Cadence Bank

Cadence Bank

Company type	Public
Industry	Banking
Founded	1876
Headquarters	Tupelo, Mississippi and Houston, Texas , United States
Area served	Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Missouri, Oklahoma, Tennessee, Texas, Illinois
Key people	James D. Rollins III (Chairman and CEO), Paul B. Murphy Jr. (Executive Vice Chairman)
Products	Checking and savings accounts, loans, credit cards, wealth management, insurance products, financial consulting services, mortgage loans including conforming, FHA, Jumbo, VA, USDA loans and HELOCs; small business banking and treasury management services
Revenue	$442.8 million (2021)
Net income	$340.9 million (2021)
Total assets	$47.7 billion (2022)
Total equity	$5.2 billion (2021)
Number of employees	6500+ (2022)

Cadence Bank is a commercial financial institution with dual headquarters located in Tupelo, Mississippi and Houston, Texas. It serves customers throughout Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Missouri, Oklahoma, Tennessee, Texas, and Illinois. Established in 1876 under the name Raymond Trice and Company in Verona, Mississippi, the bank moved its base to Tupelo a decade later in 1886. Over time, it underwent multiple rebrandings—from Bank of Lee County to Bank of Tupelo, then to Bank of Mississippi in 1966, and later BancorpSouth in 1997. The institution adopted the Cadence Bank brand in October 2021. It also holds the naming rights for the Cadence Bank Amphitheatre in Atlanta and Cadence Bank Arena located in Tupelo.

History

Cadence Bank’s expansion has largely been fueled by targeted acquisitions. Noteworthy purchases include First Mississippi National Bank in 1987; Volunteer Bank of Jackson, Tennessee in 1992; Alabama Bancorp in 1998; and First United Bancshares based in El Dorado, Arkansas, acquired in 2000 for $455 million through a stock transaction. Additional acquisitions that broadened its reach were Pinnacle Bancshares in 2002; Business Bank of Baton Rouge and Premier Bank of Brentwood in 2004; American State Bank of Jonesboro in 2005; and City Bancorp from Springfield, Missouri, acquired for $170 million in 2006.

In 2014, the bank expanded further by acquiring Ouachita Bancshares Corp. of Monroe, Louisiana, along with Central Community Corporation from Temple, Texas. These transactions were completed by 2018 following regulatory clearance. A corporate consolidation took place in 2017 when BancorpSouth, Inc. merged into its banking subsidiary to enhance operational efficiency under Federal Deposit Insurance Corporation regulation.

Further acquisitions extended the bank’s presence: Icon Capital Corporation of Houston (2018); Casey Bancorp, Inc. from Grand Prairie, Texas, and Merchants Trust, Inc. of Jackson, Alabama (2018–2019); Van Alstyne Financial Corporation based in Van Alstyne, Texas, and Summit Financial Enterprises from Panama City, Florida (2019); as well as Texas First Bancshares, Inc., headquartered in Waco, Texas (2019–2020).

In April 2021, BancorpSouth combined forces with Cadence Bancorporation through a transformative merger adopting the Cadence Bank name officially finalized by October 2021. Most recently, in October 2023, Cadence Bank divested its insurance division to Arthur J. Gallagher & Co. for $904 million.

Financially, the bank’s growth strategy is evident with reported revenues of $442.8 million in 2021 and net earnings of $340.9 million. Its assets were valued at $47.7 billion as of 2022 while equity stood at $5.2 billion during 2021. The company employed over 6,500 individuals by 2022.

Leadership includes Chairman and CEO James D. Rollins III alongside Executive Vice Chairman Paul B. Murphy Jr., who provide strategic direction that strengthens Cadence’s market position across its multi-state network.

Insurance acquisitions

From 1999 through 2016, the bank methodically expanded its insurance segment via numerous acquisitions throughout the southern U.S. Significant transactions encompassed Stewart, Sneed, Hewes Group (Gulfport, Mississippi) acquired in 1999; WMS, LLC operating as Wright & Percy Insurance (Baton Rouge, Louisiana) and Ramsey, Krug, Farrell and Lensing, Inc. (Little Rock, Arkansas) both purchased in 2003; JMG/IC Insurance Agency, Inc. (Nacogdoches, Texas) added in 2008; The Securance Group, Inc. (Brewton, Alabama) obtained in 2012; GEM Insurance Agencies (Houston, Texas) acquired during 2013; Knox Insurance Group, LLC (Lafayette, Louisiana) brought on board in 2014; and Waguespack & Associates Insurance, Inc. (Gonzales, Louisiana) integrated in 2016. These strategic moves strengthened Cadence’s insurance offerings and expanded its regional market penetration.

Services offered

Cadence delivers an extensive range of financial solutions, encompassing checking and savings accounts, various loan options, credit cards, wealth management, insurance products, and financial consulting services. Its mortgage portfolio includes conforming loans, FHA, Jumbo, VA, and USDA loans, as well as home equity lines of credit (HELOCs). For its business clientele, Cadence provides specialized small business banking services and treasury management offerings aimed at enhancing operational productivity and fostering growth.