The stock price of BancorpSouth (NYSE: CADE) gained slightly in Friday premarket trading; thanks to the successful completion of its anticipated merger with Cadence Bancorporation. Currently pushing gains of 2.5%, the new Cadence Bank started trading on the NYSE earlier today, under a new ticker labeled CADE.
The merger is a practical step for Cadence to widen its market footprint by increasing exposure across the nine states in which the bank operates – thriving as the sixth-largest bank in that radius.
Cadence has been reporting thorough levels of growth recently, posting Q3 results on Tuesday that illuminated strong capital ratios and firm quarterly revenue. In general, the company has a long-term record defined by flourishing ambition – as made clear by Paul B. Murphy, Jr., CEO of Cadence:
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“We started with an all-star board and the goal of deploying $1 billion of opportunistic capital to strengthen the banking system in the years following the Great Financial Crisis. We have since grown to a premier $20 billion commercial bank serving Texas and the Southeast. I would like to thank our customers and the communities we serve for their trust and support. This merger takes us to the next chapter in the Cadence Bank story, and we pledge to continue to work hard for you and earn your loyalty.”
Boasting $48 billion in assets and a strong physical presence in the south-east, Cadence’s new merger with BancorpSouth is bound to bring increasing prosperity for the bank and value for its stakeholders, and hence why CADE stock will be worth keeping tabs on. CADE is currently sitting at $20.5900 just before Friday’s market open.