May 13, 2018 / 7:09 PM / 4 months ago

BRIEF-Cadence Bancorp Announces Merger With State Bank Financial Corp

May 13 (Reuters) - Cadence Bancorp:

* ORATION ANNOUNCES MERGER WITH STATE BANK FINANCIAL CORPORATION, CREATING A LEADING COMMERCIAL LENDING FRANCHISE

* CO AND STATE BANK FINANCIAL CORP ANNOUNCED ENTRY INTO DEFINITIVE MERGER AGREEMENT IN A STOCK-FOR-STOCK TRANSACTION

* STATE BANK FINANCIAL SHAREHOLDERS TO RECEIVE 1.160 SHARES OF CO CLASS A COMMON STOCK FOR EACH SHARE OF STATE BANK COMMON STOCK

* TRANSACTION VALUED AT APPROXIMATELY $1.4 BILLION BASED ON CLOSING SHARE PRICE OF CADENCE OF $30.23 ON MAY 11, 2018

* AFTER CLOSING, LEGACY CADENCE AND STATE BANK SHAREHOLDERS TO COLLECTIVELY OWN ABOUT 65% AND 35% OF COMBINED COMPANY, RESPECTIVELY

* THREE STATE BANK DIRECTORS WILL JOIN BOARD OF CADENCE AND OF CADENCE BANK

* CADENCE EXPECTS ACQUISITION TO BE 7% ACCRETIVE TO EARNINGS PER COMMON SHARE IN 2020, EXCLUDING ONE-TIME CHARGES

* MERGER AGREEMENT HAS BEEN UNANIMOUSLY APPROVED BY BOARDS OF BOTH COMPANIES Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below