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In 2010, Murphy, along with a group of investors, raised $1 billion to acquire Cadence Bank and other small banks such as Encore Bank in Houston and Superior Bank, which lead to the formation of Cadence Bancorporation. [3] [10] He served as the chairman and CEO of Cadence Bank until its merger with BancorpSouth Bank in October 2021.
The merger was completed on October 1, 2018, and folds in seven open full-service banking offices as well as two not-yet-opened full-service banking offices into BancorpSouth's footprint. [12] In November 2018, the bank acquired Casey Bancorp, Inc. of Grand Prairie, Texas, and its wholly owned subsidiary, Grand Bank of Texas.
Cadence Bank was founded as the First National Bank of Aberdeen, on April 30, 1887.In 1972, it changed its name to the First National Bank of Monroe County in 1972. In March 1974, it merged with Peoples Bank in Starkville, Mississippi, becoming the National Bank of Mississippi in May of that year.
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The company was founded in 1997. [1]In December 1998, the company became a public company via an initial public offering. [1]On April 15, 2011, Superior Bank suffered from bank failure and its assets were acquired by an affiliate of Cadence Bank in a transaction facilitated by the Federal Deposit Insurance Corporation (FDIC).
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