Archive - Sep 2010 - News Article
Cadence Bank will be merging with Jackson-based Trustmark bank, officials with both companies announced late Wednesday.
The community will find Trustmark Bank â€śa very good addition,â€ť the CEO of Cadence Financial Corp. said Wednesday night following the announcement of a merger between the two entities.
A faxed statement released just after 5 p.m. Wednesday heralded the deal to merge Starkville-based Cadence Bank with Trustmark, a financial institution headquartered in Jackson. Both are publicly-traded national banks.
The merger between Cadence and Trustmark banks was "the best strategy and opportunity for all of our stakeholders," the Cadence's CEO said tonight.
Cadence, a $1.9 billion banking institution headquartered in Starkville, will merge with Jackson-based Trustmark by the first quarter of 2011, officials said in a statement released late this afternoon.
Cadence Bank of Starkville could be forced to sale or merge if the bank cannot meet capital requirements of a May consent order, according to a report by the Mississippi Business Journal.
The order was issued by the Office of the Comptroller of the Currency and signed by Cadence on May 19 of this year, and Cadence reportedly had until Sunday, Sept. 19 to meet the deadline. The MBJ report states that Cadence ended the second quarter with a net loss of $1.6 million and a Tier 1 leverage ratio of 5.25 percent, well short of the OCC's order to reach a minimum Tier 1 ratio of 9 percent.
A summer of love, fear and coming of age is what first time author John Cother will discuss Wednesday in his novel A Fear of Spiders during Luncheon With Books at the Bryan Public Library.
Cother discovered a love of writing at the age of six, and after 33 years as an educator, he has finally put his words down in a book that takes readers on an adventure with a brother and sister, JT and Lesi, determined to find answers about their family and themselves.
College graduates or young adults starting out on their own don't have to worry about not having health insurance thanks to the Affordable Care Act, which allows them to remain under their parents policy until the age of 26.
Several West Point police cruisers may soon be powered by propane fuel if the city is awarded the Energy Efficiency and Conservation Block Grant through the Mississippi Development Authority-Energy Division.
A special meeting of the Board of Mayor and Selectmen was held Monday night to discuss the grant program, which would allow some city vehicles to be converted to clean burning energy. It was determined that the only city vehicles that qualify for eligibility of the grant was the police department's eight new 2009 Crown Victorias.