Cadence mum on efforts to stave off takeover

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Published: September 22,2010

Tags: banking and finance

STARKVILLE — Cadence Bank officials say they cannot comment on efforts to raise capital to meet federal requirements.

Bank officials tell The Commercial Dispatch that the bank is in a required quiet period and cannot comment.

They say the bank has not being taken over by the government and has not closed.

Cadence had until Sunday to raise total capital to at least 12 percent of risk-weighted assets and have Tier 1 capital — a common measure of the solvency of banks — at least equal to 9 percent of adjusted total assets, or it could be required to sell or merge.

That’s according to a May consent order the bank entered with the Office of the Comptroller of the Currency.

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