HOUSTON--(BUSINESS WIRE)--Cadence Bancorporation (NYSE: CADE) today announced changes to its employee benefits and compensation as a result of federal tax reform legislation.
In an announcement to its employees, the company shared it will introduce the following changes effective April 1, 2018:
- An increase in the company’s matching 401k contribution
- An increase in the company’s contribution to employee healthcare costs
- A pay increase for non-exempt, non-commissioned associates to a base wage of no less than $15 an hour
- A merit pool increase for eligible associates
In addition, Cadence executives announced an employee stock purchase plan with a 15% discount, pending approval by Cadence Bancorporation shareholders.
“Our employees deliver exceptional service and value to our clients every day, and we want to reward them for their dedication,” said Paul B. Murphy, Jr., chairman and chief executive officer of Cadence Bancorporation. “Investing in our employees allows us to attract and retain top talent, which directly correlates to sound operating and financial performance and a better return for our shareholders.”
About Cadence Bancorporation
Cadence Bancorporation (NYSE: CADE) is a $11 billion in assets regional bank holding company headquartered in Houston, Texas. Through its affiliates, Cadence operates 65 locations in Alabama, Florida, Mississippi, Tennessee and Texas as of December 31, 2017, and provides corporations, middle-market companies, small businesses and consumers with a full range of innovative banking and financial solutions. Services and products include commercial and business banking, treasury management, specialized lending, commercial real estate, foreign exchange, wealth management, investment and trust services, financial planning, retirement plan management, business and personal insurance, consumer banking, consumer loans, mortgages, home equity lines and loans, and credit cards. Clients have access to leading-edge online and mobile solutions, interactive teller machines, and 55,000 ATMs. The Cadence team of 1,200 associates is committed to exceeding customer expectations and helping their clients succeed financially. Cadence Bank, N.A., Cadence Insurance, and Linscomb & Williams are direct or indirect subsidiaries of Cadence Bancorporation.