Community Bancorp announced today it will merge its banking subsidiaries, Superior Bank, N.A. and Cadence Bank, N.A., into one regional bank on Nov. 11.
The new bank will be called Cadence Bank, N.A. At the same time, Community Bancorp, LLC, will now be known as Cadence Bancorp, LLC. With nearly $4.1 billion in assets, the new bank will employ 1,200 people at more than 100 branches throughout Alabama, Florida, Georgia, Mississippi, Tennessee and Texas, with headquarters in Birmingham, Ala. and corporate offices in Starkville, Miss. and Houston, Texas.
“The merger introduces a strong and energized competitor to the marketplace,” said Paul Murphy, chief executive officer of Cadence Bancorp and chairman of the new Cadence Bank. “Some of the most experienced professionals in the banking industry have come together to create a best-of-class bank."
Customers of the current Cadence and Superior banks will see no interruption in service during transition to the new Cadence Bank, bank officials said.
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There will be improvements to technology as a result of the merger, including the introduction of mobile banking to Superior customers in Alabama and Florida, as well as enhanced treasury management services for businesses, bank officials said.