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Cadence Bank Announces Five-Year Community Benefits Plan

$2.5 Billion Program Underscores Bank’s Commitment to Helping the Underserved

HOUSTON, June 10, 2019 — Cadence Bank is pleased to announce the creation of its 2019-2023 Community Benefits Plan, a comprehensive guide that outlines the bank’s commitment to providing for the needs of the underserved in its low- to moderate-income communities.

 

Created with input from the National Community Reinvestment Coalition (NCRC) and stakeholders and community leaders in Cadence’s major markets, the $2.5 billion five-year commitment includes provisions for mortgage lending, small business lending, and community development lending and investments across the bank’s six-state footprint encompassing Alabama, Florida, Georgia, Mississippi, Tennessee and Texas.

 

“Cadence has always held a firm commitment to serving the financial needs of every member of our communities,” said Hank Holmes, Cadence Bank president. “We want to be a driving force for economic development and believe that when our neighbors thrive, the entire community is strengthened. It’s important that we approach our ongoing commitment to those in under-resourced areas of our footprint as strategically as possible.”

 

Under this plan, Cadence commits to a five-year goal of making $1.123 billion in residential mortgage loans to traditionally underserved persons and communities, including: Loans to low- and moderate-income (“LMI”) borrowers, loans to minority borrowers, loans on properties located in LMI census tracts, and loans on properties located in majority-minority census tracts. Cadence will also work with community stakeholders through a newly created CRA Advisory Committee to review features of Cadence’s mortgage loan products, with the goal of further expanding access to home ownership financing. The CRA Advisory Committee also will report on the progress of plan implementation.

 

Additionally, Cadence will allocate $686 million to small business lending to businesses located in LMI census tracts and/or businesses with gross annual revenues of less than $1 million, as well as $706 million to community development lending and investment.

 

The plan also includes additional initiatives Cadence will undertake to enhance its impact on the underserved in its communities, including its commitment to volunteer services, grants and donations, and the possibility of new branches and product offerings, where feasible.

 

About Cadence Bank

 

Cadence Bank is a leading regional banking franchise with $17.4 billion in assets as of March 31, 2019, and 98 branch locations in Alabama, Florida, Georgia, Mississippi, Tennessee and Texas. Backed by 132 years of financial expertise, Cadence 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, personal and business insurance, 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. Cadence Bank, N.A. is a subsidiary of Cadence Bancorporation (NYSE: CADE). For additional information, visit cadencebank.com. Cadence Bank, N.A. Member FDIC. Equal Housing Lender. NMLS#525022.

 

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Contact:

Danielle Kernell

Cadence Bank

713-871-4051 direct | 713-392-7709 mobile

danielle.kernell@cadencebank.com




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