By US Daily Review Staff.
Banking has always been a safe and profitable industry for individuals and companies to invest in. Over the last few years the housing crash of 2008 and the far reaching changes created by the Dodd-Frank banking bill has changed all that. During this time, banks have failed at levels we have not seen since the Great Depression. With that, any “good news” in the area of banking is always most welcomed. Enter Community Bancorp.
Community Bancorp will merge its banking subsidiaries, Superior Bank, N.A. and Cadence Bank, N.A., into one regional bank on Nov. 11 to form the new Cadence Bank, N.A. At the same time, Community Bancorp, LLC, will now be known as Cadence Bancorp, LLC. With nearly $4.1 billion in assets, the new bank will employ 1,200 people at more than 100 branches throughout Alabama, Florida, Georgia, Mississippi, Tennessee and Texas, with headquarters in Birmingham, Ala. and corporate offices in Starkville, Miss. and Houston, Texas. The company’s news release did not indicate if there would be any reduction in its workforce following the merger.
“The merger introduces a strong and energized competitor to the marketplace,” said Paul Murphy, chief executive officer of Cadence Bancorp and chairman of the new Cadence Bank. “Some of the most experienced professionals in the banking industry have come together to create a best-of-class bank. These are bankers who are dedicated to making Cadence an exceptional banking experience for customers and an unrivaled work environment for our employees.”
Customers of the current Cadence and Superior banks will experience no interruption in service during transition to the new Cadence Bank. The company’s release goes on to say that the “customers will notice a fresh in-branch experience as employees highlight new products and services over the coming months and as branches feature new signage and collateral material in the coming weeks.”
“Tailoring the customers’ experience by listening to their needs will be the central focus of our efforts,” noted Sam Tortorici, chief executive officer of the new Cadence Bank. “Building on Cadence’s 126-year history and through a focus on localized customer service and commitment to engaging the community, we hope to enhance our customers’ business and personal financial results by hearing their needs and crafting sound financial solutions.”
The release went on to state that the “well-capitalized union will result in improvements to technology, including the introduction of mobile banking to Superior customers in Alabama and Florida, as well as enhanced treasury management services for businesses. As the new Cadence Bank further evolves over the months ahead, delivering innovative technology and financial solutions will cement the new Cadence Bank as an industry leader among both customers and employees.”
The new Cadence Bank, N.A., a wholly-owned subsidiary of Cadence Bancorp, LLC, will be a $4.1 billion Southeastern bank headquartered in Birmingham, Alabama. Committed to local decision making, the new Cadence Bank will operate more than 100 branches in Alabama, Florida, Georgia, Mississippi, Tennessee, and Texas, as well as six mortgage offices in Alabama and Florida.
The new Cadence Bank will offer “competitive and industry-leading banking products and financial solutions that include retail banking, commercial and wholesale banking, treasury management, Small Business Administration loans, consumer loans, mortgages, home equity lines and loans, and investments. The new Cadence Bank will be dedicated to unparalleled customer service delivered by people who care, where each customer receives the kind of responsive, personalized attention they deserve,” according to the firm.