Divestiture • Financial Services

The First Bank Acquires Cadence Bank - Seven Branches

On September 2, 2021, The First Bank acquired financial services company Cadence Bank - Seven Branches from Cadence Bancorporation

Acquisition Context
  • This is The First Bank’s 10th transaction in the Financial Services sector.
  • This is The First Bank’s 10th transaction in the United States.
  • This is The First Bank’s 2nd transaction in Texas.

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M&A Deal Summary

Date September 2, 2021
Target Cadence Bank - Seven Branches
Sector Financial Services
Buyer(s) The First Bank
Sellers(s) Cadence Bancorporation
Deal Type Divestiture

Target Company

Cadence Bank - Seven Branches

Houston, Texas, United States
Cadence Bank branches provide corporations, middle-market companies, small businesses, and consumers with a full range of innovative banking and financial solutions.
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Buyer Overview 1

Buyer

The First Bank

Hattiesburg, Mississippi, United States

Category Company
Founded 1995
Sector Financial Services
Revenue 290M USD (2023)
DESCRIPTION

The First Bank is a provider of financial services. The First Bank was founded in 1995 and is based in Hattiesburg, Mississippi.


Deal Context for Buyer #
Overall 10 of 12
Sector: Financial Services 10 of 12
Type: Divestiture 2 of 2
State: Texas 2 of 2
Country: United States 10 of 12
Year: 2021 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-22 First Florida Bancorp

Destin, Florida, United States

First Florida Bancorp, Inc. is the holding company of First Florida Bank, a community bank with six full-service offices and one loan production office serving the areas of Destin, Fort Walton, Crestview and Panama City, Florida.

Buy $85M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-26 Beach Bank

Fort Walton Beach, Florida, United States

Beach Bank is a provider of financial services. Beach Bank was founded in 2001 and is based in Fort Walton Beach, Florida.

Buy $117M

Seller Profile 1

SELLER

Cadence Bancorporation

Houston, Texas, United States

Category Company
Founded 1885
Sector Financial Services
Employees1,800
Revenue 924M USD (2020)
DESCRIPTION

Cadence Bancorporation is a bank holding company established to acquire and operate failed or distressed U.S. banks. Cadence Bancorporation provides consumers, small and middle-market businesses, and commercial clients with a full range of innovative banking and financial solutions, and serves as a sound source of capital for leading companies. Cadence Bancorporation was founded in 1885 and is based in Houston, Texas.


Deal Context for Seller #
Overall 1 of 1
Sector: Financial Services 1 of 1
Type: Divestiture 1 of 1
State: Texas 1 of 1
Country: United States 1 of 1
Year: 2021 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-02 State Bank Financial

Atlanta, Georgia, United States

State Bank Financial Corp. is a provider of financial services. State Bank Financial was founded in 2005 and is based in Atlanta, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-07 Catalina Finer Foods

Tampa, Florida, United States

Catalina Finer Foods is a manufacturer of authentic Cuban and Caribbean cuisine including varieties of croquettes, stuffed potato balls, tamales, stuffed cassava, and other ancillary products. Catalina Finer Foods was founded in 1974 and is based in Tampa, Florida.

Buy -