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.
To sign up for Mississippi Business Daily Updates, click here.
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- NEW IN MADISON COUNTY — Mississippi Bio-Medical Business Collaboratory to be introduced Friday
- GreenTech holds grand opening of neighborhood electric vehicle plant
- Turner Grain’s transition will help consolidate lawsuits alleging breach of contract
- Alcorn president launches new customer service task force
- Mississippi Film Studios signs contract with New Orleans company
- David Duval, former British Open winner, joins Sanderson Farms field
- MDOT cutting more than 40 jobs in Right-of-Way Division
- Mars Food expanding Delta plant; investing $31M and adding jobs
- Granddaughter of Barq's Root Beer founder dies at 90
- Board authorizes sale of company that owns Silver Slipper Casino