Cadence Bank authorizes repurchase of up to 10M common shares

Cadence Bank’s Board of Directors authorized a new share repurchase program allowing the company to purchase up to an aggregate of 10M shares of Cadence’s common stock. Subject to the approval of the Federal Deposit Insurance Corporation, this new share repurchase program will be effective on January 2, 2024, and will expire on December 31, 2024. Cadence has not repurchased shares authorized under its current share repurchase program, which expires on December 29, 2023. Under the new share repurchase program, Cadence’s shares may be purchased periodically in open market transactions at prevailing market prices, in privately negotiated transactions or by other means in accordance with federal securities laws. The new share repurchase program may be extended, modified, amended, suspended or discontinued at any time at the discretion of Cadence’s Board of Directors and does not commit Cadence to repurchase shares of its common stock. With respect to repurchases made pursuant to the new share repurchase program, the actual means of purchase, the timing of purchases, the target number of shares per purchase and the maximum price or range of prices per purchase will be determined by management in its discretion and will depend upon a number of factors, including Cadence’s capital position, liquidity, financial performance and alternate uses of capital, the market price of Cadence’s common stock, general market and economic conditions, and applicable legal and regulatory requirements.