Texas Regional Bank Cadence Explores Potential Sale
(Bloomberg) -- Texas regional bank Cadence Bancorp is exploring a sale, according to people familiar with the matter.
The Houston-based lender is working with financial advisers to solicit interest from potential buyers, said the people, who asked to not be identified because the matter isn’t public. A final decision hasn’t been made and Cadence could opt to remain independent, the people said.
Cadence rose 0.5% to $19.25 in New York trading Wednesday, giving the company a market value of about $2.4 billion. The stock is up about 16% in the past year.
A representative for Cadence declined to comment.
Cadence comes to market as regional banks increasingly seek to do deals to grow amid low interest rates and tepid loan demand.
Huntington Bancshares Inc. agreed to buy TCF Financial Corp. for about $6 billion in December. PNC Financial Services Group Inc. agreed in November to pay $11.6 billion for Banco Bilbao Vizcaya Argentaria SA’s banking operations in the U.S.
Cadence, with about $18.7 billion in assets, has about 98 branches in Texas and the Southeastern U.S., according to its website.
©2021 Bloomberg L.P.