2 banks merge to become Cadence Bank, in 9 southern states
TUPELO, Miss. (AP) — Two banks with branches in the southern U.S. announced Friday that they have completed their merger.
Cadence Bancorporation merged into BancorpSouth Bank, and the surviving company, BancorpSouth, was renamed Cadence Bank, the company said in a news release.
BancorpSouth Bank and Cadence Bank will continue operating under their old brands until they finish integrating their systems, which is expected to happen during the final three months of 2022. The company said customers should not see immediate changes and should continue using their current bank cards, checks and other services.
Cadence becomes 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 metro areas in those states, the company said. It operates in Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Missouri, Tennessee and Texas.
“With the completion of our merger, we’re positioned to be a stronger banking franchise offering relationship-focused financial services and creating new opportunities to benefit our teammates, customers, communities and shareholders,” the chairman and CEO of Cadence Bank, Dan Rollins, said in the news release.
The merged company has headquarters in Tupelo, Mississippi, and Houston, Texas, with primary operations centers in Tupelo and Birmingham, Alabama.