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River City Capital Announces Investment from Cadence Bank

MEMPHIS, Tenn., July 14, 2015 — River City Capital Investment Corp., an affiliate of Community LIFT, today announced a $200,000 equity-equivalent investment from Cadence Bank into its Small Business Loan Fund. Through this loan fund, River City Capital strategically provides loans to community development organizations and for-profit businesses that operate within the targeted neighborhoods of Greater Binghampton, Frayser and Upper South Memphis.

“This is a huge win for us and for businesses in the communities we serve,” said Eric Robertson, president of Community LIFT and River City Capital. “With this new capital, we can extend our support to more businesses and bring long-term and meaningful benefits to some of Memphis’ most distressed neighborhoods.”  

River City Capital Board Chair Josh Poag added, “We wish to thank Cadence Bank. Not only will these funds directly support the revitalization of these communities, this investment also gives us the capital we need to build momentum for providing access to capital for inner city businesses.”

“We are very pleased to align with River City Capital and build on their great progress in helping these struggling neighborhoods re-emerge as the thriving communities they once were,” said Phil Stevenson, market executive for Cadence Bank in Memphis. “By providing small businesses access to non-traditional capital as well as technical assistance, River City Capital gives them the tools they need to be successful and maintain lasting profitability.”

Additionally, Cadence Bank has donated approximately 3,600 sq. ft. of office space to River City Capital to support its day-to-day operations. This contribution is valued at roughly $140,000 through the life of the lease, which concludes October 2016.

“Our allegiance with River City Capital is a strategic one that recognizes the exceptional stewardship of Eric Robertson and his team,” said Robert Harris, CRA community development officer for Cadence Bank. “We look forward to seeing the returns on this investment, as economic prosperity is re-established within these neighborhoods.”

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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