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Tag Archives: Cadence Bank

Cadence may return to writing home loans

By Ted Carter Mississippi homebuyers could have another mortgage option this spring. The $1.7 billion Cadence Bank departed the mortgage market as the home lending crisis worsened. But with its planned acquisition by Houston banking investment group Community Bancorp, Cadence is mulling a revival of its mortgage business. “Yes, we hope to return to that,” said Donna Rupp, Cadence spokeswoman. ...

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Cadence shareholders must weigh claims merger information

Investor suit alleges merger terms designed to benefit Cadence execs, board more than shareholders Cadence Bank shareholders have until Dec. 9 to dissect terms of a pending acquisition of the regional bank and gauge claims in an investor lawsuit that the deal is tilted to benefit Cadence executives and board members at their expense. Shareholders are scheduled to vote Dec. ...

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Law and the deal

Mergers and Acquisitions attorneys need broad skill set Successful attorneys practicing in the area of mergers and acquisitions need a broad skill set, not all of which are taught in law school. An understanding of the business side of the deal is just as important as the legal end, attorneys say. The current lawsuit filed against the proposed sale of ...

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Cadence Bank stockholders to meet Dec. 9

STARKVILLE — Stockholders of Cadence Financial Corp., the parent of Cadence Bank, will meet Dec. 9 in Starkville to consider a buyout by a private Houston, Texas-based investment firm. The Commercial Dispatch reports a proxy statement and ballot approved by the Securities and Exchange Commission was issued to shareholders this week. Cadence agreed to the buyout with Community Bancorp in ...

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Cadence Bank being sued over sale to Texas company

STARKVILLE — Cadence Bank and its officers have been accused in a lawsuit filed in New York State Supreme Court of misleading investors about the financial institution’s sale. The Columbus Commercial Dispatch reports that the lawsuit was filed by RSD Capital in New York because Cadence’s stock is traded on the Nasdaq stock exchange. No trial date has been set. ...

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Cadence cites pressures in failed merger

Sept. 20 deadline apparently was dealbreaker As September moved past its mid-point, Cadence Bank executives saw their choices narrowed to this: Get a buyer deal done right away or feel the heat of federal sanctions for failing to meet a Sept. 19 deadline to significantly raise capital reserves. Cadence faced a two-minute drill with no timeouts left, according to a ...

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MAKING THE DEAL: How Cadence decided to go with Community bancorp

In mid-summer, Cadence Bank executives got the not-unexpected advice to forget about trying to solve the bank’s capitalization problems through an $80-million common stock offering. The current market won’t support it, cautioned Keefe, Bruyette & Woods, a New York investment banking firm hired as underwriters for the stock sale. So Cadence put the word out that it wanted a buyer. ...

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Cadence Bank offers new details on acquisition reversal

STARKVILLE — A proxy statement Cadence Bank filed with the U.S. Securities & Exchange Commission Wednesday sheds new light on one of the most high-profile reversals of the year – Cadence’s scrapping of a publicly announced “definitive” agreement to be acquired by Trustmark National Bank of Jackson in favor an offer by Houston banking investment group Community Bancorp LLC. Executives ...

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‘Tarnished franchise?’

Cadence battles public opinion after backing out of Trustmark deal; claims it saved 125 jobs in Starkville area because of the move Cadence Bank’s shareholders — especially the “insiders” who own nearly11 percent of the bank holding company’s stock — get an appealing payday from last week’s decision to scrap an acquisition deal with Trustmark National Bank in favor of ...

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Trustmark loss of CADENCE stings but it’s not permanent

Getting jilted by Cadence Bank will cost Jackson’s Trustmark National Bank 7 cents in earnings per share for 2011, banking analyst Kevin Fitzsimmons of Sandler O’Neil & Partners estimates. The 7 cents reduction puts the earnings per share for next year back to pre-acquisition estimate of $1.52, said Fitzsimmons, managing partner of the New York-based investment banking firm. He noted ...

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