The bank has exercised its right to increase the exchange ratio with accordance to the definitive merger agreement signed in May this year.
Under the revised offer, State Bank shareholders will receive 1.271 shares of Cadence Class A common stock against each share.
However, the overall value of the stock-for-stock transaction decreased from $1.4bn to $849m, primarily due to fall in share value of both the companies.
The merger is expected to be complete on 1 January 2019, subject to customary closing conditions.
Once completed, Cadence and State Bank shareholders will own nearly 63% and 37% of the combined unit, respectively.
Cadence Bancorporation chairman and CEO Paul Murphy said: “This merger represents a major step forward for Cadence.
“It unites two exceptionally strong teams of bankers with a shared culture of responsive service.
“The synergies resulting from our combined organisations will deliver significant customer and shareholder value, and positions us well for continued growth.”
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.”
During the announcement of the State Bank acquisition, Cadence said that the combined bank will have $16bn in assets, $12bn in loans and $13bn in deposits.
It would have around 100 branches across Texas, Georgia, Florida, Tennessee, Alabama and Mississippi.
