#USA #Houston #Preferred Stock #shareholder meeting #Cadence Bank

Cadence Bank Moves Forward with Special Preferred Dividend Proposal

Cadence Bank (NYSE: CADE) has recently made headlines by announcing the adjournment of its special meeting of shareholders, originally convened on December 30, 2024. This meeting has been rescheduled to take place virtually on April 25, 2025, at 9:00 a.m. Central Time. The adjournment aims to provide additional time for the bank to gather proxy votes from its preferred shareholders for a crucial proposal.

What’s the Proposal About?

The proposal, referred to as Proposal 2, seeks approval from shareholders to allow the company's Board of Directors to initiate stock buybacks in line with Regulation H. This initiative is seen as a strategic move to strengthen the bank's financial position and deliver value to its stakeholders. In tandem with this, the Board of Directors has declared a special cash dividend of $0.34375 per share for Series A Preferred Stock, contingent upon Proposal 2 receiving affirmative votes from at least two-thirds of the outstanding preferred stock.

Important Dates to Note

If Proposal 2 is successful, the dividend is slated for distribution on May 7, 2025, to preferred shareholders registered by the end of the business day on April 30, 2025. Shareholders eligible to vote at the Special Meeting will remain those recorded as of November 8, 2024. It’s essential for shareholders who have not yet cast their votes and wish to participate to reach out to Okapi Partners, the bank's proxy solicitor, for assistance.

Virtual Meeting Participation

The upcoming reconvened Special Meeting offers an innovative approach to shareholder engagement as it will be held virtually. As a participant, preferred shareholders can access the meeting through a designated web address and will need their unique control number, which is included in the proxy materials they received. For those holding shares through intermediaries, pre-registration is required per the instructions provided in the notice materials.

Cadence Bank's Vision

Cadence Bank, recognized as a prominent regional financial services institution with assets close to $50 billion, aims to enhance customer experiences by offering a broad range of banking and financial services. Its commitment to fostering community growth and satisfaction is evidenced by honors from Forbes and U.S. News & World Report, highlighting it as one of the nation's top employers. With nearly 150 years of experience and a dual headquarters in Houston, Texas, and Tupelo, Mississippi, Cadence Bank firmly positions itself as a reliable partner for individuals and businesses alike.

Conclusion

As Cadence Bank works diligently to secure the necessary shareholder votes, the focus remains on fostering engagement and delivering shareholder value through strategic initiatives. This pivotal moment not only underscores the bank's proactive efforts in navigating the financial landscape but also reflects its dedication to maintaining open lines of communication with stakeholders. For more updates on Cadence Bank and its future initiatives, visit their official website.