BancorpSouth Bank and Cadence Bancorporation, the parent company of Cadence Bank, N.A., announced the companies have entered into an all-stock merger with a total market value of more than $6 billion to create a Texas and Southeastern regional bank, according to a press release.

Under the terms of the merger agreement, which was unanimously approved by the Boards of Directors of both companies, the merger will combine the aesthetics of both brands and logos and operate as Cadence Bank. The bank will have dual headquarters in Tupelo, Mississippi and Houston, Texas, with operations centers in Tupelo and Birmingham, Alabama, as well as specialty sites in Macon, Georgia; Starkville, Mississippi and Houston, Texas.

"Cadence has built an impressive commercial banking franchise that when combined with the strengths of our team at BancorpSouth seems to be a perfect fit," Dan Rollins, chairman and chief executive of BancorpSouth Bank said in the release. "This strategic merger will allow us to expand our reach and offerings with minimal overlap in our existing branch network. Culturally speaking, our mission and values align really well together. Mergers are all about people, and what's important to note here is that our leadership teams are in sync. By joining forces, it's easy to see that we'll be able to make a significant impact on our customers and communities while driving long-term shareholder value."

Rollins will be the chairman and chief executive officer and Paul Murphy, chairman and chief executive from Cadence, will serve as executive vice chairman of the combined company. The board of directors will initially be comprised of 20 directors – 11 from BancorpSouth and nine from Cadence.

"I am thrilled to partner with BancorpSouth," Murphy said in the release. "I have great respect for the I was impressed with the team at BancorpSouth early on, and I grow even more so the more I get to know them. Like us, they really care about their people. The scale of our combined bank, our collective talent, our similar cultures and our footprint in some of the fastest-growing markets in the country have us extremely excited about the future."

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