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Success Story: Methodist Homes Fuels Growth, Streamlines Operations With Cadence Bank

Success Story: Methodist Homes Fuels Growth, Streamlines Operations With Cadence Bank

Methodist Homes was founded in 1956 with the goal of providing quality housing and an exceptional level of care for senior citizens. Over the past 62 years, Methodist Homes has expanded from its original facility in Birmingham, Alabama, to 12 more locations in Alabama and Northwest Florida.


But when their bank was acquired several years ago, Methodist Homes found themselves without the financial ally they needed to help them reach their strategic goals. “We didn’t fall within their wheelhouse or fit their strategy any longer,” President and CEO Christopher Tomlin said. “So, we started searching for a new bank that could help us.”


The search is on


Methodist Homes needed a bank that could:


  • Provide lending support
  • Offer a full range of banking and treasury management solutions


Then Tomlin met with Cadence Bank, and he was confident they had found the right match.


“The Cadence Bank team stepped up for us at a time when we desperately needed a new banking relationship,” says Tomlin. “No other bank was willing to take the time that Cadence Bank did to learn about us as an organization and what we were trying to do.”


Meeting financing challenges


Cadence Bank provided Methodist Homes with three initial financing solutions:


1. The first was providing a bridge facility to a bond raise done in 2016 that would pay off existing bondholders. A $23.5 million loan issued by Cadence Bank in 2014 accomplished this.

2. Then in early 2016, Cadence Bank issued an additional $2.5 million loan to close out the bonds, the proceeds of which were used to renovate and expand Methodist Homes facilities in Birmingham and Dothan.

3. During this time, Cadence Bank also issued letters of credit that were cash secured for the purpose of providing financial backing for HUD loans on separate communities.


Methodist Homes has now transitioned its entire banking relationship to Cadence Bank. This includes deposit accounts and treasury management services such as Remote Deposit Capture. “RDC has made us much more efficient, because employees no longer have to go to a local branch to deposit checks,” says Tomlin.


Methodist Homes also takes advantage of the following Cadence Bank services:


  • Information reporting services powered by the Cadence AllegroSM portal. With this single-system access to information reporting services, Methodist Homes can now initiate a variety of transactions and access up-to-the-minute data to manage their cash management and liquidity needs.
  • Direct Deposit. Methodist Homes offers its employees direct deposit, which reduces the costs and hassles of issuing paper paychecks, lowers opportunities for fraud and enhances employee satisfaction.


A personal inspiration


Hoyt Elliott, a Commercial Relationship Manager at Cadence Bank, says he is personally inspired by the level of care that’s provided at Methodist Homes facilities. “What they’re doing really matters,” he says. “They’re changing lives by helping restore the dignity of life to the seniors they care for.”


Meanwhile, Tomlin says Cadence Bank has been instrumental in helping Methodist Homes achieve their goals. “Without Cadence Bank’s help, there’s no way we’d have been able to accomplish the things we’ve done over the past few years. We have formed a strong relationship with Cadence Bank that we hope will last for many years.”

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