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Cadence reports first-quarter loss

STARKVILLE — Cadence Financial Corporation lost money in the first quarter of the year, but significantly less than it did in the same period last year.

The Starkville-based bank reported a loss of $1.2 million, or $0.16 a share, in the quarter ending March 31, compared to a loss of $84.2 million, or $7.09 a share in 2009.

The company said it spent the last year trying to reduce its exposure to higher risk real estate loans, which has significantly improved its credit quality.

Cadence is a $2 billion financial holding company with banking and other services in Mississippi, Tennessee, Alabama, Florida and Georgia.

The bank announced earlier this month that it was cutting 64 jobs across company. Officials expect those cuts to save the bank $730,000 per quarter going forward.

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