No regrets from suddenly profitable Cadence Bank
Starkville bank nearly triples branches; adds 73 in South with Community Bancorp acquisition of Superior Bank
Relief and optimism have replaced last summer’s struggle for survival for Starkville’s Cadence National Bank.
The new lease on life for the multi-state regional bank came courtesy of a nearly $150 million capital infusion from Community Bancorp, a Houston, Texas, banking investment group that swooped in last October to take over Cadence after the bank had agreed to an acquisition by Jackson’s Trustmark.
It’s still a tough time to be a banker, said Cadence chairman Paul Murphy, the Community Bancorp chief who put the acquisition deal together last fall.
The sector has a lot of “revenue headwinds” and has entered a new and challenging regulatory era with the Dodd-Frank Wall Street Reform and Consumer Protection Act, he said.
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