HOUSTON and TUPELO,
Miss., Dec. 13, 2023 /PRNewswire/ -- Cadence Bank's (NYSE: CADE) (Cadence) Board of Directors authorized a new
share repurchase program allowing the company to purchase up to an
aggregate of 10 million shares of Cadence's common stock. Subject
to the approval of the Federal Deposit Insurance Corporation, this
new share repurchase program will be effective on January 2, 2024, and will expire on December 31, 2024. Cadence has not repurchased
shares authorized under its current share repurchase program, which
expires on December 29, 2023.
Under the new share repurchase program, Cadence's shares may be
purchased periodically in open market transactions at prevailing
market prices, in privately negotiated transactions or by other
means in accordance with federal securities laws. The new share
repurchase program may be extended, modified, amended, suspended or
discontinued at any time at the discretion of Cadence's Board of
Directors and does not commit Cadence to repurchase shares of its
common stock. With respect to repurchases made pursuant to the new
share repurchase program, the actual means of purchase, the timing
of purchases, the target number of shares per purchase and the
maximum price or range of prices per purchase will be determined by
management in its discretion and will depend upon a number of
factors, including Cadence's capital position, liquidity, financial
performance and alternate uses of capital, the market price of
Cadence's common stock, general market and economic conditions, and
applicable legal and regulatory requirements.
About Cadence Bank
Cadence Bank (NYSE: CADE) is a
leading regional banking franchise with approximately $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 and retirement plan management. Cadence is
committed to a culture of respect, diversity, inclusion and
belonging in both its workplace and communities. Cadence Bank, Member FDIC. Equal Housing
Lender.
Forward-Looking Statements
Certain statements made in this news release are not statements
of historical fact and constitute "forward-looking statements"
within the meaning of Section 21E of the Securities Exchange Act of
1934, as amended, and are subject to the safe harbor created
thereby under the Private Securities Litigation Reform Act of 1995
and the "bespeaks caution" doctrine. These statements are often,
but not always, made through the use of words or phrases such as
"anticipate," "assume," "believe," "budget," "contemplate,"
"continue," "could," "expect," "foresee," "goal," "indicate,"
"may," "might," "outlook," "plan," "project," "prospect,"
"potential," "roadmap," "should," "target," "will," "would," or the
negative version of those words, or other comparable words of a
future or forward-looking nature. These forward-looking statements
include, without limitation, statements related to the terms,
timing, logistics and conditions of Cadence's share repurchase
programs, Cadence's utilization of the share repurchase programs,
and Cadence's compliance with applicable law including, but not
limited to, federal securities laws, in connection with the
administration of the share repurchase programs.
These forward-looking statements are not historical facts, and
are based upon current expectations, estimates, and projections
about Cadence's industry, management's beliefs, and certain
assumptions made by management, many of which, by their nature, are
inherently uncertain, involve risk, and are beyond Cadence's
control. The inclusion of these forward-looking statements should
not be regarded as a representation by Cadence or any other person
that such expectations, estimates, or projections will be achieved.
Accordingly, Cadence cautions that any such forward-looking
statements are not guarantees of future performance and are subject
to risks, assumptions, and uncertainties that are difficult to
predict and that are beyond Cadence's control. Although Cadence
believes these forward-looking statements are reasonable as of the
date of this news release, actual results may prove to be
materially different from the results expressed or implied by the
forward-looking statements. Undue reliance should not be placed on
any such forward-looking statements.
Any forward-looking statement speaks only as of the date of this
news release, and Cadence does not undertake any obligation to
publicly update or review any forward-looking statement, whether as
a result of new information, future developments or otherwise,
except as required by applicable law. New risks and
uncertainties may emerge from time to time, and it is not possible
for Cadence to predict their occurrence or how they will affect
Cadence. The foregoing should be read in conjunction with those
risk factors that are set forth from time to time in Cadence's
periodic and current reports filed with the FDIC, including those
factors included in Cadence's Annual Report on Form 10-K for the
year ended December 31, 2022 under
the heading "Item 1A. Risk Factors," in Cadence's Quarterly Reports
on Form 10-Q under the heading "Part II-Item 1A. Risk Factors," in
Cadence's Current Reports on Form 8-K, and Cadence's other filings
with the FDIC, which are available
at https://www.fdic.gov and at Cadence's website
https://ir.cadencebank.com under the heading "Public
Filings."
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SOURCE Cadence Bank
