Ad Spot

BancorpSouth, Texas bank merge

Officials with Tupelo-based BancorpSouth Bank and Cadence Bancorp in Houston, Texas, have issued a joint announcement that the companies are merging under an agreement involving an all-stock merger with a total market value of more than $6 billion, creating a leading Texas and Southeastern regional bank.

According to the online service PRNewswire, the boards of directors of both companies unanimously approved the merger.

The company will operate as Cadence Bank and have dual headquarters in Tupelo and Houston with operations centers in Tupelo and Birmingham, Ala., and specialty sites in Macon, Ga., Starkville and Houston.

Dan Rollins, BancorpSouth chairman and chief executive officer, will serve as chairman and CEO and Paul Murphy, Cadence chairman and CEO, will serve as executive vice-chairman of the combined company.

Murphy is a Vicksburg native and a graduate of Mississippi State University.

The board of directors will initially be comprised of 20 directors — 11 from BancorpSouth and nine from Cadence.

“Cadence has built an impressive commercial banking franchise that when combined with the strengths of our team at BancorpSouth seems to be a perfect fit,” Rollins said. “By joining forces, it’s easy to see that we’ll be able to make a significant impact on our customers and communities while driving long-term shareholder value.”

“I am thrilled to partner with BancorpSouth,” Murphy said. “I have great respect for the franchise they have built over the last 145 years, beginning in my home state of Mississippi.

“The BancorpSouth community banking franchise is top tier and complements Cadence’s expertise in middle-market commercial banking seamlessly. We look forward to delivering significant value to our shareholders, driven by meaningful synergies and our shared banking philosophy to put the client first.”

BancorpSouth has branches in Vicksburg located on Pemberton Square Boulevard, Indiana Avenue, U.S. Highway 61 North and their main office located on South Street. In a report filed June 2020, BancorpSouth reported $278.1 million in deposits at its local branches from the previous year, which was second in the market behind Trustmark, which had a total of $302.2 million.

About John Surratt

John Surratt is a graduate of Louisiana State University with a degree in general studies. He has worked as an editor, reporter and photographer for newspapers in Louisiana, Mississippi and Alabama. He has been a member of The Vicksburg Post staff since 2011 and covers city government. He and his wife attend St. Paul Catholic Church and he is a member of the Port City Kiwanis Club.

email author More by John

Downtown Vicksburg

Outlook: Lifetime movie filmed in Vicksburg highlights town, its people

Faith

Windows from historic Vicksburg Jewish temple up for auction

Local

Vicksburg’s Natalie Harris to study abroad in Korea with funds from Warren County’s FunD Fest

Crime

Bonds set for two sex offenders arrested in Warren County

Crime

Warren County Sheriff’s Deputies arrest ‘sexually violent predator’

Crime

Warren County Sheriff’s Deputies arrest Vicksburg resident for sexual battery of a child

Local

Vicksburg under excessive heat warning through the weekend

Local

Vicksburg advocates respond to Mississippi’s bid to overturn Roe v. Wade in Supreme Court

COVID-19

Vicksburg Warren School District’s quarantine policy explained

COVID-19

Shealy: No mask requirement for Vicksburg Warren School District, vaccines strongly encouraged.

Local

Designer Patrick Kelly, born and raised in Vicksburg, to have exhibition at Catfish Row Museum

Local

Nominate a Vicksburg restaurant for the Best Egg Dish Contest

Local

Vicksburg Municipal Court holds second amnesty period

COVID-19

‘Absolutely worn out’: Spike in COVID-19 cases once again impacting Mississippi’s health care system

COVID-19

COVID-19 hospitalizations up in Warren County, hospital not at capacity

Local

City of Vicksburg to get Natural Resources Conservation Services grant for erosion work

Crime

Gun stolen from unlocked vehicle in Vicksburg Sunday morning

Crime

Vicksburg man arrested for drug possession on Tuesday morning

Crime

Vicksburg man reported for disturbance found in possession of narcotics, firearm

Crime

Convicted felon from Vicksburg arrested for possession of a stolen firearm

News

Pet of the Week: Chocolate Pit-Mix at the Vicksburg Animal Shelter

Local

Rolling on the River: Canoers make a stop in Vicksburg on their journey down the Mississippi River

Business

City of Vicksburg seeks grant for project to build entrepreneurship

Local

No fraud found in Vicksburg Warren School District’s loss of S&P bond rating