HOUSTON--(BUSINESS WIRE)--Cadence Bancorporation (NYSE: CADE) today announced its previously declared one-time, special cash dividend on its shares of Class A Common Stock of $1.25 per share to all common stockholders of record as of the close of business on October 25, 2021 is now payable on October 28, 2021.
The Company and BancorpSouth Bank, a Mississippi-chartered bank (“BXS”) entered into an Agreement and Plan of Merger, dated as of April 12, 2021, as amended on May 27, 2021, which provided for the payment of this special dividend in connection with the closing of the transaction, subject to the satisfaction of customary closing conditions. Based on the current number of shares outstanding, the special cash dividend is expected to result in an aggregate distribution of approximately $153 million. This special dividend is in addition to the Company’s quarterly cash dividends.
About Cadence Bancorporation
Cadence Bancorporation (NYSE: CADE), headquartered in Houston, Texas, is a regional financial holding company with $18.7 billion in assets as of June 30, 2021. Its wholly owned subsidiary, Cadence Bank, N.A., operates 99 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. Cadence Bank’s 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. The bank’s clients have access to leading-edge online and mobile solutions, interactive teller 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 clients succeed financially. Cadence Bank, N.A. Member FDIC. Equal Housing Lender. NMLS#525022.