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Kroll Agency Initiates Coverage of Cadence Bancorp

HOUSTON, May 29, 2014 – Kroll Bond Rating Agency (KBRA) announced that it has initiated coverage of Cadence Bancorp, LLC and its subsidiaries, Cadence Financial Corporation and Cadence Bank, N.A., all with investment grade ratings.

“This is a tremendous step forward in our operating strategies,” said Paul B. Murphy, CEO and President of Cadence Bancorp. “We believe the ratings reflect our progress over the past three years as we have built out a meaningful franchise in Texas and across the southeast. We have a significant base of strong customers who are being served by an incredibly talented pool of bankers. We have the best of both worlds.”

KBRA, which is registered with the SEC as a Nationally Recognized Statistical Rating Organization, noted in its report that the ratings were supported by Cadence’s “strong management team, profitability, and improving asset quality.” Also noted in the report were the company’s strong controls over risk, liquidity and business continuity as well as sound funding mix and improving equity levels.

KBRA assigned Cadence Financial Corp. and Cadence Bancorp, LLC, BBB- for senior long-term debt, BB+ for subordinated debt, and K3 for short-term debt. Cadence Bank, N.A. was assigned BBB for senior deposits, BBB- for subordinated debt, and K2 for short-term debt. KBRA also pointed out that its positive report was balanced by concerns surrounding the company’s short operating history, loan concentrations and relative low capital levels.

“It is rewarding to see that our performance trajectory and our sound business principles have been recognized,” said Sam Tortorici, President of Cadence Bank, N.A. “Our entire team is unequivocally committed to bringing the best products and services to our customers and we believe this will bode well for us in the future. This ratings announcement is validation by a qualified independent third-party of Cadence’s solid progress and sound financial conditions.”

A copy of the entire report is available at KBRA has issued 1,830 company ratings and more than 18,000 financial strength ratings. In addition to their status with the SEC, the company is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, is certified by ESMA and is accepted under ERISA. In addition to banks and financial institutions, the company is a full service credit rating agency that reviews a number of different other industries including Structured Finance, Corporates and Municipal Finance.

About Cadence Bank

Cadence Bank, N.A., based in Birmingham, Ala., is a $5.7 billion bank with more than 100 locations in Alabama, Florida, Georgia, Mississippi, Tennessee and Texas. Backed by 126 years of financial expertise, Cadence serves commercial and consumer clients with a full range of innovative banking and financial solutions designed to keep pace with their lives. These products and services include commercial and consumer banking, small business banking, treasury management, international banking, specialized lending, commercial real estate, wealth management, investment and trust services, financial planning, retirement plan management, business and personal insurance, consumer loans, mortgages, home equity lines and loans, and credit cards. Cadence Bank and its affiliates, Linscomb & Williams and Cadence Insurance Agency, are wholly owned subsidiaries of Houston-based Cadence Bancorp, LLC. Additional information about Cadence Bank is available at Cadence Bank, N.A. Member FDIC. Equal Housing Lender.

Contact Information: 

Danielle Kernell

Cadence Bank, N.A.
713-871-4051 direct | 713-392-7709 mobile

[email protected]

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