HOUSTON--(BUSINESS WIRE)--Cadence Bancorporation (NYSE: CADE) announced that Cadence Bank, a wholly owned subsidiary of the organization, received an investment grade rating from S&P Global. S&P assigned Cadence Bank a rating of BBB- for long-term issuer credit with an outlook of Stable.
“This rating is a significant step forward in our growth strategy and ability to attract high-quality clients,” said Paul B. Murphy, Jr., chairman and CEO, Cadence Bancorporation. “As a universal benchmark, the S&P Global rating substantiates our sound business principles, talented team of bankers and the strength of our customer base. The third-party validation of our solid performance is immensely rewarding.”
Credit ratings provide transparent information and insight to market participants to keep capital markets running smoothly and offer third-party opinions that allow investors to make more informed decisions.
Cadence Bank also holds investment grade ratings from Kroll Bond Rating Agency: Senior Long-Term Debt BBB+, Subordinated Debt BBB and Short-Term Debt K2.
About Cadence Bancorporation
Cadence Bancorporation (NYSE: CADE), headquartered in Houston, Texas, is a regional financial holding company with $17.9 billion in assets as of September 30, 2019. Cadence operates 98 branch locations in Alabama, Florida, Georgia, Mississippi, Tennessee and Texas, 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, asset-based lending, commercial real estate, SBA lending, foreign exchange, wealth management, investment and trust services, financial planning, retirement plan management, personal and business 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 more than 55,000 ATMs. The Cadence team of 1,800 associates is committed to exceeding customer expectations and helping their clients succeed financially.