A Gainesville bank will go through its second name change in as many years.
State Bank Financial Corp., based in Atlanta with a branch at 500 Jesse Jewell Parkway, will become Cadence Bancorporation, possibly by the end of the year, as part of a merger with Houston-based Cadence.
The two banks announced the merger Sunday, May 13.
“State Bank clients will see expanded products as a result of this merger,” spokeswoman Cara C. Jackson said.
“For now, it is business as usual. Now that the merger is announced, the integration teams at both organizations will begin the planning. We do not expect any changes to the Gainesville location or team.”
The deal’s closing now awaits approvals by regulators and State Bank shareholders, but is otherwise expected to occur in late 2018, a press release states.
“The merger agreement has been unanimously approved by the boards of both companies,” the release says.
The agreement will create a combined institution with $16 billion in assets, $12 billion in loans, $13 billion in deposits and some 100 branches in Georgia, Texas, Florida, Alabama, Tennessee and Mississippi.
The Gainesville bank was formerly Athens-based The National Bank of Georgia. Officials announced in January 2017 that The National Bank had become part of State Bank Financial as part of a merger with S Bankshares Inc.