Cadence Bank reports net loss of $7.5M

by Associated Press

Published: November 11,2010

Tags: banking and finance, mergers and acquisitions

STARKVILLE — Cadence Financial Corp., parent of Cadence Bank, has reported a net loss of $7.5 million, or 63 cents per share, for the third quarter ended Sept. 30.

That compares to a net loss of $13.1 million, or $1.10 per share, for the third quarter of 2009.

It is the final quarterly report before shareholders meet Dec. 9 to decide whether to accept a buyout from Houston, Texas-based Community Bancorp that would take the company private.

The company reported that the decline in its third-quarter loss was due to a decrease in its provision for loan losses and lower operating expenses. The provision for loan losses dropped to $8.5 million in the third quarter of 2010 compared to $20.7 million in year-ago quarter, due primarily to lower charge-offs.

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