TUPELO, Miss. and HOUSTON, Texas, Oct. 15, 2021 /PRNewswire/ — BancorpSouth Bank (NYSE: BXS) (“BancorpSouth”) and Cadence Bancorporation (NYSE: CADE) (“Cadence”), the parent company of Cadence Bank, N.A., announced their proposed merger has received final Federal Deposit Insurance Corporation (“FDIC”) approval. The FDIC approval follows recent approvals from the Mississippi Department of Banking and Consumer Finance and from shareholders of both companies.
The merger, originally announced on April 12, 2021, is scheduled to close at 11:59 pm CDT on October 31, 2021, subject to the satisfaction of customary closing conditions. Upon closing, the merger will create the sixth-largest bank headquartered in the combined nine-state footprint, with a presence in seven of the top 10 largest metropolitan statistical areas therein.
“We’re pleased to have received regulatory approval for this transformational merger,” said BancorpSouth Chairman and CEO Dan Rollins, who will lead the combined company in the same capacity. “BancorpSouth and Cadence both enter into this merger from a position of strength and will create a company serving some of the most highly attractive markets in the United States. A combination of this scale provides the opportunity to deliver long-term value for our teammates, customers, communities and shareholders.” Click to read more at www.inforney.com.