RTTNews | Apr 12, 2021 06:43AM EDT

06:42 Monday, April 12, 2021 (RTTNews.com) - BancorpSouth Bank (BXS) and Cadence Bancorporation (CADE) have entered into an all-stock merger deal. BancorpSouth shareholders will own approximately 55% and Cadence shareholders will own approximately 45% of the combined company. Dan Rollins will be the Chairman and CEO and Paul Murphy will serve as Executive Vice Chairman of the combined company. The merger is projected to result in 17% accretion to each of BancorpSouth's and Cadence's earnings per share in 2022.

Cadence shareholders will receive 0.70 shares of BancorpSouth Bank for each share of Cadence they own. The deal allows for a one-time special cash dividend to Cadence shareholders of $1.25 per share.

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