Cadence Bank, CBC completes merger agreement
STARKVILLE — Cadence Financial Corporation and Community Bancorp, LLC (CBC) announced that CBC completed its acquisition of Cadence Financial and has invested $144 million in Cadence Bank.
The new funding will be used to strengthen Cadence Bank’s capital base, develop new products, enhance customer service and expand community investments across Cadence Bank’s five-state market area.
Paul B. Murphy Jr., CBC’s president and chairman of the board of Cadence Financial, said, “Cadence is back and stronger than ever. The new capital will provide the financial resources and strength to move Cadence forward as a leader in the markets we serve. We will be investing in new technologies to support our continued growth, adding new jobs to support these initiatives and expanding our training programs so that our team members can better serve our customers. Our long-term goal is to use the Cadence Bank platform to support future bank acquisitions by CBC.”
Cadence announced that Murphy, Frank Cox, Stan Levy and John McWhorter have been elected as directors of Cadence Financial. Mark A. Abernathy will continue as a director of Cadence.
Cox is chief information officer of CBC, Levy is CBC’s chief risk and credit officer, and McWhorter is CBC’s CFO.
The new board elected Murphy as chairman. Abernathy, the company’s president, was named CEO. Richard T. Haston will continue as Cadence’s CFO, and Teresa Hemphill was named chief credit officer.
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