By Stephen Nakrosis
Cadence Bank agreed to acquire Industry Bancshares and will pay $20 million to $60 million in cash for all of Industry's outstanding common stock.
The final amount will be determined by Industry's equity capital at the closing of the transaction, Cadence said on Friday. The deal is expected to close in the second half of this year.
Industry Bancshares is the bank holding company for Bank of Brenham, Citizens State Bank, Fayetteville Bank, Industry State Bank, The First National Bank of Bellville and The First National Bank of Shiner. It operates 27 full-service branches across central and southeast Texas. As of March 31, on an unaudited basis, Industry reported total assets of $4.4 billion, total loans of $1.1 billion and total deposits of $4.5 billion, the companies said.
Cadence, a regional financial services company, said the deal will meaningfully expand its Texas presence.
The merger has been unanimously approved by the boards of both companies.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
April 25, 2025 17:17 ET (21:17 GMT)
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