Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 32 n° 312

Cadence Bancorporation Announces Update to Merger with State Bank Financial Corporation

Posted by fidest press agency su martedì, 25 dicembre 2018

Cadence Bancorporation (NYSE: CADE) (“Cadence”) and State Bank Financial Corporation (NASDAQ: STBZ) (“State Bank”) jointly announced that Cadence has exercised its right to increase the exchange ratio in accordance with the terms of the definitive merger agreement between Cadence and State Bank. State Bank shareholders will receive 1.271 shares of Cadence Class A common stock for each share of State Bank common stock. After closing, legacy Cadence and State Bank shareholders will collectively own approximately 63% and 37% of the combined company, respectively.The adjusted exchange ratio results in approximately 4.3 million additional Cadence shares being issued to State Bank. Cadence intends to repurchase these additional shares in the market. The Company’s board of directors has amended the share repurchase authorization to include approximately 4.3 million of total shares.“This merger represents a major step forward for Cadence,” said Paul B. Murphy, Jr., Chairman and CEO of Cadence Bancorporation. “It unites two exceptionally strong teams of bankers with a shared culture of responsive service. The synergies resulting from our combined organizations will deliver significant customer and shareholder value, and positions us well for continued growth. We are optimistic about our future and are pleased to welcome the State Bank team.”State Bank Chairman Joe Evans said, “We continue to be excited about this partnership. We have spent a lot of time together over the last six, seven years comparing notes, comparing philosophies and believe that this combination is going to result in a very powerful regional bank. We are thrilled to be in business with Cadence.”

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