The merger takes place four years after Cadence bought Suncoast Bank.
In 2006, Starksville, Miss.-based Cadence Financial Corp. broke into the Gulf Coast market with its purchase of SunCoast Bancorp Inc. Now it's Cadence Bank that's being bought out.
Cadence has been acquired by Trustmark Corp., a financial services company based in Jackson, Miss. with more than 150 offices across the southeastern United States. The purchase represents Trustmark's first venture into the Gulf Coast market.
The deal valued Cadence at $23.8 million, as Cadence stockholders received roughly 0.1 shares of Trustmark stock for every Cadence share owned.
At the time of purchase, Cadence Bank managed $1.9 billion in assets through its 38 branch locations, three of which were located in the Sarasota area.