Cadence Bank appoints new asset management head

ATLANTA - Cadence Bank (NYSE: CADE), a prominent regional banking franchise, has announced the appointment of Brad Silcox as the new executive vice president and president of its asset management and trust division. Silcox, who brings over 20 years of experience from Wilmington Trust, a subsidiary of M&T Bank, has held various executive leadership roles, including president of the Southeast region and chief administrative officer of wealth markets.

Valerie Toalson, chief financial officer and president - banking services for Cadence Bank, praised Silcox's integrity and leadership skills. She noted his expertise in building client relationships and leading teams through significant changes, qualities that align with Cadence Bank's values of relationship-building, teamwork, and collaboration.

Silcox expressed enthusiasm for his new role, emphasizing a shared passion for client-centered service and the potential to enhance Cadence Bank's asset management and trust services. He will be based in the Atlanta office, leading a team that serves clients across the Southeast and Texas.

Cadence Bank, with around $50 billion in assets and over 350 branches, offers a broad spectrum of banking and financial services to consumers, businesses, and corporations. The bank's commitment to a respectful and inclusive culture extends to its workplace and the communities it serves.

This leadership change reflects Cadence Bank's ongoing efforts to strengthen its wealth management division and enhance the services provided to its clients. The information in this article is based on a press release statement from Cadence Bank.

In other recent news, Cadence BanCorp has been in the spotlight following solid Q3 2024 results, with a GAAP net income of $134.1 million, or $0.72 per diluted share. The bank also reported a 6% quarter-over-quarter increase in adjusted net income from continuing operations, which came in at $135.6 million, or $0.73 per share. In a move that signals confidence, Citi has maintained a Neutral rating on Cadence BanCorp but increased the price target to $37.00 from the previous $35.00. This adjustment is based on the expectation of continued net interest margin (NIM) expansion and effective cost management.

The credit quality of Cadence BanCorp remains sound, with anticipations of further strengthening of the capital base. Despite softer than anticipated loan growth, the bank has noted strong new loan commitments and an improved net interest margin of 3.31%. Cadence Bank's management is optimistic about maintaining growth in loan originations and improving net interest margins. In addition, potential mergers and acquisitions are being considered. These are among the recent developments for Cadence BanCorp.

InvestingPro Insights

Cadence Bank's recent appointment of Brad Silcox to lead its asset management and trust division aligns with the company's strong financial performance and growth trajectory. According to InvestingPro data, Cadence Bank has demonstrated impressive market performance, with a 54.31% price total return over the past year and a 31.07% return over the last six months. This positive momentum is further supported by the bank's attractive valuation metrics.

InvestingPro Tips reveal that Cadence Bank has raised its dividend for 12 consecutive years, indicating a commitment to shareholder returns. This is particularly noteworthy given the bank's current dividend yield of 2.68%. Additionally, the company's net income is expected to grow this year, which could further support its dividend policy and overall financial health.

The bank's P/E ratio of 10.56 suggests it may be undervalued relative to its peers, especially considering the expected earnings growth. This valuation, combined with the fact that seven analysts have revised their earnings upwards for the upcoming period, indicates potential upside for investors.

For readers interested in a more comprehensive analysis, InvestingPro offers 13 additional tips for Cadence Bank, providing a deeper understanding of the company's financial position and future prospects.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.