State Bank’s wholly owned subsidiary, State Bank and Trust Company, was merged into Cadence Bank, effective January 1, 2019, and its business will operate as “State Bank and Trust Company, a division of Cadence Bank, N.A.” until systems conversion, which is scheduled for February 2019.
Upon conversion, the Cadence Bank subsidiary will operate as Cadence Bank across its entire footprint covering Texas, Georgia, Florida, Alabama, Mississippi and Tennessee.
Cadence Bancorporation chairman and CEO Paul B. Murphy, Jr said: “The closing of this merger is a significant milestone for our organization.
“Today, we celebrate the culmination of our combined efforts and warmly welcome State Bank customers and associates. We look forward to continuing to serve our customers, bankers and communities with the same passion and responsiveness they have come to expect.”
In connection with the merger, State Bank Chairman Joe Evans joined the Cadence board of directors as Vice Chairman, State Bank CEO and Vice Chairman Tom Wiley joined the Cadence board of directors as a director and the Cadence Bank board of directors as Chairman, and State Bank director Virginia Hepner joined the Cadence board of directors as a director.
“We welcome Joe, Tom and Virginia to Cadence, and we look forward to their active participation and insights as we bring together two great institutions,” Murphy added.
Source: Company Press Release
