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HOUSTON and TUPELO, Miss. - Cadence Bank (NYSE: CADE), a regional financial services company with a current market capitalization of $5.76 billion, has received all necessary regulatory approvals to proceed with its merger with FCB Financial Corp., the parent company of First Chatham Bank. The merger is scheduled to be finalized on May 1, 2025, contingent upon the fulfillment of customary closing conditions.
This strategic move will integrate First Chatham Bank, which as of December 30, 2024, reported assets totaling approximately $589 million, into Cadence Bank’s operations. The merger is anticipated to enhance Cadence Bank’s presence in the Greater Savannah area, where First Chatham Bank has been a significant community banking player for over 20 years. According to InvestingPro data, Cadence Bank has demonstrated strong financial performance with a 49.07% revenue growth in the last twelve months and maintains a P/E ratio of 11.16. The bank has also shown commitment to shareholder returns, having maintained dividend payments for 41 consecutive years.
Dan Rollins, Chairman and CEO of Cadence Bank, expressed satisfaction with the approval, noting that First Chatham Bank’s customer service ethos is in line with Cadence Bank’s values. He also highlighted the bank’s excitement about welcoming the staff and customers of First Chatham Bank to their institution.
Cadence Bank, with dual headquarters in Houston, Texas, and Tupelo, Mississippi, boasts a $50 billion portfolio and operates more than 350 locations across the South and Texas. The bank offers a wide range of financial services, including banking, investment, trust, and mortgage products. It has been recognized by Forbes and U.S. News & World Report as one of the nation’s top employers and was listed among America’s Best Banks by Forbes in 2025.
The press release also contained forward-looking statements regarding the merger’s expected benefits and synergies, as well as its anticipated closing timeline. However, it cautioned that actual results could differ materially due to various factors, many of which are beyond the bank’s control.
The upcoming merger is subject to approval by FCB Financial Corp.’s shareholders, and the proxy statement and offering memorandum provided to shareholders contain important information about the merger.
This news article is based on a press release statement from Cadence Bank.
In other recent news, Cadence Bancorp reported its fourth-quarter 2024 earnings, surpassing analyst expectations with an earnings per share (EPS) of $0.70, slightly above the forecasted $0.69. Revenue for the quarter was $450.7 million, which fell short of the anticipated $457.86 million. Despite the revenue miss, the company noted strong deposit growth and stable loan balances, with core customer deposits increasing by $1.4 billion. Cadence Bancorp’s net interest margin showed improvement, rising to 3.31%, up 4 basis points from the previous quarter. The company remains focused on market expansion and potential mergers and acquisitions, particularly in regions such as Tampa and Orlando. Analysts from Morgan Stanley and Hovde Group engaged with the company during the earnings call, discussing expectations around loan yields and deposit costs. The executive management expressed confidence in modest increases in loan yields and stable deposit costs moving forward. Cadence Bancorp also highlighted its strong capital metrics, including a CET1 ratio of 12.3% and total capital of 14.5% as of September 30.
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