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- BancorpSouth (BXS +1.1%) and Cadence Bancorps' (CADE +1.5%) proposed merger receives final approval from the Federal Deposit Insurance Corporation.
- The merger, which is scheduled to close on Oct. 31, 2021 follows recent approvals from the Mississippi Department of Banking and Consumer Finance and from shareholders of both companies.
- The combined company will have dual headquarters in Tupelo, Mississippi and Houston, Texas, with primary operations centers in Tupelo and Birmingham, Alabama.
- BancorpSouth (NYSE:BXS) will change its name to Cadence Bank and the company's ticker symbol will change from "BXS" to "CADE" on the New York Stock Exchange.
- Upon closing, the merger will create the sixth-largest bank headquartered in the combined nine-state footprint, the companies said.
- Branch locations for both companies will continue to operate under the respective names until full integration is complete, which is expected to take place in the second half of 2022.
- Previously, (April 12) BancorpSouth and Cadence Bancorp to combine in an all-stock deal.