Houston-based Cadence Bank has agreed to acquire Industry Bancshares for between $20 million and $60 million in cash for all of Industry Bancshares’ outstanding common stock.
Industry Bancshares, also based in Texas, is the holding company for Bank of Brenham, Citizens State Bank, Fayetteville Bank, Industry State Bank, The First National Bank of Bellville, and The First National Bank of Shiner.
Combined, the Industry, Texas, based firm operates 27 full-service branches across Central and Southeast Texas. The bank has $4.4 billion in total assets with $1.1 billion in total loans and $4.5 billion in total deposits.
The merger will expand Cadence Bank’s Texas presence in growing markets within the state. It adds to the $50 billion in assets that Cadence Bank with 350 locations across the South and Texas.
“What makes this alliance so impactful is that Cadence Bank’s community banking foundation aligns well with the community focus of Industry Bancshares’ six bank subsidiaries,” Dan Rollins, chairman and CEO of Cadence Bank, said. “We are all deeply focused on taking care of our customers and the communities we serve. Because we operate in very similar markets across Texas and the South, we understand the needs of these local economies and can bring expanded product offerings and increased lending opportunities to fuel future growth. Furthermore, with our banking services and technology, we will be able to deliver an enhanced customer experience and help even more customers reach their financial goals.”
After the transaction is finalized, Industry executives Doak Hartley, Michelle Hodge, Mike Mueller, Brent Jones, Gary Durrenberger, Kyle Holloway, Lisa Moeller and Mike Kalina are expected to continue in their roles.
“This merger represents an exciting new chapter for our customers and communities,” Carl Chaney, executive chairman of Industry Bancshares, said. “Cadence shares our deep commitment to building strong relationships and doing what is right for our customers and communities. With their scale, resources and relationship-driven approach, this merger will allow continued personal service and trusted expertise our customers depend on.”
The merger has been unanimously approved by the boards of directors of Cadence Bank and Industry Bancshares. It awaits regulatory and shareholder approvals. The deal is targeted to close during the second half of 2025.