UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 18, 2020
Cadence Bancorporation
(Exact name of registrant as specified in its charter)
Delaware |
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001-38058 |
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47-1329858 |
(State or other jurisdiction of incorporation) |
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(Commission File Number) |
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(IRS Employer Identification No.) |
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2800 Post Oak Boulevard, Suite 3800 Houston, Texas |
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77056 |
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(Address of principal executive offices) |
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(Zip Code) |
(713) 871-4000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Class A Common Stock |
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CADE |
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New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events
On February 18, 2020, Cadence Bancorporation (the “Company”) issued a press release announcing its Board of Directors has authorized an increase to its share repurchase program of the Company’s Class A common stock by an additional $100 million. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01 |
Financial Statements and Exhibits. |
(d) Exhibits
Exhibit
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Description |
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99.1 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Cadence Bancorporation |
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Date: February 18, 2020 |
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By: |
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/s/ Valerie C. Toalson |
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Name: |
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Valerie C. Toalson |
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Title: |
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Executive Vice President and Chief Financial Officer |
EXHIBIT 99.1
Cadence Bancorporation INcreases
Share Repurchase PRogram by $100 Million
HOUSTON, February 18, 2020 – Cadence Bancorporation (NYSE: CADE) (“Cadence”) today announced that its board of directors has authorized an increase to its share repurchase program of Cadence’s Class A common stock by an additional $100 million. Cadence previously announced a $50 million share repurchase authorization on July 26, 2019. Cadence repurchased $20.2 million from July 26, 2019 through December 31, 2019, and from January 27 through February 14, 2020, the Company repurchased an additional $20.5 million.
Cadence expects to fund the program with cash on hand and cash generated from operations. The repurchase authorization may be modified, suspended or discontinued at any time at Cadence’s discretion and does not obligate Cadence to acquire any particular amount of Class A common stock. The actual timing, number and value of the shares to be purchased under the program will be determined by Cadence’s management at its discretion.
Cadence’s Class A common stock repurchase program will be subject to various factors, including Cadence’s capital position, liquidity, financial performance and alternate uses of capital, stock trading price, general market and other conditions, and applicable legal requirements. The Class A common stock repurchases may be accomplished through open market purchases or privately negotiated transactions.
About Cadence Bancorporation
Cadence Bancorporation (NYSE: CADE), headquartered in Houston, Texas, is a regional financial holding company with $17.8 billion in total assets as of December 31, 2019. Cadence operates 98 branch locations in Alabama, Florida, Georgia, Mississippi, Tennessee and Texas, and provides corporations, middle-market companies, small businesses and consumers with a full range of innovative banking and financial solutions. Services and products include commercial and business banking, treasury management, specialized lending, asset-based lending, commercial real estate, SBA lending, foreign exchange, wealth management, investment and trust services, financial planning, retirement plan management, payroll and insurance services, consumer banking, consumer loans, mortgages, home equity lines and loans, and credit cards. Clients have access to leading-edge online and mobile solutions, interactive teller machines, and more than 55,000 ATMs. The Cadence team of 1,800 associates is committed to exceeding customer expectations and helping their clients succeed financially.
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Contact Information
Cadence Bancorporation
Media contact:
Danielle Kernell
713-871-4051
danielle.kernell@cadencebank.com
Investor relations contact:
Valerie Toalson
713-871-4103 or 800-698-7878
vtoalson@cadencebancorporation.com