Texas regional bank Cadence Bancorp is exploring a sale, according to people familiar with the matter.
The Houston-based lender is working with financial advisers to solicit interest from potential buyers, said the people, who asked to not be identified because the matter isn’t public. A final decision hasn’t been made and Cadence could opt to remain independent, the people said.
A representative for Cadence declined to comment.
The $18.7 billion-asset Cadence operates nearly 100 branches in Texas, Alabama, Florida, Georgia, Tennessee and Mississippi.
If it opts to pursue a sale, it would be among an increasing number of regional banks seeking a merger partner at a time when growth options are limited due to low interest rates and tepid loan demand.
Huntington Bancshares in Columbus, Ohio, announced an agreement in December to buy TCF Financial in Detroit for
Cadence’s shares rose 0.5% to $19.25 Wednesday, giving the company a market value of about $2.4 billion. They were up another 5% in early trading Thursday.
