By The Associated Press
STARKVILLE — Stockholders of Cadence Financial Corp., the parent of Cadence Bank, have approved a buyout by a private Houston, Texas-based investment firm.
Cadence chairman/CEO Lewis Mallory Jr. says approval came Thursday at a meeting in Starkville, Miss.
Cadence agreed to the buyout with Community Bancorp LLC of Houston, Texas, in October. Cadence had backed out of an agreement to be bought by Trustmark Bank.
Under the agreement, shareholders will receive $2.50 i case per Cadence common share.
Community Bancorp, a company formed to invest in community banks, will continue to operate under the Cadence name and said that it planned to keep the bank’s executive team.
The transaction is expected to close by the first quarter of 2011.
Cadence has branches in Mississippi, Tennessee, Alabama, Florida and Georgia.