Cadence Bank, with dual headquarters in Houston, Texas and Tupelo, MS, announced Monday it had completed its acquisition of Industry Bancshares, Inc.
Industry Bancshares is the bank holding company for Industry State Bank, The First National Bank of Bellville, Fayetteville Bank, Citizens State Bank, The First National Bank of Shiner and Bank of Brenham, officials said. The merger with Cadence Bank went into effect on July 1, and has received all required regulatory and shareholder approvals, officials with the bank said.
“We are pleased to have received regulatory approval and completed our acquisition of Industry Bancshares, Inc. so quickly,” Dan Rollins, chairman and CEO of Cadence Bank, said. “Industry and its subsidiaries have deep roots in Texas—where we have a solid presence and a keen understanding of local economies— making this a seamless fit. With our strong balance sheet and broad array of products and services, we’re excited about the growth opportunities for their people, customers and communities.”
Candence Bank said the combination of the two companies would create a meaningful franchise with financial solutions offered at more than 380 branches and more than 400 ATM and LIVE Teller locations across the South. The merger will also provide stability and consistency to Industry’s operations, and increase Industry’s liquidity to support lending.
Industry Bancshare’s customers will not experience and immediate changes to their banking experience, officials said and will receive information regarding any changes that might impact their accounts this fall.
“This merger came together rapidly because of the strong alignment between our two companies and our dedication to the communities we serve,” Rollins said. “We are very proud of our team for their swift actions to move this transaction to completion, allowing us to quickly begin serving these customers and communities. We are grateful for the support and responsiveness of our regulators who helped make this process smooth and efficient.”