By Kelly Cloonan
Shares of Cadence Bank climbed after the company said it received all regulatory approvals to complete its proposed merger with FCB Financial, the bank holding company for First Chatham Bank.
The stock rose 5% to $32.90 on Monday in after-hours trading. Shares have gained 12% over the past 12 months through Monday's close, hitting an all-time peak in November.
The Houston and Tupelo, Miss.-based company said the merger is expected to be effective on May 1.
Under the deal's terms, Cadence will issue 2.3 million shares of common stock and pay $23.1 million in cash for all outstanding shares of FCB Financial, the company said in a previous statement. Based on FCB Financial's 10-day moving average share price of $34.98 on Jan. 21, the deal is valued at about $103.6 million, Cadence said at the time.
Cadence Bank currently operate over 350 locations spanning the southern U.S. and Texas, while First Chatham Bank operates eight community bank branches in the Savannah, Ga. area.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
March 24, 2025 18:05 ET (22:05 GMT)
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