-
Banks issued at least $12.3 billion in subordinated debt last year, far more than what they issued in any year since the financial crisis. A big factor is investor demand, which has been stimulated by a need for higher-yielding holdings.
April 30 -
Landmark Community Bank in Collierville, Tenn., has agreed to acquire the central Tennessee assets of Cadence Bank, according to a report.
September 12 -
The Birmingham, Ala., bank announced Thursday its plans to bring video banking technology from NCR Corp. to its customers later this year.
June 28
Cadence Bancorp in Houston has raised $245 million in an oversubscribed debt issuance.
The proceeds will be used to maintain capital levels and develop products and technology that benefit bank customers, Sam Tortorici, the chief executive of Cadence's bank unit, said in a news release Wednesday.
The debt transaction involved four notes issued by two units of the company, and they will be spread out over five to 15 years, the $6.7 billion-asset Cadence said.
There are three sets of holding company notes: a $135 million, five-year senior note at 4.875%, a $50 million, seven-year senior note at 5.375%, and a $35 million, 15-year subordinated note at 7.25%. Furthermore, the bank unit issued a $25 million, 15-year subordinated note at 6.25%.
"Investors were particularly drawn to our core business outlook and long-term strategy as well as our very attractive Texas and Southeastern footprint," Paul Murphy, the chief executive of Cadence Bancorp, said in the release. "We are delighted to have such positive interest in our company."
Cadence's banking unit has more than 95 branches in Florida, Georgia, Alabama, Mississippi, Tennessee and Texas.
U.S. Bancorp Investments and Deutsche Bank Securities served as lead placement agents in the debt issuance.
