Cadence Bank is set to expand in the US with the acquisition of Texas-based Industry Bancshares for a consideration of $20m-60m.
The companies have entered a definitive merger deal in this regard.
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As per the agreed terms,Cadence Bank will purchase all outstanding common stock of Industry Bancshares for a cash payment ranging from $20m to $60m, depending on the company’s equity capital at the time of closing, along with certain conditions and adjustments.
Industry Bancshares is the parent company of Bank of Brenham, Citizens State Bank, Fayetteville Bank, Industry State Bank, The First National Bank of Bellville, and The First National Bank of Shiner.
The deal has received unanimous approval from the boards of directors of both companies.
Industry Bancshares executive chairman Carl Chaney said: “Cadence shares our deep commitment to building strong relationships and doing what is right for our customers and communities.”
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By GlobalDataIndustry Bancshares, founded in 1911 and based in Industry, Texas, operates 27 full-service branches across Central and Southeast Texas.
As of 31 March 2025, the company reported total assets of $4.4bn, total loans of $1.1bn, and total deposits of $4.5bn.
Key personnel from Industry Bancshares, namely Doak Hartley, Michelle Hodge, Mike Mueller, Brent Jones, Gary Durrenberger, Kyle Holloway, Lisa Moeller, and Mike Kalina, are expected to retain their positions within the merged entity.
Customers of Industry’s six bank subsidiaries will continue to receive services from their existing bankers.
Cadence Bank chairman and CEO said: “We are all deeply focused on taking care of our customers and the communities we serve.
“Because we operate in very similar markets across Texas and the South, we understand the needs of these local economies and can bring expanded product offerings and increased lending opportunities to fuel future growth.”
The deal is anticipated to be finalised in the second half of 2025, contingent on regulatory and shareholder approvals as well as other standard closing conditions.
Hovde Group was financial advisor to Industry Bancshares and Alston & Bird was legal counsel. Cadence Bank received financial guidance from UBS Investment Bank and legal advice from Sullivan & Cromwell.
In January this year, Cadence Bank agreed to acquire FCB Financial, the parent company of First Chatham Bank, in a deal worth approximately $103.6m.
