Cadence Bancorporation and its subsidiary, Cadence Bank, completed its merger with State Bank Financial and its wholly owned subsidiary, State Bank and Trust Company, effective January 1, 2019.
State Bank’s business will operate as “State Bank and Trust Company, a division of Cadence Bank” until systems conversion, which is scheduled for February 2019. Upon conversion, the 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.
Headquartered in Houston, Cadence Bancorporation 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. It employs 1,800 associates and holds $11.8 billion in assets.