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Tuesday, 22 June 2021

Cadence Bank and BancorpSouth announced merger

Credit: WTVA ABC Tupelo, MS
Duration: 0 shares 2 views
Cadence Bank and BancorpSouth announced merger
Cadence Bank and BancorpSouth announced merger
Two banks come together in a move to boost the banking business.

Same bank -- different name.

Two of the area's largest banks announced a merger today worth billions in assets in six states.

Lets go live to wayne hereford in west point where he is outside one of the banks involved in the merger.

I'm outside bancorpsouth a banking company that has been around for almost 150 years.

The company ceo and the ceo of cadence bank met in tupelo this morning to seal the deal.

Both men said that now is as good a time as ever for the two companies to merge.

" a big announcement here today.

We've made some big news today.

Paul murphy is here today .

We've made some big news today.

Paul murphy is here today .

Paul is the chairman and chief executive officer of cadence which started in starkville mississippi over a 130 years ago."(dan rollins-ceo bancorpsouth) that's dan rollins, the chairman and ceo of bancorpsouth , outside the bancorpsouth building in downtown tupelo.

The merger of cadence bank and bancorpsouth is worth billions of dollars.

"its an exciting time for both companies.

And some of the points that dan made about the scale getting bigger allows us to bring more technology to both companies allowing us to invest in digital products things that people like and can use.

Its a very competitive business.

" soon you will see the name cadence bank on all of the bancorpsouth properties including the coliseum in tupelo.

The bancorpsouth ceo says the name change makes good business sense.

"bancorpsouth has been here for a 145 years.

And when we've changed our names more times before .

Every time we've changed our name we've gone from a geographically -limiting name to another geographically limiting name."

What dan rollins meant by the name is that the bancorpsouth used to be called bank of tupelo, then it became bank of mississippi, finally it is bancorpsouth.

The cadence bank name on the arena won't take affect he says until the fall of 2022.

But he says the same buildings and bankers will be here.

Reporting live in west point wayne hereford wtva nine news.