The company receives an Outstanding in
Investment and Service, and High Satisfactory in
Lending in Community Reinvestment Act rating
HOUSTON and TUPELO
Miss., June 6, 2023 /PRNewswire/ -- Cadence Bank (NYSE: CADE) today announced its
latest achievement on the Community Reinvestment Act (CRA)
performance evaluation conducted by the Federal Deposit Insurance
Corporation (FDIC). The bank received an Outstanding overall and in
the Investment and Service categories, as well as High Satisfactory
in Lending. This recognition solidifies Cadence's long-standing
commitment to supporting and serving its communities.
"We are immensely proud of our team's exceptional
accomplishments, which led to Cadence securing the highest CRA
rating. This recognition from the regulators is a testament to our
unwavering dedication to promoting economic growth and advancing
financial inclusion, particularly in low- and moderate-income areas
within the communities we serve," said Dan Rollins, chairman and CEO of Cadence Bank.
Key highlights from the report include the following
achievements:
- Small business lending levels reflected excellent
responsiveness to assessment area credit needs. For 2020, the bank
originated 20,375 reportable small business loans totaling nearly
$1.8 billion inside its assessment
areas. This volume of activity ranks the bank tenth out of 489
total lenders in the bank's assessment areas.
- Home mortgage lending levels also reflected excellent
responsiveness, leading to over 16,500 reportable home mortgage
loans totaling approximately $3.8
billion in its assessment areas in 2020. This volume of
activity ranked Cadence seventeenth out of 2,009 total lenders in
the bank's assessment areas.
- Cadence Bank continued to
support affordable housing initiatives and originated a
$5.8 million loan utilizing a
Low-Income Housing Tax Credit to create 100 units of affordable
housing.
- The bank's $169.8 million in
complex investments addressed affordable housing needs, community
service and economic development with approximately $130.6 million, $13.5
million and $25.7 million,
respectively.
- Over 40% of the dollar volume of all community development
loans helped to revitalize or stabilize low- and moderate-income
geographies; another 26.4% promoted affordable housing.
Furthermore, an additional 24.5% benefitted community services for
low- and moderate-income individuals and 8.8% promoted economic
development.
- The bank's COVID-19 response included participation in the
Small Business Administration's Paycheck Protection Program. At the
peak level in 2020, the bank approved payment deferrals for more
than 7,700 loans totaling $3.4
billion. Over $200 million in
loans received accommodations primarily in the form of
interest-only payments for up to nine months.
- During the pandemic, several communities were impacted by
hurricanes and tropical storms. The bank's disaster recovery team
provided various forms of relief and support.
- Cadence continued to invest in innovation. Digital banking
channels expanded access to banking services for low- and
moderate-income individuals or within low- or moderate-income
tracts during the evaluation period.
Rollins continued: "The rarity of receiving an Outstanding
rating from banking regulators is evident from the limited number
of banks that achieve this distinction annually. With a
long-standing legacy of nearly 150 years in community banking, this
rating solidifies and confirms our ongoing commitment to making
positive contributions to individuals and businesses across our
nine-state footprint. Serving these communities is a privilege, and
these evaluation results exemplify the profound impact our team
members make each day."
Cadence is committed to immersing itself fully in the
communities it serves. To learn more about Cadence Bank, visit CadenceBank.com.
About Cadence
Bank
Cadence Bank
(NYSE: CADE) is a leading regional banking franchise with more than
$50 billion in assets and over 350
branch locations across the South and Texas. Cadence provides consumers, businesses
and corporations with a full range of innovative banking and
financial solutions. Services and products include consumer
banking, consumer loans, mortgages, home equity lines and loans,
credit cards, commercial and business banking, treasury management,
specialized lending, asset-based lending, commercial real estate,
equipment financing, correspondent banking, SBA lending, foreign
exchange, wealth management, investment and trust services,
financial planning, retirement plan management, and personal and
business insurance. Cadence is committed to a culture of respect,
diversity and inclusion in both its workplace and communities.
Cadence Bank, Member FDIC. Equal
Housing Lender.
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SOURCE Cadence Bank