Market Overview

Cadence Bancorporation Announces Completion of Merger with State Bank Financial Corporation

Share:

Cadence Bancorporation (NYSE:CADE) ("Cadence"), the holding company of
Cadence Bank, N.A. ("Cadence Bank"), today announced that it has
completed its previously announced merger with State Bank Financial
Corporation (NASDAQ:STBZ) ("State Bank"), effective January 1, 2019.

State Bank's wholly owned subsidiary, State Bank and Trust Company, was
merged into Cadence Bank, effective January 1, 2019, and its business
will operate as "State Bank and Trust Company, a division of Cadence
Bank, N.A." until systems conversion, which is scheduled for February
2019. Upon conversion, the Cadence Bank subsidiary will operate as
Cadence Bank across its entire footprint covering Texas, Georgia,
Florida, Alabama, Mississippi and Tennessee.

"The closing of this merger is a significant milestone for our
organization," said Paul B. Murphy, Jr., Chairman and CEO of Cadence
Bancorporation. "Today, we celebrate the culmination of our combined
efforts and warmly welcome State Bank customers and associates. We look
forward to continuing to serve our customers, bankers and communities
with the same passion and responsiveness they have come to expect."

In connection with the merger, State Bank Chairman Joe Evans joined the
Cadence board of directors as Vice Chairman, State Bank CEO and Vice
Chairman Tom Wiley joined the Cadence board of directors as a director
and the Cadence Bank board of directors as Chairman, and State Bank
director Virginia Hepner joined the Cadence board of directors as a
director.

"We welcome Joe, Tom and Virginia to Cadence, and we look forward to
their active participation and insights as we bring together two great
institutions," Murphy added.

About Cadence Bancorporation

Cadence Bancorporation (NYSE:CADE), headquartered in Houston, Texas, is
a regional bank holding company with $11.8 billion in assets as of
September 30, 2018, and the recently acquired State Bank franchise as of
September 30, 2018 had assets of $4.9 billion. Cadence operates 98
branch locations in Alabama, Florida, Georgia, Mississippi, Tennessee
and Texas, and provides corporations, middle-market companies, small
businesses and consumers with a full range of innovative banking and
financial solutions. Services and products include commercial and
business banking, treasury management, specialized lending, asset-based
lending, commercial real estate, SBA lending, foreign exchange, wealth
management, investment and trust services, financial planning,
retirement plan management, personal and business insurance, consumer
banking, consumer loans, mortgages, home equity lines and loans, and
credit cards. Clients have access to leading-edge online and mobile
solutions, interactive teller machines, and more than 55,000 ATMs. The
Cadence team of 1,800 associates is committed to exceeding customer
expectations and helping their clients succeed financially.

Cautionary Statement Regarding Forward-Looking Information

This communication contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements reflect our current views with respect to,
among other things, future events and our results of operations,
financial condition and financial performance. These statements are
often, but not always, made through the use of words or phrases such as
"may," "should," "could," "predict," "potential," "believe," "will
likely result," "expect," "continue," "will," "anticipate," "seek,"
"estimate," "intend," "plan," "projection," "would" and "outlook," or
the negative version of those words or other comparable words of a
future or forward-looking nature. These forward-looking statements are
not historical facts, and are based on current expectations, estimates
and projections about our industry, management's beliefs and certain
assumptions made by management, many of which, by their nature, are
inherently uncertain and beyond our control. Accordingly, we caution you
that any such forward-looking statements are not guarantees of future
performance and are subject to risks, assumptions and uncertainties that
are difficult to predict. Although we believe that the expectations
reflected in these forward-looking statements are reasonable as of the
date made, actual results may prove to be materially different from the
results expressed or implied by the forward-looking statements. Such
factors include, without limitation, the "Risk Factors" referenced in
our Registration Statement on Form S-3 filed with the Securities and
Exchange Commission (the "SEC") on May 21, 2018, and other risks and
uncertainties listed from time to time in our reports and documents
filed with the SEC, including our Annual Reports on Form 10-K and
Quarterly Reports on Form 10-Q, and the following factors: business and
economic conditions generally and in the financial services industry,
nationally and within our current and future geographic market areas;
economic, market, operational, liquidity, credit and interest rate risks
associated with our business; lack of seasoning in our loan portfolio;
deteriorating asset quality and higher loan charge-offs; the laws and
regulations applicable to our business; our ability to achieve organic
loan and deposit growth and the composition of such growth; increased
competition in the financial services industry, nationally, regionally
or locally; our ability to maintain our historical earnings trends; our
ability to raise additional capital to implement our business plan;
material weaknesses in our internal control over financial reporting;
systems failures or interruptions involving our information technology
and telecommunications systems or third-party servicers; the composition
of our management team and our ability to attract and retain key
personnel; the fiscal position of the U.S. federal government and the
soundness of other financial institutions; the composition of our loan
portfolio, including the identity of our borrowers and the concentration
of loans in energy-related industries and in our specialized industries;
the portion of our loan portfolio that is comprised of participations
and shared national credits; the amount of nonperforming and classified
assets we hold; the outcome of any legal proceedings that may be
instituted against Cadence; the possibility that the anticipated
benefits of the merger with State Bank are not realized when expected or
at all, including as a result of the impact of, or problems arising
from, the integration of the two companies or as a result of the
strength of the economy and competitive factors in the areas where
Cadence does business. Cadence can give no assurance that any goal or
plan or expectation set forth in forward-looking statements can be
achieved and readers are cautioned not to place undue reliance on such
statements. The forward-looking statements are made as of the date of
this communication, and Cadence does not intend, and assumes no
obligation, to update any forward-looking statement to reflect events or
circumstances after the date on which the statement is made or to
reflect the occurrence of unanticipated events or circumstances, except
as required by applicable law.

View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com