Cadence Bancorporation received regulatory approval from the Federal Reserve to complete its pending stock-for-stock transaction with State Bank Financial.
The merger will create a combined organization with $17 billion in assets, $13 billion in loans, $14 billion in deposits and approximately 98 branches serving Texas, Georgia, Florida, Alabama, Tennessee and Mississippi.
Cadence has now received all regulatory approvals required to consummate the proposed transaction.
“We are very pleased to announce that we have completed the last approval necessary to close the State Bank merger,” said Paul B. Murphy, Jr., Cadence chairman and CEO. “It is with great enthusiasm that I welcome the State Bank bankers to the Cadence team. I am confident that our combination will be a major success.”
The Federal Reserve additionally approved Cadence’s previously announced share repurchase program under which Cadence may repurchase up to $50 million of its shares of common stock.
The merger is expected to be completed on December 31, 2018, subject to the satisfaction of customary closing conditions.
Headquartered in Houston, Cadence operates 66 locations in Alabama, Florida, Mississippi, Tennessee and Texas, and provides corporations, middle-market companies, small businesses and consumers with a full range of innovative banking and financial solutions.
