Cadence Bank has signed a merger agreement with its legacy Cadency Bancorporation and BancorpSouth Bank. As part of the agreement, BancorpSouth will be renamed Cadence Bank and begin trading on the New York Stock Exchange under the symbol CADE, according to a press release.

With this merger, Cadence will be the sixth largest bank in its nine-state footprint with $48 billion in assets.

"With the completion of our merger, we're positioned to be a stronger banking franchise offering relationship-focused financial services and creating new opportunities to benefit our teammates, customers, communities and shareholders," Dan Rollins, chairman and CEO of Cadence Bank, said in the release. "Our larger scale, increased customer base, and financial strength and flexibility will allow us to become more competitive and efficient in our rapidly-changing industry, with a greater ability to meet customer needs by accelerating investments in technology solutions."

Copyright © 2021 Networld Media. All rights reserved., source Industry News