By Ted Carter
Put on hold any curiosity you have about the fourth quarter earnings of Starkville-based Cadence National Bank. The soon-to-go-private regional bank says it will release its earnings but it’s unsure when.
“We do not have a definite release date for our earnings,” Cadence spokeswoman Donna Rupp said Friday.
Cadence shareholders in December approved an acquisition by Community Bancorp LLC of Houston. The shareholders are to receive $2.50 in cash per Cadence common share. The acquisition will be accomplished through the merger of a newly formed subsidiary of CBC with and into Cadence, with the $1.7 billion Cadence as the surviving corporation.
The acquisition is expected to close this quarter. Cadence officials said they are awaiting approval from the Office of the Comptroller of the Currency, the federal entity that regulates Cadence.
Cadence has been under a consent order by the Comptroller of the Currency to nearly double its Tier One reserve capital. Bank executives say that order will be lifted with the infusion of capital that Community Bancorp will provide.
In the third quarter, Cadence reported a net loss to common shareholders of $7.5 million, or 63 cents a diluted share. For the third quarter of 2009, Cadence had a net loss of $13.1 million, or $1.10 per diluted share.
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