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BancorpSouth Bank Shareholders Approve Merger with Cadence Bancorporation

August 10, 2021, 07:15 AM
Filed Under: Mergers & Acquisitions

BancorpSouth Bank shareholders voted to approve its merger with Cadence Bancorporation, the parent company of Cadence Bank, N.A, during a special meeting of its shareholders. This is a critical step toward completing the previously announced merger, pursuant to which the companies will combine in an all-stock merger to create a company with a total market value of more than $6 billion and create a premier regional banking franchise across Texas and the Southeast. Both companies’ boards of directors have previously approved the merger.

The merger remains subject to the receipt of certain regulatory approvals and the satisfaction of other customary closing conditions. BancorpSouth Bank expects the transaction to close in the fourth quarter of 2021 and anticipates full integration will take place in the second half of 2022.

Following completion of the merger, the newly combined company will operate under the name Cadence Bank and will trade on the New York Stock Exchange (NYSE) under the ticker symbol CADE.

The banks agreed to merge in April, as reported in Equipment Finance Advisor.

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