Exhibit 99.1
CADENCE BANCORPORATION ANNOUNCES COMPLETION OF MERGER WITH STATE BANK FINANCIAL CORPORATION
HOUSTON, TEXAS (January 2, 2019)– Cadence Bancorporation (NYSE: CADE) (“Cadence”), the holding company of Cadence Bank, N.A. (“Cadence Bank”), today announced that it has completed its previously announced merger with State Bank Financial Corporation (NASDAQ: STBZ) (“State Bank”), effective January 1, 2019.
State Bank’s wholly owned subsidiary, State Bank and Trust Company, was merged into Cadence Bank, effective January 1, 2019, and its business will operate as “State Bank and Trust Company, a division of Cadence Bank, N.A.” until systems conversion, which is scheduled for February 2019. Upon conversion, the Cadence Bank subsidiary will operate as Cadence Bank across its entire footprint covering Texas, Georgia, Florida, Alabama, Mississippi and Tennessee.
“The closing of this merger is a significant milestone for our organization,” said Paul B. Murphy, Jr., Chairman and CEO of Cadence Bancorporation. “Today, we celebrate the culmination of our combined efforts and warmly welcome State Bank customers and associates. We look forward to continuing to serve our customers, bankers and communities with the same passion and responsiveness they have come to expect.”
In connection with the merger, State Bank Chairman Joe Evans joined the Cadence board of directors as Vice Chairman, State Bank CEO and Vice Chairman Tom Wiley joined the Cadence board of directors as a director and the Cadence Bank board of directors as Chairman, and State Bank director Virginia Hepner joined the Cadence board of directors as a director.
“We welcome Joe, Tom and Virginia to Cadence, and we look forward to their active participation and insights as we bring together two great institutions,” Murphy added.
About Cadence Bancorporation
Cadence Bancorporation (NYSE: CADE), headquartered in Houston, Texas, is a regional bank holding company with $11.8 billion in assets as of September 30, 2018, and the recently acquired State Bank franchise as of September 30, 2018 had assets of $4.9 billion. Cadence operates 98 branch locations in Alabama, Florida, Georgia, Mississippi, Tennessee and Texas, and provides corporations, middle-market companies, small businesses and consumers with a full range of innovative banking and financial solutions. Services and products include commercial and business banking, treasury management, specialized lending, asset-based lending, commercial real estate, SBA lending, foreign exchange, wealth management, investment and trust services, financial planning, retirement plan management, personal and business insurance, consumer banking, consumer loans, mortgages, home equity lines and loans, and credit cards. Clients have access to leading-edge online and mobile solutions, interactive teller machines, and more than 55,000 ATMs. The Cadence team of 1,800 associates is committed to exceeding customer expectations and helping their clients succeed financially.
Cautionary Statement Regarding Forward-Looking Information
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our results of operations, financial condition and financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,”
