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 late October. Cadence had backed out of an agreement to be bought by Trustmark Bank.
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.
The Associated Press