Cadence Bancorporation declares special dividend of $ 1.25 per share
HOUSTON – (COMMERCIAL THREAD) – Cadence Bancorporation (NYSE: CADE) announced today that it has declared a one-time special cash dividend on its Class A common shares of $ 1.25 per share to all common shareholders of record at the close of trading. offices in October 25 2021 payable on or around October 29, 2021.
The Company and BancorpSouth Bank, a chartered bank of Mississippi (âBXSâ) entered into an agreement and plan of merger, dated April 12, 2021, as amended on May 27, 2021, which provided for the payment of this special dividend. . within the framework of the closing of the transaction scheduled for October 31, 2021, subject to the satisfaction of the usual closing conditions. Based on the current number of shares outstanding, the special cash dividend is expected to result in an aggregate payout of approximately $ 153 million. This special dividend is in addition to the Company’s quarterly cash dividends.
Paul Murphy, President and CEO of Cadence Bancorporation, said: âWe believe our transformational merger with BancorpSouth – and our combined capital strength – will continue to generate long-term value for all shareholders. We are delighted that Cadence shareholders are benefiting from an exceptional and unique cash dividend, as agreed in the merger agreement. ”
About Cadence Bancorporation
Cadence Bancorporation (NYSE: CADE), headquartered in Houston, Texas, is a regional financial holding company with assets of $ 18.7 billion as of June 30, 2021. Its wholly owned subsidiary, Cadence Bank, NA, operates 99 branches in Alabama, Florida. , Georgia, Mississippi, Tennessee and Texas, and offers businesses, mid-market businesses, small businesses and individuals a full range of innovative banking and financial solutions. Cadence Bank’s services and products include commercial and business banking, cash management, specialty lending, asset lending, commercial real estate, SBA lending, foreign exchange, wealth management, investment and trust services, financial planning, pension management, individuals and businesses. insurance, consumer banking, consumer loans, mortgages, home equity lines and loans, and credit cards. The bank’s customers have access to state-of-the-art online and mobile solutions, interactive banking machines and more than 55,000 ATMs. The Cadence Bank team of more than 1,800 associates is committed to exceeding customer expectations and helping their customers achieve financial success. Cadence Bank, NA FDIC Member. Equal housing lender. NMLS # 525022.