By NEMS Daily Journal
Cadence Bank is combining with Alabama-based Superior Bank on Nov. 11 to form a much larger regional bank.
Community Bancorp, or CBC, of Houston, Texas, acquired Starkville-based Cadence in March.
CBC, a bank holding company which had raised $1 billion in equity for the purpose of acquiring banks, infused $144 million into Cadence. CBC took Cadence private, offering shareholders $2.50 a share and $36 million for $44 million in Cadence preferred stock owned by the U.S. Treasury.
Superior was closed by the FDIC in April, and CBC acquired the bank’s deposits and certain assets.
On Wednesday, CBC said after merging Cadence and Superior, the new bank would be called Cadence Bank, with combined assets of nearly $4.1 billion, nearly 1,200 employees and more than 100 banking locations.
Sam Tortorici was named CEO of the new Cadence Bank.
Also, Community Bancorp will be renamed Cadence Bancorp, officials said.
The headquarters of Cadence Bancorp will be in Birmingham, with corporate offices in Starkville and Houston.
“The merger introduces a strong and energized competitor to the marketplace,” said Paul Murphy, CEO of Cadence Bancorp and chairman of the new Cadence Bank. “Some of the most experienced professionals in the banking industry have come together to create a best-of-class bank.”
Officials said Cadence and Superior bank customers would experience no interruption in service.