Bancorpsouth, Cadence Merge

Tupelo, Mississippi-based BancorpSouth Bank, with three branches each in Mobile and Baldwin counties, has merged with Atlanta-based Cadence Bank in a merger Business Alabama reports will create a $6-billion institution. Operating under the Cadence name, the bank will have dual headquarters in Houston and Tupelo, with operations centers in Tupelo and Birmingham. The merger is an all-stock transaction, in which BancorpSouth investors will own approximately 55% and Cadence shareholders will own the remainder. Dan Rollins will be chairman and CEO, and Paul Murphy will serve as executive vice chairman. The merger is expected to be complete in the third quarter, following regulatory and shareholder approvals.