Tupelo, Mississippi-based BancorpSouth Bank (NYSE: BXS) is combining with Houston, Texas-based Cadence Bancorp. (NYSE: CADE) and taking on a new name.
BancorpSouth is slated to rebrand as Cadence Bank upon the expected closure of the deal in the fourth quarter, according to a news release.
"Cadence has built an impressive commercial banking franchise that when combined with the strengths of our team at BancorpSouth seems to be a perfect fit," said Dan Rollins, CEO of BancorpSouth, in the release. "This strategic merger will allow us to expand our reach and offerings with minimal overlap in our existing branch network."
Rollins is slated to serve as CEO and chairperson of Cadence Bank after the deal is finalized. The combined company's 20-member board will have 11 directors from BancorpSouth.
The agreement, which has a total market value of more than $6 billion, would give BancorpSouth shareholders 55% ownership in the combined entity, according to the release.
BancorpSouth entered Missouri through a 2007 merger with Springfield-based The Signature Bank, according to past reporting. The transaction was valued at $170 million.
BancorpSouth ranked No. 12 last year on Springfield Business Journal’s list of the area’s largest banks, with $414.8 million in Queen City metro area deposits as of June 30. The company operates six branches in Springfield, as well as an insurance office, according to its website.
BXS shares were trading at $30.75 as of 9:25 a.m., compared with a 52-week range of $17.21 to $35.59 per share. CADE shares were trading at $22.33 as of 10:39 a.m., compared with a 52-week range of $4.83 to $23.88 per share.
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