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TAMPA -- Community Bancorp LLC merged its two banking subsidiaries -- Tampa-based Superior Bank and Mississippi-based Cadence Bank -- into one entity called Cadence Bank this week. Community also changed its name, to Cadence Bancorp LLC, and remains headquartered in Birmingham, Ala.
The combined bank manages $4.1 billion in assets across a network of more than 100 branches, with 32 of those located in Florida. Cadence has 1,200 employees.
Cadence Bancorp says the merger will improve the company's technology offerings; for example, former Superior customers in Florida will gain access to mobile banking post-merger.
The move was an expected one; in September, Superior told the Business Review that it would move its charter to Birmingham some time in 2011 (see “Careful Lending,” Sept. 9). Community Bancorp acquired Superior in April in an FDIC-assisted transaction.
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