Premier Bank of Brentwood, Tennessee.{{Cite news | url=https://www.bizjournals.com/memphis/stories/2004/09/13/daily33.html | title=BancorpSouth to acquire Brentwood, Baton Rouge banks | work=American City Business Journals | date=September 17, 2004}}

In 2005, the bank acquired American State Bank of Jonesboro, Arkansas.{{Cite news | url=https://www.bizjournals.com/memphis/stories/2005/08/08/daily21.html | title=BancorpSouth expands in Arkansas with purchase of American State Bank | work=American City Business Journals | date=September 17, 2004}}

In October 2006, the bank acquired City Bancorp of Springfield, Missouri, for $170 million with half consisting of BancorpSouth stock and the remainder in cash.{{Cite news | url=https://www.bizjournals.com/memphis/stories/2006/10/30/daily23.html | title=BancorpSouth announces merger with Missouri bank | work=American City Business Journals | date=October 31, 2006}}

In January 2014, the bank acquired Ouachita Bancshares Corp. of Monroe, Louisiana, and Central Community Corporation of Temple, Texas. Ouachita Bancshares Corp. was purchased for 3,675,000 shares of BancorpSouth's common stock plus $22.875 million in cash. Central Community Corporation was purchased for 7,250,000 shares of BancorpSouth's common stock plus $28.5 million in cash. After nearly four years and multiple extension of completion dates, the bank received the necessary approvals in late 2017 to close the transactions. Both mergers were completed effective January 15, 2018.{{Cite news | url=https://www.nasdaq.com/article/bancorpsouths-bxs-ouachita-central-community-deals-okd-cm897813 | title=BancorpSouth's (BXS) Ouachita & Central Community Deals OK'dk | work=Nasdaq | date=December 28, 2017}}

In July 2017, the bank reorganized to eliminate redundant corporate infrastructure and activities. BancorpSouth, Inc. was merged with and into its wholly owned bank subsidiary, BancorpSouth Bank. The reorganization left BancorpSouth Bank as the surviving entity. This left BancorpSouth Bank being regulated by the Federal Deposit Insurance Corporation and the Mississippi Department of Banking and Consumer Finance. Before the reorganization, BancorpSouth, Inc. was regulated by the Federal Reserve as a bank holding company.{{Cite news | url=https://www.prnewswire.com/news-releases/bancorpsouth-inc-announces-corporate-entity-restructuring-300495242.html | title=BancorpSouth, Inc. Announces Corporate Entity Restructuring | work=PR Newswire | date=July 27, 2017}}

In April 2018, the bank acquired Icon Capital Corporation and its wholly owned subsidiary Icon Bank of Texas, National Association of Houston, Texas, for 4,125,000 shares of BancorpSouth's common stock plus $17.5 million in cash.{{Cite news | url=https://www.prnewswire.com/news-releases/bancorpsouth-bank-to-acquire-icon-capital-corporation-in-houston-texas-300632328.html | title=BancorpSouth Bank To Acquire Icon Capital Corporation In Houston, Texas | work=PR Newswire | date=April 18, 2018}} The merger was completed on October 1, 2018, and folds in seven open full-service banking offices as well as two not-yet-opened full-service banking offices into BancorpSouth's footprint.{{Cite news | url=https://www.prnewswire.com/news-releases/bancorpsouth-completes-merger-with-icon-capital-corporation-300721218.html | title=BancorpSouth Completes Merger with Icon Capital Corporation | work=PR Newswire | date=October 1, 2018}}

In November 2018, the bank acquired Casey Bancorp, Inc. of Grand Prairie, Texas, and its wholly owned subsidiary, Grand Bank of Texas. Also, the bank acquired Merchants Trust, Inc. of Jackson, Alabama, and its wholly owned subsidiary, Merchants Bank. Casey Bancorp, Inc. was purchased for 1,275,000 shares of BancorpSouth's common stock plus $11.000 million in cash with the agreement providing a collar with respect to the total deal value ranging from $51.750 million to $56.750 million. Merchants Trust, Inc. was purchased for 950,000 shares of BancorpSouth's common stock plus $8.000 million in cash with the agreement providing a collar with respect to the total deal value ranging from $37.500 million to $43.000 million.{{Cite news | url=https://www.prnewswire.com/news-releases/bancorpsouth-bank-to-acquire-casey-bancorp-inc-dallas-texas-300749816.html | title=BancorpSouth Bank to Acquire Casey Bancorp, Inc. Dallas, Texas | work=PR Newswire | date=November 13, 2018}}{{Cite news | url=https://www.prnewswire.com/news-releases/bancorpsouth-bank-to-acquire-merchants-trust-inc-jackson-alabama-300749818.html | title=BancorpSouth Bank to Acquire Merchants Trust, Inc., Jackson, Alabama | work=PR Newswire | date=November 13, 2018}} Both mergers were completed effective April 1, 2019.{{Cite news | url=https://www.prnewswire.com/news-releases/bancorpsouth-completes-mergers-in-texas-and-alabama-300821274.html | title=BancorpSouth Completes Mergers in Texas and Alabama | work=PR Newswire | date=April 1, 2019}}

In March 2019, the bank acquired Van Alstyne Financial Corporation of Van Alstyne, Texas, and its wholly owned subsidiary, Texas Star Bank. Also, the bank acquired Summit Financial Enterprises, Inc. of Panama City, Florida, and its wholly owned subsidiary Summit Bank, National Association. Van Alstyne Financial Corporation was purchased for 2,100,000 shares of BancorpSouth's common stock plus $20.500 million in cash with the agreement providing a collar with respect to the total deal value ranging from $80.000 million to $86.700 million. Summit Financial Enterprises, Inc. was purchased for 2,500,000 shares of BancorpSouth's common stock plus $20.000 million in cash with the agreement providing a collar with respect to the total deal value ranging from $95.000 million to $107.500 million.{{Cite news | url=https://www.prnewswire.com/news-releases/bancorpsouth-bank-to-acquire-van-alstyne-financial-corporation-van-alstyne-texas-300807311.html | title=BancorpSouth Bank to Acquire Van Alstyne Financial Corporation, Van Alstyne, Texas | work=PR Newswire | date=March 5, 2019}}{{Cite news | url=https://www.prnewswire.com/news-releases/bancorpsouth-bank-to-acquire-summit-financial-enterprises-inc-panama-city-florida-300807305.html | title=BancorpSouth Bank to Acquire Summit Financial Enterprises, Inc., Panama City, Florida | work=PR Newswire | date=March 5, 2019}} Both mergers were completed effective September 1, 2019.{{Cite news | url=https://www.prnewswire.com/news-releases/bancorpsouth-completes-mergers-with-summit-financial-enterprises-inc-and-van-alstyne-financial-corporation-300910441.html | title=BancorpSouth Completes Mergers with Summit Financial Enterprises, Inc. and Van Alstyne Financial Corporation | work=PR Newswire | date=September 3, 2019}}

In September 2019, the bank acquired Texas First Bancshares, Inc. of Waco, Texas, and its wholly owned subsidiary, Texas First State Bank for 1,065,000 shares of BancorpSouth's common stock plus $13.0 million in cash. The terms of the merger agreement provide for a collar with respect to the total deal value ranging from $38.8 million to $46.5 million.{{Cite news | url=https://www.prnewswire.com/news-releases/bancorpsouth-bank-to-acquire-texas-first-bancshares-inc-300922988.html | title=BancorpSouth Bank to Acquire Texas First Bancshares, Inc. | work=PR Newswire | date=September 23, 2019}} The merger was completed on January 1, 2020.{{Cite news | url=https://www.prnewswire.com/news-releases/bancorpsouth-completes-merger-with-texas-first-bancshares-inc-300979986.html | title=BancorpSouth Completes Merger with Texas First Bancshares, Inc. | work=PR Newswire | date=January 2, 2020}}

In April 2021, BancorpSouth Bank entered into a merger agreement with Cadence Bancorporation, with the merged entity using the Cadence Bank name.{{cite web|url=https://www.cadencebancorporation.com/newsroom/press-releases/press-release/2021/BancorpSouth-Bank-and-Cadence-Bancorporation-to-combine-in-transformational-merger/default.aspx|title=BancorpSouth Bank and Cadence Bancorporation to combine in transformational merger|publisher=Cadence Bank|access-date=August 6, 2021}} The merger was completed on October 29, 2021.

In October 2023, Cadence Bank sold its insurance subsidiary, Cadence Insurance to Arthur J. Gallagher & Co. for $904 million.{{Cite news |date=2023-10-24 |title=Cadence Bank to sell insurance business to Arthur J Gallagher for $904 mln |language=en |work=Reuters |url=https://www.reuters.com/markets/deals/cadence-bank-sell-insurance-business-arthur-j-gallagher-904-mln-2023-10-24/ |access-date=2023-10-24}}

Insurance acquisitions

In April 1999, the bank acquired Stewart, Sneed, Hewes Group of Gulfport, Mississippi.{{Cite news | url=https://www.bizjournals.com/memphis/stories/1999/04/26/daily2.html | title=BancorpSouth Merging with Stewart Sneed Hewes | work=American City Business Journals | date=April 26, 1999}}

In April 2003, the bank acquired WMS, LLC of Baton Rouge, Louisiana, which operated under the name of Wright & Percy Insurance. Also, in July of the same year, the bank acquired Ramsey, Krug, Farrell and Lensing, Inc. of Little Rock, Arkansas.{{Cite news | url=https://www.bizjournals.com/memphis/stories/2003/07/14/daily1.html | title=BancorpSouth to acquire fourth insurance firm | work=American City Business Journals | date=July 14, 2003}}{{Cite news | url=https://www.bizjournals.com/memphis/stories/2003/05/12/daily24.html | title=BancorpSouth completes acquisition | work=American City Business Journals | date=May 16, 2003}}

In February 2008, the bank acquired JMG/IC Insurance Agency, Inc. of Nacogdoches, Texas.{{Cite news | url=https://www.insurancejournal.com/news/national/2008/02/04/86987.htm | title=BancorpSouth Insurance to buy JMG/IC Insurance of Texas | date=February 4, 2008}}

In June 2012, the bank acquired The Securance Group, Inc. of Brewton, Alabama.{{Cite news | url=https://www.prnewswire.com/news-releases/bancorpsouth-insurance-services-inc-to-acquire-the-securance-group-inc-160283655.html | title=BancorpSouth Insurance Services, Inc. to Acquire the Securance Group, Inc. | work=PR Newswire | date=June 25, 2012}}

In December 2013, the bank acquired GEM Insurance Agencies of Houston, Texas.{{Cite news | url=https://www.djournal.com/news/business/bancorpsouth-insurance-acquires-texas-company/article_68f41804-2873-5c46-b62f-3e481fe575e6.html | title=BancorpSouth Insurance acquired Texas Company | work=Northeast Mississippi Daily Journal | date=December 19, 2013}}

In April 2014, the bank acquired Knox Insurance Group, LLC of Lafayette, Louisiana.{{Cite news | url=https://www.prnewswire.com/news-releases/bancorpsouth-insurance-services-inc-to-acquire-assets-of-lafayette-louisiana-based-knox-insurance-group-llc-254600861.html | title=BancorpSouth Insurance Services, Inc. to acquire assets of Lafayette, Louisiana based Knox Insurance Group, LLC | work=PR Newswire | date=April 9, 2014}}

In December 2016, the bank acquired Waguespack & Associates Insurance, Inc. of Gonzales, Louisiana.{{Cite news | url=https://www.theadvocate.com/baton_rouge/news/business/article_f0f9fe30-c646-11e6-a6ca-bb42afc5ac47.html | title=BancorpSouth Insurance Services acquires certain assets of Waguespack & Associates Insurance in Gonzales | work=The Advocate | date=December 19, 2016}}

Services offered

Cadence offers checking and savings accounts, loans, credit cards, wealth management, insurance, and financial advice.{{cite web|url=https://www.bancorpsouth.com/|title=BancorpSouth|accessdate=19 December 2020|website=bancorpsouth.com}} It also offers conforming, FHA, Jumbo, VA, and USDA mortgages as well as HELOCs.{{cite web|url=https://www.bancorpsouth.com/mortgage|title=BancorpSouth, Mortgage|accessdate=19 December 2020}}{{cite web|url=https://mortgagewaldo.com/mortgage-lender-statistics/Q7C315HKI8VX0SSKBS64-bancorpsouth-bank/|title=BancorpSouth Mortgage Services and Reviews|website=mortgagewaldo.com|accessdate=19 December 2020}} For businesses, it offers small business banking and treasury management services.{{cite web|url=https://www.bancorpsouth.com/business|title=BankcorpSouth, Business|accessdate=19 December 2020|website=bankcorpsouth.com}}