HOUSTON--(BUSINESS WIRE)--Cadence Bancorporation (NYSE: CADE) (“Cadence”) today announced that its board of directors has authorized an increase to its share repurchase program of Cadence’s Class A common stock by an additional $100 million. Cadence previously announced a $50 million share repurchase authorization on July 26, 2019. Cadence repurchased $20.2 million from July 26, 2019 through December 31, 2019, and from January 27 through February 14, 2020, the Company repurchased an additional $20.5 million.
Cadence expects to fund the program with cash on hand and cash generated from operations. The repurchase authorization may be modified, suspended or discontinued at any time at Cadence’s discretion and does not obligate Cadence to acquire any particular amount of Class A common stock. The actual timing, number and value of the shares to be purchased under the program will be determined by Cadence’s management at its discretion.
Cadence’s Class A common stock repurchase program will be subject to various factors, including Cadence’s capital position, liquidity, financial performance and alternate uses of capital, stock trading price, general market and other conditions, and applicable legal requirements. The Class A common stock repurchases may be accomplished through open market purchases or privately negotiated transactions.
About Cadence Bancorporation
Cadence Bancorporation (NYSE: CADE), headquartered in Houston, Texas, is a regional financial holding company with $17.8 billion in total assets as of December 31, 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, payroll and insurance services, 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.