Cadence Bank was acquired by BancorpSouth in April 2024

BancorpSouth, a regional bank holding company based in Tupelo, Mississippi, completed its purchase of Cadence Bank in April 2024. The deal combined two mid-sized regional banks operating across the South and Southeast. If you held an account at Cadence before the acquisition, your account moved to BancorpSouth as part of the transaction.

The acquisition was announced in December 2023 and closed about four months later. BancorpSouth paid approximately $2.1 billion for Cadence, which operated branches primarily in Alabama, Georgia, Florida, and Mississippi. After the merger closed, Cadence Bank ceased to exist as a separate institution, though some branch locations continued operating under the BancorpSouth name.

This was not a hostile takeover or a surprise to depositors. Both banks' boards approved the deal, and regulators reviewed it before allowing it to proceed. The merger followed a pattern common in banking: larger regional institutions absorbing smaller ones to expand their footprint and customer base.

Key Takeaways

  • BancorpSouth acquired Cadence Bank in April 2024 for approximately $2.1 billion, combining two regional banks operating in the South and Southeast.
  • Your deposits at Cadence remained insured by the FDIC after the acquisition, and account balances transferred to BancorpSouth without loss.
  • Some Cadence branches closed after the merger, while others continued operating under the BancorpSouth name in the same locations.
  • You may have received notice of the merger and instructions for accessing your account under BancorpSouth before the April 2024 closing date.

What happened to Cadence Bank accounts during the merger

When the acquisition closed, every Cadence Bank account automatically transferred to BancorpSouth. You did not have to move your money or take any action to keep your account open. Your account number, balance, and transaction history moved with you. Checking accounts, savings accounts, money market accounts, and CDs all transferred as-is.

The FDIC deposit insurance that protected your Cadence account continued to protect it under BancorpSouth. If you had $250,000 in a Cadence savings account, that $250,000 remained insured up to the FDIC limit. The insurance did not lapse during the transition, and you did not need to reapply or take steps to maintain coverage.

BancorpSouth sent account holders written notice before the merger closed, typically 30 days in advance. The notice included your new account number (if it changed), instructions for accessing online banking, and the date the transition would take effect. Some customers received new debit cards with the BancorpSouth name printed on them.

Branch closures and location changes after the acquisition

Not every Cadence branch location remained open after BancorpSouth took over. Regional bank mergers often result in branch consolidation, because the acquiring bank may already have branches in the same area. BancorpSouth closed some Cadence locations where there was overlap with existing BancorpSouth branches nearby.

If your Cadence branch closed, BancorpSouth identified a nearby BancorpSouth location where you could conduct in-person banking. You received notice of the closure in advance, usually 60 to 90 days before it took effect. The notice included the address and hours of the branch you could use instead.

Some Cadence branches did not close but changed their signage and branding from Cadence to BancorpSouth. The physical location, address, and staff often remained the same. If you banked at a location that stayed open, you may have noticed the name change but experienced little disruption to your banking routine.

Online banking and digital access after the merger

Cadence Bank customers transitioned to BancorpSouth's online banking platform. If you used Cadence's website or mobile app to check balances, transfer money, or pay bills, you had to switch to BancorpSouth's system after the merger closed. BancorpSouth provided instructions and a transition period during which both systems may have remained active.

Your login credentials from Cadence did not automatically work on BancorpSouth's platform. You had to enroll in BancorpSouth online banking using your new account information. BancorpSouth typically made this process straightforward by allowing you to use your existing email address and set a new password.

If you had automatic bill payments or transfers set up through Cadence's system, you needed to recreate them in BancorpSouth's system. Some payments may have been paused during the transition to prevent duplicate charges. BancorpSouth's customer service team could help you restore these payments if you called or visited a branch.

Why BancorpSouth bought Cadence Bank

BancorpSouth pursued the acquisition to expand its geographic reach and customer base in fast-growing markets. Cadence operated in Alabama, Georgia, and Florida—states where BancorpSouth wanted to increase its presence. The merger allowed BancorpSouth to serve more customers across a larger region without building new branches from scratch.

The deal also gave BancorpSouth access to Cadence's loan portfolio and deposit base. When a bank acquires another bank, it gains not just the branches but the relationships with borrowers and depositors. This allows the acquiring bank to cross-sell products and services to the acquired bank's customers.

From a financial perspective, the acquisition was a way for BancorpSouth to achieve economies of scale. Larger banks can spread costs like technology, compliance, and operations across more customers, which can lead to lower expenses per account. This is one reason regional banks often pursue mergers with other regional banks.

How the merger affects your banking services and fees

After the merger, your account terms and fees changed to match BancorpSouth's policies. If Cadence charged different monthly maintenance fees, overdraft fees, or ATM fees than BancorpSouth, your account now follows BancorpSouth's schedule. BancorpSouth sent notice of any fee changes before they took effect, usually 30 days in advance.

You may have gained access to BancorpSouth's ATM network, which could be larger or smaller than Cadence's depending on your location. If BancorpSouth has more ATMs in your area, you may have more convenient access to cash. If it has fewer, you might pay out-of-network ATM fees more often.

Interest rates on savings accounts and money market accounts may have changed. BancorpSouth sets its own rates, which may be higher or lower than what Cadence offered. If you held a CD at Cadence, the rate remained locked in until maturity, but new CDs opened after the merger would follow BancorpSouth's rates.

What to do if you had issues during or after the merger

If your account did not transfer correctly, your debit card did not arrive, or you could not access online banking after the merger, contact BancorpSouth's customer service. You can call the number on the back of your debit card, visit a branch in person, or use the contact information from the merger notice you received.

If you believe you were charged an incorrect fee or your account balance is wrong, ask to speak with a customer service representative who can review your account history. Mergers sometimes create billing errors or duplicate charges. BancorpSouth should be able to investigate and correct these issues.

If you are unhappy with BancorpSouth's terms or fees, you have the option to move your account to another bank. You can open an account at a different institution and transfer your funds. Your new bank can often help you move automatic deposits and bill payments to the new account.

Frequently Asked Questions

Is my money still safe at BancorpSouth after the Cadence merger?

Yes. Your deposits remain insured by the FDIC up to $250,000 per account type at BancorpSouth, just as they were at Cadence. The merger did not change your insurance coverage. BancorpSouth is a regulated bank subject to the same federal oversight as Cadence was.

Can I still use my old Cadence debit card?

Cadence debit cards stopped working after the merger closed. BancorpSouth issued new cards with the BancorpSouth name. If you did not receive a new card, contact BancorpSouth customer service to request one. You can use your account number to access funds at ATMs or branches while you wait for the card to arrive.

What if I had a loan with Cadence Bank?

Your loan transferred to BancorpSouth along with your deposit account. You continue making payments to the same loan, but the servicer is now BancorpSouth. Your loan terms and interest rate do not change due to the merger. You may receive new loan documents with BancorpSouth's name and contact information.

Did the merger affect my credit score?

The merger itself does not affect your credit score. Your credit history and accounts remain the same. If you opened new accounts or closed old ones during the transition, those actions could appear on your credit report, but the merger alone does not change your score.

Can I still access my safe deposit box?

If you rented a safe deposit box at Cadence, it transferred to BancorpSouth. You can still access it at the same location or at another BancorpSouth branch. Your rental agreement and contents remain yours. Contact BancorpSouth if you need to renew your box rental or have questions about access.